The Latin America, Middle East and Africa Rail Asset Management Market would witness market growth of 8.1% CAGR during the forecast period (2021-2027).
Climate change isn't just a long-term existential concern; it's already having an influence on the environment and inhabitants' daily lives. It poses a threat to the transportation system's resilience, notably in terms of infrastructure and rolling stock. Warmer temperatures, that are upsetting climatic patterns, are caused by higher quantities of GHGs in the atmosphere, particularly CO2. It is self-evident that a modal transition to public transportation with rail as a backbone (urban rail in metropolitan areas) should be of top priority.
End-users' demands and expectations would require transportation providers to adapt, including behavioural changes such as greater home working and on-line buying, which may have been hastened by the COVID-19 pandemic. Technological advancements are paving the path for seamless intermodality, allowing for better interoperability with other modes and the delivery of smart and customised services that can provide connectivity regardless of mode or location.
The entrance of various key market players in the region to improve the efficiency of railways operations, maintenance, and renewal planning. Along with, attaining and maintaining the highest level of system reliability. Railway authorities and enterprises count on a reliable partner to get intelligent and comprehensive asset performance management and asset investment planning solutions. In some countries like UAE, railway departments are taking various initiatives to improve the management of rail assets. The UAE's National Rail Network would not be possible without the backing of the Ministry of Energy and Infrastructure. The government applauds the Ministry's dedication to completing the network in accordance with best worldwide norms, particularly in terms of safety. They decided to implement strict and strong procedures to ensure the proper issuance and verification of safety permits through their collaboration.
Based on Component, the market is segmented into Solution and Services. Further, the solution segment is bifurcated into Asset Performance Management (APM), Asset Planning & Scheduling, Workforce Management, Security, Analytics, Network Management, Incident Management, and Others. Based on Services, the market is segmented into Professional Services and Managed Services. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Application, the market is segmented into Rolling Stock and Infrastructure. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The Brazil market dominated the LAMEA Rail Asset Management Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $289.6 million by 2027. The Argentina market is exhibiting a CAGR of 8.7% during (2021 - 2027). Additionally, The UAE market would display a CAGR of 7.8% during (2021 - 2027).
Free Valuable Insights: The Global Rail Asset Management Market is Predict to reach $13.9 Billion by 2027, at a CAGR of 5.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ALSTOM Holdings, Siemens AG, IBM Corporation, Hitachi, Ltd. (Hitachi ID Systems, Inc.), SAP SE, Cisco Systems, Inc., Capgemini SE, Accenture PLC, Wabtec Corporation, and Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
By Component
By Deployment Type
By Application
By Country
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