The North America Rail Asset Management Market would witness market growth of 5.7% CAGR during the forecast period (2021-2027).
Rail asset management covers all areas of asset management, including hardware, software, and consulting. The stronger economy has resulted in a backlog of new rail asset management system projects. This guide will help meet the increased demand for supplier selection assistance. The choice of a rail asset management system is crucial, especially in the asset-intensive rail industry. The total solution has expanded and evolved, and functionality currently entails a mix of new capabilities and specialized technological requirements. Suppliers have unique domain experience, geographical presence, and understanding of certain industry dynamics, while product plays a major influence. All of these must be considered during the supplier selection process.
To track and analyse the integrity, safety, and compliance of their assets and infrastructure, rail companies have historically depended on field people and paper records. Nowadays, using solutions like connected asset life-cycle management and "smart technician" tools in the field, digital rail asset management can help organizations reach more efficient approaches.
A variety of factors have combined to increase the economic relevance of rail travel in the United States. These same causes present fresh potential for domestic rail car and equipment makers to benefit, but there are historical and structural hurdles to taking advantage of these opportunities. These recent rail procurements include "Buy America" requirements that demand the use of items manufactured in the United States, in line with stipulations in the American Reinvestment and Recovery Act (ARRA) and preceding legislation. Currently, however, most rail equipment manufacturers are foreign-owned and only do some final assembly work in the United States. Government in developed nations of the region are increasingly spending on the improvements of the railway operations and thus, augmenting the growth of the regional rail asset management market.
The US market dominated the North America Rail Asset Management Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3,016.8 million by 2027. The Canada market is anticipated to grow at a CAGR of 8.1% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 7.1% during (2021 - 2027).
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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Rail Asset Management Market is Estimated 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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