Rail Asset Management Market Growing at a CAGR 6.4% | Key Players Siemens, IBM, Hitachi, Cisco, SAP

June 23 17:39 2020
Rail Asset Management Market Growing at a CAGR 6.4% | Key Players Siemens, IBM, Hitachi, Cisco, SAP

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)
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

MarketsandMarkets projects 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 market include an increased need for efficient operations, increasing adoption of the Public-Private Partnership (PPP) model, government initiatives, and high demographic growth and hyper urbanization

By offering, services segment to record a higher growth rate during the forecast period

Trains carry millions of tons of freight and tens of millions of passengers each year, and rail companies entirely rely on efficient and reliable asset operations and rail infrastructure to successfully meet the growing demand. Information and Communication Technology (ICT) has played a significant role in providing asset and operations management services for rail companies.

To build a smarter railway system infrastructure, railway experts demand smart railway management system services. Service providers help in implementing rail solutions. The benefits of employing railway management system services are improved rail operations performance, reduced complexities and reduced operating expenses, standardized and improved rail infrastructure, improved engagement cash flow and profitability, maximized strategic value of rail solutions, simplified project planning and execution, streamlined project lifecycle, real-time decisions, security, and improved resource productivity. The services have been bifurcated into 2 segments, namely, professional services and managed services.

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By service, the managed services segment to grow at a higher rate during the forecast period

Under managed services, certain Information Technology (IT) operations are outsourced to a service provider who distantly maintains the customer’s IT infrastructure. Organizations need to optimize resource utilization, which is one of the major factors, to fuel the growth of the rail asset management market. Managed services provide constant upgrades and customized features to fulfill the customers’ ever-growing demands. As a result, companies are rapidly outsourcing their tasks to Managed Service Providers (MSPs). Global managed service providers comprise vendors from diverse backgrounds, ranging from specialized MSPs to system integrators and Value-Added Resellers (VARs).

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.

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 & Bælt to develop enhanced asset management solutions by leveraging the cutting technologies such as AI and IoT.

 

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