Rapid urbanization, rising adoption of digitalization along with dependency on artificial intelligence (AI) are factors drives the market growth.

PORTLAND, OR, UNITED STATES, September 30, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Global Rail Asset Management Market Size Reach USD 17.5 Billion | Industry Sees Promising Growth by 2031 .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global rail asset management market was valued at USD 10 billion in 2021, and is projected to reach USD 17.5 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.

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Rapid urbanization, increase in the adoption of digitalization, surge in the demand for effective railroad operations, rise in the popularity of artificial intelligence, and growth in the prevalence of cloud-based railway management solutions are expected to drive the growth of the global rail asset management market. Shutdown of passenger transportation, delay or cancellation of projects and shortage of workforce during the pandemic had a negative impact on the growth of the global rail asset management market.

Rail asset management solutions are electronics, software, and advising components within asset management. These rail systems use the most detection and monitoring technology, customized software, and wireless connections to promptly and precisely collect data required for managing rail transport assets or maintaining and building railway system. These solutions include asset performance management, analytics, asset planning & scheduling, security, and workforce management. Therefore, rail asset management solutions assist proper freight management for various railway lines help government and private railway organization to function seamlessly.

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COVID-19 Scenario:

● The COVID-19 pandemic had a negative impact on the growth of the global rail asset management market, owing to the occurrence of lockdowns in various countries across the globe.

● Lockdowns resulted in the closure of all sorts of passenger transportation, including railways, buses, and others, which adversely impacted the growth of the market.

● In addition, there was delay or cancellation of ongoing projects due to the prevalence of stringent social distancing restrictions as imposed by the governments of various countries across the globe.

● These restrictions were imposed to curb the spread of the virus during the pandemic.

● However, the market is expected to recoup in the post-pandemic era after eased restrictions.

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Based on application area, the rail infrastructure segment held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The rolling stock segment, on the other hand, is expected to cite the fastest CAGR of 6.7% during the forecast period. Based on offering, the solution segment held the largest market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 6.3% during the forecast period. The report also analyses other segments such as the services segment.

Based on region, the market across Europe held the dominating market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 7.1% during the forecast period. The key players analyzed in the global rail asset management market report include Alstom SA, Capgemini SE, Cisco Systems, Inc., Hitachi, Ltd., Huawei Technologies Co., Ltd., International Business Machines Corporation (IBM), L&T Technology Services Limited (LTTS), SAP SE and Siemens AG.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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