Rail Asset Management Market Scope
Railways are one of the safest and convenient modes of transportation for each class of people. Hence with the fast growth of rail infrastructure and the cumulating stock has given rise to an increased demand for efficient rail operations that are needed to be done. This management helps in the timely monitoring of the assets and also enables efficient scheduling of assets, which in turn helps in minimizes downtime, therefore, making it a benefit to use. The most important phenomenon for using this system or management is that with human errors, a huge number of accidents occur. This has made to reduce human intervention and automate the systems. Thereby due to the aforementioned reason this industry is taking its place at a higher level in upcoming (2024) years.
The market study is being classified by Type (Solution (Condition Monitoring, Predictive Maintenance, Asset Planning & Scheduling, Analytics, Workforce Management & Security) and Services), by Application (Rolling stock and Infrastructure) and major geographies with country level break-up.
Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Rail Asset Management market throughout the predicted period.
Siemens (Germany), IBM (United States), Alstom (France), Hitachi (Japan), Wabtec (United States), SAP (Germany), Trimble (United States), Bentley Systems (United States), Bombardier (Canada), Atkins (United Kingdom), Cisco (United States), DXC Technology (United States), Trapeze (Canada), Tego (United States) and Konux (Germany) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are L&T Technology Services Limited (India), Capgemini (France), Accenture (Ireland), Huawei Technologies (China) and Cyient (India).
AdvanceMarketAnalytics has segmented the market of Global Rail Asset Management market by Type, Application and Region.
On the basis of geography, the market of Rail Asset Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In June 2019, Hitachi partnered with Bombardier, a leading provider of rail solutions and services. The partnership aims toward manufacturing and delivering new trains for Trenitalia’s high-speed train fleet. It also includes the provision of maintenance services, which will enable companies to offer their enhanced rail asset management solutions.
In 2019, Cisco acquired Cloud Cherry which provides customer journey mapping. It will help to move from isolated customer interaction to Cohesive.
- Adoption of IoT and Other Automation Technologies to Enhance Optimization
- Increasing Adoption for Cloud-Based Services is Trending this Industry in Huge Ways
- Increasing Needs for Efficient Railway Operations in terms of Safety, Security
- Cumulating Travel Through Railways is also one of the Factor Driving this Market
- Asia- Pacific to be the Growing Region in terms of Railway Services for this Management, For Instance, 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. Thus Providing the Emerging Entrants to Enter the Market
- Very High Initial Cost Associated with this Rail Asset Management
- Lack of Skilled Professionals for Analysis can Hamper the Market
- Longer Time Required to Resolve the Real-Time Complications
Key Target AudienceManufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies, Organizations and Others
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