CHICAGO, Nov. 14, 2019 — (PRNewswire) — According to a new market research report " 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", published by MarketsandMarkets™, the global Rail Asset Management Market size 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% during the forecast period.
Major factors expected to drive the growth of the rail asset management industry include increasing adoption of Internet of Things (IoT) and other automation technologies to enhance optimization and address the issue of increasing congestion due to aging railway infrastructure.
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By offering, services segment to record a higher growth rate 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. Information and Communication Technology (ICT) has played a significant role in providing asset and operations management services for rail companies.
To build a smarter railway system infrastructure, railway experts demand 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 reduced 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 services have been bifurcated into 2 segments, namely, professional services and managed services.
By service, the managed services segment to grow at a higher rate during the forecast period
Under managed services, certain Information Technology (IT) operations are outsourced to a service provider who distantly maintains the customer's IT infrastructure. Organizations need to optimize resource utilization, which is one of the major factors, to fuel the growth of the Rail Asset Management Market. Managed services provide constant upgrades and customized features to fulfill the customers' ever-growing demands. As a result, companies are rapidly outsourcing their tasks to Managed Service Providers (MSPs). Global managed service providers comprise vendors from diverse backgrounds, ranging from specialized MSPs to system integrators and Value-Added Resellers (VARs).
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Europe to account for the largest market size during the forecast period
Countries from Western Europe, such as the UK, France, and Germany, have well-established railway infrastructure, and many railway operators in this region use some of the advanced rail asset management solutions. European countries have been investing majorly to modernize and upgrade their existing rail infrastructure. Social and trade agreements among the European Union (EU) countries have promoted large-scale, cross-border trade, and passenger traffic in Europe.
High growth is expected in this region, especially in the communication technology, as the European Telecommunications Standards Institute (ETSI) has formed a separate committee to focus on the Machine-to-Machine (M2M) communication privacy standardization and high trading standards. The dynamics of the rail industry in Europe are changing rapidly with new freight and passenger management systems. To boost the efficiency of the existing infrastructure, many European countries are expected to adapt to new rail asset management solutions.
Key and emerging Rail Asset Management Market players include Siemens (Germany), IBM(US), Alstom (France), Hitachi (Japan), Wabtec (US), SAP (Germany), Trimble (US), Bentley Systems (US), Bombardier (Canada), Atkins (UK), Cisco (US), DXC Technology (US), Trapeze (Canada), Tego (US), Konux (Germany), L&T Technology Services Limited (India), Capgemini (France), Accenture (Ireland), Huawei Technologies (China), and Cyient (India). These players have adopted various strategies to grow in the market.
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