Increase in public-private partnership deals and government initiatives to tackle hyper-urbanization and high demographic growth drives the demand for rail asset management market
The global rail asset management market size is anticipated to reach USD 14 billion by 2025.
Trains convey millions of passengers and freight every year, and rail organizations completely depend on reliable and efficient rail infrastructure and asset operations to successfully meet the increasing demand for rail operations. Information & Communication Technology has contributed significantly to delivering operations & asset management solutions for the rail companies. To construct a smarter railway infrastructure, railway experts require advanced and efficient rail asset management solutions that are likely to promote the industry growth in the coming future.
Growing demand for enhanced connectivity, rising urbanization, as well as a need for reliability, safety, and comfort for rail transport have given rise to the advancement of rail transportation. Moreover, there is a growing demand for safe, eco-friendly, and convenient commutation through governments and commuters.
Based on the type segment, the market is bifurcated into two sub-segments that are solutions, and services. The solutions segment is further classified into asset planning & scheduling, asset performance management, security, workforce management, analytics, and others. Whereas the services segment is further classified into managed services, and professional services. The analytics segment is anticipated to grow at a significant CAGR over the forecast period. However, the network management segment to witness the largest market share in 2019. The major share of revenue is likely to come from the European region, owing to a wide application of modern rail infrastructure within the rail industry.
The global rail asset management market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
The global personal market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. Europe is considered a mature market in the rail asset management applications, owing to an outsized presence of an organization with the availability of technical expertise and advanced IT infrastructure. Nations from Western Europe including France, Germany, and the UK, have well-established railway infrastructure equipped with advanced rail asset management systems. Moreover, social, as well as trade agreements within the European Union nations, have encouraged cross border trade, as well as passenger traffic commute in Europe.
The major players of the global rail asset management market are Alstom, Siemens, IBM, Hitachi, Wabtec, SAP, Bentley Systems, Trimble, Bombardier, Atkins, DXC Technology, Cisco, and more. The rail asset management market is fragmented with the existence of well-known global and domestic players across the globe.
Segment Overview of Global Rail Asset Management Market
Type Overview, 2018-2025 (USD Billion)
- Asset Performance Management
- Asset Planning & Scheduling
- Workforce Management
- Professional Services
- Managed Services
Application Overview, 2018-2025 (USD Billion)
- Rolling Stock
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America