Increase in public-private partnership deals and government initiatives to tackle hyper-urbanization and high demographic growth drives the demand for rail asset management market
The global rail asset management market size is anticipated to reach USD 14 billion by 2025.
Trains convey millions of passengers and freight every year, and rail organizations completely depend on reliable and efficient rail infrastructure and asset operations to successfully meet the increasing demand for rail operations. Information & Communication Technology has contributed significantly to delivering operations & asset management solutions for the rail companies. To construct a smarter railway infrastructure, railway experts require advanced and efficient rail asset management solutions that are likely to promote the industry growth in the coming future.
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The global personal market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. Europe is considered a mature market in the rail asset management applications, owing to an outsized presence of an organization with the availability of technical expertise and advanced IT infrastructure. Nations from Western Europe including France, Germany, and the UK, have well-established railway infrastructure equipped with advanced rail asset management systems. Moreover, social, as well as trade agreements within the European Union nations, have encouraged cross border trade, as well as passenger traffic commute in Europe.
The major players of the global rail asset management market are Alstom, Siemens, IBM, Hitachi, Wabtec, SAP, Bentley Systems, Trimble, Bombardier, Atkins, DXC Technology, Cisco, and more. The rail asset management market is fragmented with the existence of well-known global and domestic players across the globe.
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