Dublin, April 18, 2022 (GLOBE NEWSWIRE) -- The "Rail Asset Management Market by Offering, Application, Deployment Mode and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global rail asset management market size is expected to grow from USD 10.1 billion in 2021 to USD 13.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period.
The rail industry plays a vital role in shaping the economic and financial position of a country. It carries billions of passengers and freights daily and generates huge revenues. Due to the ease and comfort in transportation, the dependence on railways for both passengers and goods is rising at a rapid pace. A majority of countries are investing heavily in rail infrastructure to provide a seamless experience to their citizens through railways. Railways also help governments minimize the cost of transfer of passengers as well as goods, considering the huge carrying capacity it offers in a single run.
The growing dependence on railways is increasing the pressure on the existing rail infrastructure. This leads to several uncalled and unscheduled maintenance for both rolling stock and infrastructure, owing to wear and tear of systems, breakdowns, damages, and repair needs.
By deployment mode, the on-premises segment is expected to record at the largest market size during the forecast period. The on-premises deployment mode refers to the installation of software and solutions in the premises of the organization. In this deployment mode, the organization is responsible for maintaining the solution and all its related processes. These solutions are delivered on a one-time license fee and an annual service agreement, which includes a free modification or upgrade and installation of new functionalities. The on-premises deployment of rail asset management solutions requires dedicated infrastructure and servers. It also requires dedicated IT staff for the maintenance and support of the high-end IT infrastructure. Organizations that can afford to manage dedicated servers usually deploy on-premises solutions. The on-premises deployment mode also offers offline data analytics and configuration and provides better control over systems and data.
The rolling stock segment is expected to hold the largest market size. The railway is an asset-intensive industry, and rolling stock is one of the most important asset categories in the railway industry. Efficiently managing rolling stock can save a significant amount of resources for the rail operator. Rolling stocks usually have a long service life, hence keeping a vehicle in operation for such a long period of time can create various servicing challenges, such as securing parts, unplanned maintenance etc. Asset management solutions for rolling stocks can provide better control over asset performance, more efficient use of resources, and more effective risk management. Many rail operators are investing in rolling stock.
Premium Insights
- Attractive Opportunities in the Rail Asset Management Market - Growing Need for Advanced Transportation Infrastructure Driving Rail Asset Management Market Growth
- Europe: Market, by Offering and Top Three Countries - Solutions Segment and UK Estimated to Account for Significant Shares in the European Market in 2021
- Asia-Pacific: Market, by Offering and Top Three Countries - Solutions Segment and China Estimated to Account for Significant Shares in the Asia-Pacific Market in 2021
- Market: Major Countries - Japan Expected to Grow the Highest CAGR During the Forecast Period
Market Dynamics
Drivers
- Rising Need for Efficient Rail Operations
- Increase in Government Initiatives and Public-Private Partnership Model
- High Demographic Growth and Hyper-Urbanization Leading to an Expansion in Transport Networks
- Adoption of IoT and Other Automation Technologies to Enhance Optimization
- Rise in Congestion due to Aging Railway Infrastructure
Restraints
- High Initial Cost of Deployment
Opportunities
- Growing Need for Advanced Transportation Infrastructure
- Increasing Demand for Cloud-Based Services
- Emerging Trend of Smart Cities
Challenges
- Integration Complexities with Legacy Infrastructure
- Disruption in Logistics and Supply Chain of IoT Devices
- Data Security and Privacy Issues Related to IoT Devices
Companies Mentioned
- Siemens
- Hitachi
- Alstom
- Ibm
- Wabtec
- Sap
- Capgemini
- Cisco
- Huawei
- Accenture
- Trimble
- Bentley Systems
- Atkins
- Dxc Technology
- Trapeze Group
- L&T Technology Services
- Cyient
- Wsp
- Tego
- Konux
- Assetic
- Machines with Vision
- Uptake
- Delphisonic
- Zedas
- Oxplus
For more information about this report visit https://www.researchandmarkets.com/r/vfapqt
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