The global rail asset management market size is expected to reach USD 16.0 billion by 2030, according to a new study by Polaris market research. The report “Rail Asset Management Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Deployment; By Application; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Primary factors driving demand for rail asset management over the course of the projection period are anticipated to be an investment in the rail infrastructure, rising trade activities with dedicated freight corridors & digitization initiatives. Due to the expansion of rail services, it is necessary to enhance the current freight and passenger on-time arrivals in order to boost productivity.
Companies in the rail asset management industry are working together for strategic alliances, diversifying their product offerings, and increasing their global reach. For example, in October 2022, European railway track technology companies established the “Digital Railway Solutions Alliance” during the IAF’s rail trade show, in Germany. This partnership created an open innovation ecosystem that will improve the capacity, effectiveness, and safety of rail networks.
Furthermore, the effective IT administration and secure security environment of cloud-based services, analytics, and internet technologies are driving up demand in rail asset management. As a result of the ability to dynamically adjust resource reservations, new technologies in the interlocking, localization, and communication fields enable more accurate tracking of train movements and more effective track utilization.
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Furthermore, the market for these goods is increasing due to the efficient IT administration and secure security environment of cloud-based services, internet technologies, and analytics. The big data cloud approach unquestionably gives rail transportation the best opportunity to adapt to and take advantage of its changing data structure. This might cause a significant shift in all rail management organizations, allowing them to improve rail operations and infrastructure. For instance, in June 2022, Brightly Software agreed to be acquired by Siemens Smart Infrastructure, a leading provider of digital buildings. S.I. is propelled to the top of the building and built infrastructure software industry by the acquisition. The cost of the acquisition is USD 1.6 billion.
Rail Asset Management Market Report Highlights
Polaris Market Research has segmented the Rail Asset Management Market report based on component, deployment, application, and region:
Rail Asset Management, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Rail Asset Management, Deployment Outlook (Revenue - USD Billion, 2018 - 2030)
Rail Asset Management, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Rail Asset Management, Regional Outlook (Revenue - USD Billion, 2018 - 2030)