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The report published by The Brainy Insights shows that the global rail asset management market is expected to grow from USD 10.2 billion in 2022 to USD 18.4 billion by 2032, at a CAGR of 6.1% during the forecast period 2023-2032. Asia Pacific emerged as the most significant global rail asset management market, with a 50% market revenue share in 2022, because of the higher adoption rate of new technology in growing economies such as India, China, and Japan. For instance, The Chongqing-Chengdu Railway Passenger Dedicated Line Co., which is investing USD 10.7 billion in a 292 km railway line with a designed speed of 350 mph, and the Ahmedabad-Mumbai high-speed Corridor project in India, which accounts for USD 17 billion, the Chennai Metro Rail Phase II, India, account for USD 8.4 billion and Nepal-China Railway, China, which accounts for USD 29 billion.
Leading companies in the industry include Accenture plc, Alstom SA, International Business Machines Corporation (IBM), Capgemini SE, Hitachi, Ltd., Cisco Systems, Inc., L&T Technology Services Limited (LTTS), Huawei Technologies Co., Ltd., SAP SE and Siemens AG among others, offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.
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The deployment segment is divided into on-premises and cloud. The on-premises segment dominated the market, with a share of around 55% in 2022. Companies that can afford to manage dedicated servers often choose on-premises solutions. In the on-premises deployment mode, users may also perform offline data analytics and configuration, giving them more control over their systems and data. The application segment is divided into rolling stock and infrastructure. The rolling stock segment dominated the market, with a market share of around 56.0% in 2022. Asset management solutions for rolling stocks may assist in improving asset performance, using resources better, and managing risk more efficiently. Therefore, many train companies are investing in rolling stock.
Rapid urbanisation, increased digitization acceptance, and reliance on artificial intelligence are all significant factors influencing the rise of the global rail asset management market share. The rise in demand for efficient railway operations has boosted market growth. However, the high initial cost of integration and implementation limits the market’s growth. On the contrary, increasing government initiatives to invest in railway management systems has resulted in a possible increase in the prevalence of cloud-based railway management solutions, which will likely present a lucrative market opportunity throughout the forecast period. Furthermore, demand for advanced asset and fleet management tools, such as asset planning, remote diagnostics, and passenger information, is projected to drive the market for advanced asset and fleet management tools in the rail industry. More private engagement in government-managed rail markets, road congestion difficulties caused by rapid urbanization, and growing demand for multimodal transportation and low fares will benefit the railway management system industry in the coming years. A railway management system aids in increasing efficiency while maintaining customer safety.
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Transportation Management Systems Market: The global transportation management systems market was valued at USD 11.0 billion in 2022, growing at a CAGR of 15% from 2023 to 2032. The market is expected to reach USD 44.5 billion by 2032.
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