According to a new market research report “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″, published by MarketsandMarkets, the global rail asset management market size to grow from USD 9.0 billion in 2019 to USD 12.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.
Major factors expected to drive the growth of the rail asset management industry include increasing adoption of Internet of Things (IoT) and other automation technologies to enhance optimization and address the issue of increasing congestion due to aging railway infrastructure.
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An efficient rail operation needs proper scheduling, monitoring, and maintenance of rail assets. The current maintenance schedules reduce the productivity of assets, owing to downtime. This downtime is elongated further as a result of manual diagnostics, which itself has a low success rate. To enhance the efficiency and reduce the time consumption, rail authorities focus heavily on condition-based and predictive maintenance solutions. These solutions help in the timely monitoring and efficient scheduling of assets, which minimizes downtime. Condition-based and predictive maintenance work on real-time analytics reduces the dependence on manual diagnostics. Further, Internet of Things (IoT) technology has enabled the ubiquitous presence of Radio Frequency Identification (RFID) and Global Positioning System (GPS) sensors and detectors on rail assets and infrastructures. This enables the collection, transmission, and analysis of multiple attributes, such as temperature, heat, pressure, condition, and location. This helps improve the maintenance cycle of rail assets, and the data from rail assets can be used to optimize the utilization of rail assets. It further enables the scheduled maintenance of assets and resource intensities and costs.
Expanding business through partnerships is a key strategy of Siemens in the rail asset management market. Siemens is one of the global market leaders for mobility and transportation solutions that enable efficient, safe, and eco-friendly transport for people and goods. Its offerings include rail vehicles, rail automation, road traffic management systems, and smart parking and tolling systems. Its smart data-driven services offer customers unrivaled value-added benefits in the transportation sector. Smart and intelligent mobility solutions increase the availability of infrastructure, optimize the throughput, and ensure a superior passenger experience. The company’s mobility division addresses the ever-increasing needs of the transportation sector using state-of-the-art, interconnected, and Information Technology (IT)-based mobility solutions. As part of its corporate strategy, Siemens focuses more on inorganic growth strategies in rail asset management market space, to achieve its long-term business goals. For instance, in recent times, the company partnered with SAS to leverage Artificial Intelligence (AI) and IoT for developing better predictive maintenance solutions.
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Developing innovative solutions through collaboration with technology companies is a key strategy of IBM in the rail asset management market. IBM focuses toward strengthening its capabilities for smarter rail solutions and services. The company holds a key position in the market to provide global capabilities in services, software, systems, fundamental research, and related financing. It is prompt in making industry alliances with the leading vendors in metering, monitoring, automation, data communication, and software to provide solutions for the transportation industry. The company offers a robust portfolio of solutions is the railway industry. The operations solution predicts demand and optimizes capacity, assets, and infrastructure; and improves operational efficiency. The rail asset management and maintenance solution proactively manages and plans the implementation and maintenance of the rail assets. Currently, IBM is strengthening its rail asset management offerings through inorganic growth strategies. Recently the company collaborated with a Danish construction company Sund & Baelt to develop enhanced asset management solutions by leveraging the cutting technologies such as AI and IoT.
Key and emerging market players 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). These players have adopted various strategies to grow in the Rail asset management market.
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