Newark, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the rail asset management market will grow from USD 11.21 Billion in 2022 to USD 20.61 Billion by 2032. The rail asset management market is expanding due to the rising need for monitoring, scheduling and maintenance of rolling stocks and the railway infrastructure. Using rail asset management helps minimize the downtime of the rolling stocks and thus helps enhance productivity.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 11.21 Billion |
| Market Size in 2032 | USD 20.61 Billion |
| CAGR | 6.28% |
| No. of Pages in Report | 237 |
| Segments Covered | Deployment Mode, Offering and End-users |
| Drivers | The rise in railway infrastructure investment |
| Opportunities | Increase in adoption of IoT technology in the railway industry |
| Restraints | High cost |
Key Insight of the Rail Asset Management Market
Asia Pacific region to account for the largest market size during the forecast period.
Asia Pacific will have the most major rail asset management market share during the forecast period. Rail connections between huge areas have been a cornerstone of infrastructure building in the Asia Pacific region for decades, driving economic expansion. The Asia Pacific, one of the most populated and diverse areas in the world, is home to a wide range of rail projects fostering innovation and reshaping transport, from high-speed rail networks to urban metro systems. These factors support the growth of the regional rail asset management market in countries such as India, China, Japan and South Korea.
The cloud segment is expected to augment the market during the forecast period.
The deployment mode segment is divided into on-premises and cloud. The cloud segment is expected to augment the market during the forecast period. The organized control, administration, and maintenance of public, private, or, more frequently, hybrid multi-cloud computing infrastructure, services, and resources are referred to as cloud management. The railway authority teams can control scalable and dynamic cloud computing systems; thus, it is preferred over premise software.
The services segment is expected to augment the market during the forecast period.
The offering segment is divided into services and solutions. The services segment further includes managed services and professional services. The solutions segment further includes asset planning and scheduling, asset performance management, workforce management, security, network management, etc. The services segment is expected to augment the market during the forecast period. The services include managing the infrastructure, finances, and passenger services for the infrastructure and rolling stock. Effective services include speedy advancements, specialized training, and help in operational control.
The railway infrastructure segment is expected to augment the market during the forecast period.
The end-users segment is divided into railway infrastructure and rolling stock. The railway infrastructure segment is expected to augment the market during the forecast period. Tracks are only one component of the railway infrastructure; it also includes all the other buildings, land, and machinery needed to sustain the rail lines. Managing passenger transportation and maintaining the entire infrastructure from time to time is necessary to avoid any accidents.
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Market Dynamics
Driver: Growing demand for rolling stock
The rolling stock market has been created to meet market demands and railway infrastructural requirements. The use of rolling stocks increases simplicity and reduces complexity, lowering planning, maintenance, and training expenses. Optimizing the capacity utilization of rolling stock is crucial to increasing competitiveness. This results in a reduced cost per unit and lower absolute capacity requirements. Leasing of rolling stock will bring expertise in every aspect of the asset lifecycle, from requirements capture to manufacture, operation, refurbishment, and retirement.
Restraint: High cost of deployment
Most management costs for the railway network's infrastructure are related to track engineering structures, including bridges, tunnels, and trains. The main objective of rail operators is to cost-effectively boost fleet availability and dependability because fleets are run for 30 to 50 years, and maintenance makes up about 50% of total cost. The deployment of such rail asset management is a heavy investment for most of the countries, which is limiting the market for rail asset management market.
Opportunity: Increasing initiatives by government authorities
As a result of government policies that prioritize rail over other modes of transportation, it plays a significant role in accelerating and benefiting from the decarbonization trend. Technology advancements provide these operators with new opportunities, including increasing operation efficiency by doing away with labour-intensive, ineffective, and expensive traditional manual practices and paper records and facilitating the transition to automation and remote condition monitoring. A few years ago, delivering increases in rail efficiency could have appeared far-fetched. However, developing digital management technology and creative solutions can already facilitate this process.
Challenges: Lack of standardization
Lack of standardization is an issue with rail asset management. The need for standards could make rolling stock more difficult to manage. It may also impede implementation by limiting the use of certain resources in the management of rolling stock, which can lead to interoperability and generate inconsistencies.
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Some of the major players operating in the rail asset management market are:
• Siemens
• Hitachi
• IBM
• Wabtec
• Trimble
• SAP
• Bentley Systems
• Atkins
• Bombardier
• DXC Technology
• Tego
• Trapeze
• Konux
• Trapeze
• L&T Technology Services Limited
• Capgemini
• Huawei Technologies
• Accenture
• Cyient Cyberonics
Key Segments Cover in the Market:
By Deployment Mode:
• On-Premises
• Cloud
By Offering:
• Services
o Managed Services
o Professional Services
• Solutions
o Asset Planning and Scheduling
o Asset Performance Management
o Workforce Management
o Security
o Network Management
o Others
By End-users:
• Railway Infrastructure
• Rolling Stocks
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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