AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

The Global Rail Asset Management Market Size is Projected to Grow From USD 9 Billion in 2019 to USD 12.3 Billion by 2024 - ResearchAndMarkets.com

November 20, 2019 GMT

DUBLIN--(BUSINESS WIRE)--Nov 20, 2019--

The “Rail Asset Management Market by Solution (Condition Monitoring, Predictive Maintenance, Asset Planning & Scheduling, Analytics, Workforce Management & Security), Services, Application (Rolling Stock & Infrastructure), and Region - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The global rail asset management market size is projected to grow from USD 9.0 billion in 2019 to USD 12.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.4% from 2019 to 2024.

Growing need for efficient rail operations to drive the adoption of rail asset management market

The fast growth of rail infrastructure and rolling stock has given rise to an increased demand for efficient rail operations. Rail asset management solutions help in the timely monitoring and efficient scheduling of assets, which minimizes downtime. Condition-based and predictive maintenance work on real-time analytics helps reduces the dependence on manual diagnostics.

Services segment to grow a higher CAGR during the forecast period

Trains carry millions of tons of freight and tens of millions of passengers each year, and rail companies entirely rely on efficient and reliable asset operations and rail infrastructure to successfully meet the growing demand of enhanced rail operations. Information and Communication Technology (ICT) has played a major role in providing asset and operations management services for rail companies. To build a smarter railway system infrastructure, railway experts are demanding smart railway management system services.

Service providers help in implementing rail solutions. The benefits of employing railway management system services are improved rail operations performance, reduced complexities and operating expenses, standardized and improved rail infrastructure, improved engagement cash flow and profitability, maximized strategic value of rail solutions, simplified project planning and execution, streamlined project lifecycle, real-time decisions, security, and improved resource productivity.

The rolling stock segment to lead the rail asset management market in 2019

Rolling stock refers to powered and unpowered vehicles that move on rails. It also includes wheeled vehicles used for business on roadways (such as trams) and other light rail vehicles (LRVs). Rail transit offers the benefit of cost-effective and efficient transportation of passengers as well as freight.

Several countries are implementing new rail infrastructure projects to reduce road congestion and provide an affordable means of transportation at an intercity as well as intracity level. For instance, Germany has a goal to invest around USD 10.5 billion for railway infrastructure development. The plan further includes the improvement of 700 stations with a total investment of USD 1.4 billion. Increasing urbanization, growing demand for increased connectivity, and the comfort, reliability, and safety offered by rail transport have led to the development of rail transportation. Rolling stock plays a vital role in the infrastructure of a city or a country. Additionally, there is a rising demand for convenient, eco-friendly, and safe modes of transportation from commuters and governments.

APAC to grow at the highest CAGR during the forecast period

Asia Pacific (APAC) is estimated to be the fastest-growing region in terms of the growth of the rail asset management market, owing to the increase in the adoption of new technologies, higher investments for digital transformation, and the increasing Gross Domestic Product (GDP) in the APAC countries. According to data published on the website of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in 2019, the length of the Trans-Asian Railway network comprises 117,500 km of railway lines serving 28 member countries.

The high population growth rate in the region has intensified the need for transformation and expansion of the existing rail infrastructure. With untapped potential markets, the high penetration of advanced technologies, the growing freight usage in various industries, and the economic developments and government regulations are expected to drive the rail asset management market growth at the highest rate in APAC during the forecast period.

Key Topics Covered:

1 Introduction

1.1 Objectives of the Study

1.2 Market Definition

1.3 Market Scope

1.4 Years Considered for the Study

1.5 Currency Considered

1.6 Stakeholders

2 Research Methodology

2.1 Research Data

2.2 Market Breakup and Data Triangulation

2.3 Market Size Estimation

2.4 Market Forecast

2.5 Competitive Leadership Mapping Methodology

2.6 Assumptions for the Study

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in the Rail Asset Management Market

4.2 Market By Offering, 2019

4.3 Market By Solution, 2017-2024

4.4 Market By Service, 2019 Vs. 2024

4.5 Market Investment Scenario

5 Market Overview and Industry Trends

5.1 Introduction

5.2 Market Dynamics

5.3 Innovation Spotlight

6 Rail Asset Management Market By Offering

6.1 Introduction

6.2 Solutions

6.3 Services

7 Rail Asset Management Market By Deployment Mode

7.1 Introduction

7.2 On-Premises

7.3 Cloud

8 Rail Asset Management Market By Application

8.1 Introduction

8.2 Rolling Stock

8.3 Infrastructure

9 Rail Asset Management Market By Region

9.1 Introduction

9.2 North America

9.3 Europe

9.4 Asia Pacific

9.5 Middle East and Africa

9.6 Latin America

10 Competitive Landscape

10.1 Overview

10.2 Competitive Leadership Mapping

10.2.1 Visionary Leaders

10.2.2 Dynamic Differentiators

10.2.3 Innovators

10.2.4 Emerging Companies

11 Company Profiles

11.1 Introduction

11.2 Siemens

11.3 IBM

11.4 Alstom

11.5 Hitachi

11.6 Wabtec

11.7 SAP

11.8 Trimble

11.9 Bentley Systems

11.10 Bombardier

11.11 Atkins

11.12 Cisco

11.13 DXC Technology

11.14 Trapeze

11.15 Tego

11.16 Konux

11.17 L&T Technology Services Limited

11.18 Capgemini

11.19 Accenture

11.20 Huawei Technologies

11.21 Cyient

For more information about this report visit https://www.researchandmarkets.com/r/rz6enl

View source version on businesswire.com:https://www.businesswire.com/news/home/20191120005394/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

KEYWORD: EUROPE SOUTH AMERICA NORTH AMERICA

INDUSTRY KEYWORD: TRANSPORT RAIL

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 11/20/2019 05:58 AM/DISC: 11/20/2019 05:58 AM

http://www.businesswire.com/news/home/20191120005394/en