The rail asset management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Rail Asset Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The rail asset management market size has grown strongly in recent years. It will grow from $10.87 billion in 2023 to $11.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to safety and regulatory compliance, cost efficiency and optimization, rising passenger and freight demand, predictive maintenance adoption, focus on asset lifecycle management, efficient resource utilization..
The rail asset management market size is expected to see strong growth in the next few years. It will grow to $14.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to environmental sustainability, focus on rail infrastructure resilience, interoperability standards, mobility as a service , circular economy practices, customer-centric approaches.. Major trends in the forecast period include cloud-native architecture adoption, network slicing for customized services, edge security enhancements, collaboration with content delivery networks, open source mec platforms, edge data analytics and insights..
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Scope Of Rail Asset Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
Rising investments of various governments in rail infrastructure and digitalization projects worldwide are anticipated to contribute to the demand for the rail asset management market over the forecast period. The expansion of rail services necessitates the optimization of existing passenger and freight schedules to achieve higher output. For instance, according to the International Railway Journal (IRJ), in 2021, the Norwegian government has set up NKR 32.1 billion ($3.51 billion) for railway infrastructure investments, operations, and maintenance. Moreover, according to the Federation of Indian Industry (FII), Indian Railways is planning to invest $4 billion in world-class private passenger trains. Additionally, as per the Indian Railways report in 2021, railway projects can attract over $ 7.5 billion in investment over the next five years. Huge investments in the rail industry will generate higher demand for the management of rail asset services, thereby propelling the demand for the rail asset management market growth.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The rail asset management market covered in this report is segmented –
1) By Solution: Asset Performance Management, Analytics, Asset Planning & Scheduling, Security, Workforce Management, Other Solutions
2) By Services: Professional Services, Managed Services
3) By Deployment Mode: Cloud, On-premises
4) By Application: Rolling Stock, Infrastructure
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Regional Insights –
Europe was the largest region in the rail asset management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the rail asset management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the rail asset management market report are Siemens AG, Hitachi Ltd., Wabtec Corporation, DXC Technology Company, L&T Technology Services Limited, SAP SE, Capgemini SE, Cisco Systems Inc., Accenture plc, Atkins Global, Trimble Inc., WSP Global Inc., Tego Inc., KONUX GmbH, Oxplus B. V., Bentley Systems, Incorporated, Trapeze Group, Uptake Technologies Inc., Huawei Technologies Co. Ltd., Cyient Limited, Assetic Pty Ltd., Machines With Vision Inc., ZEDAS GmbH, SNC-Lavalin Group Inc., Bombardier Inc., EKE-Electronics Ltd., EKE Group, Nomad Digital Ltd., Trimble Railway Ltd., RailcarRx, RailComm Inc., Rail Vision Ltd., Railnova
Table of Contents
1. Executive Summary
2. Rail Asset Management Market Report Structure
3. Rail Asset Management Market Trends And Strategies
4. Rail Asset Management Market – Macro Economic Scenario
5. Global Rail Asset Management Market Size and Growth
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31. Global Rail Asset Management Market Competitive Benchmarking
32. Global Rail Asset Management Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Rail Asset Management Market
34. Rail Asset Management Market Future Outlook and Potential Analysis
35. Appendix
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