According to the research report titled ‘Global Rail Asset Management Market Size study, by Offering (Solution, Services) by Application (Rolling Stock, Infrastructure) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global rail asset management market was worth USD 10.7 billion in 2021 and is slated to expand at 5.6% CAGR during the forecast period, generating a valuation of USD 15.7 billion by the end of 2028.
The growth of global rail asset management market can be attributed to surging demand for cloud-based solutions, higher adoption to streamline railway operations for smooth running of the system, and focus on advancing transportation infrastructure across the world.
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For the unaware, the term asset management has quickly picked up steam in the rail industry. It includes all systems, processes, and techniques for maximizing asset accessibility while minimizing overall risk and cost.
Besides, soaring government initiatives and increased public-private collaborations are creating new opportunities for enterprises in this domain.
On the contrary, dearth of skilled professionals, and complexities in integration with legacy infrastructure are likely to hamper the progress of market in the forthcoming years.
The report classifies worldwide rail asset management market by offerings and applications for a greater grasp of the current situation. It also provides growth rate projections for each vertical offering stakeholders a comprehensive view of the financial returns in the market.
Regarding geographical terrain, North America market is poised to retain a substantial revenue share during the assessment period, due to efforts for effective rail operations backed by social & trade agreements among European Union nations.
Meanwhile, Asia Pacific industry is estimated to record notable expansion during the review timeline, due to soaring disposable income, and higher adoption of such solutions across the region.
The research mentions the product offerings and basic details of the well-known players who are augmenting the competitive scope of global rail asset management industry. The names included are Huawei Technologies Co. Ltd., Accenture plc, Cisco Systems Inc., Siemens AG, Capgemini SE, Alstom SA, AP Møller - Maersk, Hitachi Ltd., IBM Corporation, and Wabtec Corporation among others. Along with this, the strategies adopted by such companies are also scrutinized.