Dublin, Dec. 11, 2019 (GLOBE NEWSWIRE) -- 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 billion in 2019 to USD 12.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.4% from 2019 to 2024.
Major vendors in the rail asset management market 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). The study included an in-depth competitive analysis of these key players with their company profiles, recent developments, and key growth strategies adopted by them.
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. A majority of the potential economies in this region include Australia, Singapore, China, Korea, Hong Kong, and India, which are said to be rapidly investing in technological transformation. 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.
Research Coverage
The market study covers the rail asset management market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on offerings, deployment mode, application, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Topics Covered
1 Introduction
2 Research Methodology
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
5.2.1 Drivers
5.2.1.1 Need for Efficient Rail Operations
5.2.1.2 Increase in Government Initiatives and Public-Private Partnership Model
5.2.1.3 High Demographic Growth and Hyper-Urbanization
5.2.1.4 Adoption of IoT and Other Automation Technologies to Enhance Optimization
5.2.1.5 Rise in Congestion Due to Aging Railway Infrastructure
5.2.2 Restraints
5.2.2.1 High Initial Cost of Deployment
5.2.3 Opportunities
5.2.3.1 Growing Need for Advanced Transportation Infrastructure
5.2.3.2 Increasing Demand for Cloud-Based Services
5.2.4 Challenges
5.2.4.1 Integration Complexities With Legacy Infrastructure
5.3 Innovation Spotlight
5.3.1 IoT in Railways
5.3.2 Big Data Analytics and Cloud Computing in Railways
5.3.3 Drones for Identifying Railway Infrastructure Issues
5.3.4 Hyperloop - the Future of Transportation
6 Rail Asset Management Market By Offering
6.1 Introduction
6.2 Solutions
6.2.1 Asset Performance Management
6.2.1.1 Condition Monitoring
6.2.1.1.1 Condition Monitoring Solutions to Improve the Reliability of Existing Railway Infrastructure
6.2.1.2 Predictive Maintenance
6.2.1.2.1 Predictive Maintenance Solutions to Increase the Asset Life and Improve the Overall Rail Operations and Safety
6.2.2 Analytics
6.2.2.1 Rail Analytics Systems Help in Demand Planning, Revenue and Workforce Management, Transit Analysis, and Pricing Analysis
6.2.3 Asset Planning and Scheduling
6.2.3.1 Asset Planning Solutions to Help Rail Organizations Provide Better User Experiences
6.2.4 Security
6.2.4.1 Increased Adoption of Digitalization in Railway Industry to Drive the Adoption of Rail Security Solutions
6.2.5 Workforce Management
6.2.5.1 Workforce Management Solutions Enable Railway Companies to Increase Operational Agility and Productivity
6.2.6 Network Management
6.2.6.1 Network Management Solutions to Minimize Congestion in Network Traffic
6.2.7 Others
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting
6.3.1.1.1 Consulting Service Vendors to Offer Recommendations for Implementation of New Technologies
6.3.1.2 System Integration and Deployment
6.3.1.2.1 System Integration and Deployment Service Providers to Help End Users Integrate Smart Infrastructure Solutions With Existing Infrastructure
6.3.1.3 Support and Maintenance
6.3.1.3.1 Support and Maintenance Services Assist in the Installation of Freight Management System Solutions
6.3.2 Managed Services
6.3.2.1 Managed Services to Provide Constant Upgradations and Customized Features to Fulfill Consumer Demands
7 Rail Asset Management Market By Deployment Mode
7.1 Introduction
7.2 On-Premises
7.2.1 Need for Full Control Over Platforms and Systems to Result in Higher Adoption of On-Premises Solutions
7.3 Cloud
7.3.1 Increased Demand for Easy Accessibility to Increase Adoption of Cloud-Based Rail Asset Management Solutions
8 Rail Asset Management Market By Application
8.1 Introduction
8.2 Rolling Stock
8.2.1 Asset Management Solutions Provide Better Performance and Timely Maintenance of Rolling Stock
8.3 Infrastructure
8.3.1 Increased Need for Optimization of Cost, Performance, and Risks to Fuel Adoption of Rail Infrastructure Asset Management Solutions
9 Rail Asset Management Market By Region
9.1 Introduction
9.2 North America
9.2.1 United States
9.2.1.1 Government Initiatives to Drive the Market Growth in the United States
9.3 Europe
9.3.1 United Kingdom
9.3.1.1 Increasing Investment in Rolling Stock By Private Players to Drive the Growth of the UK Rail Asset Management Market
9.3.2 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.1.1 High Government Investment and Rapid Growth in Railway Infrastructure to Drive the Growth of the Market in China
9.4.2 Rest of Asia Pacific
9.5 Middle East and Africa
9.5.1 Nigeria
9.5.1.1 Government Initiatives Combined With Cooperation With Other Countries to Boost the Market Growth in Nigeria
9.5.2 Rest of Middle East and Africa
9.6 Latin America
9.6.1 Brazil
9.6.1.1 High Spending on Railway Infrastructure to Boost Asset Management Opportunities in Brazil
9.6.2 Rest of 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
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