Rail Asset Management Industry 2021

 The global rail asset management market size is expected to grow from USD 9.4 billion in 2020 to USD 12.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period.

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 Rail asset management solutions assist freight managers, passengers, rail operators, and infrastructure managers in addressing issues, such as improvement in service availability; performance and utilization for mobile, fixed, and linear assets; increased reliability and punctuality, along with reduced service failures and delay minutes; and minimized asset costs. The solutions further help reduce operational costs of infrastructure assets, such as signals, electrification systems, rail tracks, and rolling stocks. It also helps ensure top-notch performance, which elevates the reliability of rail services.

The outbreak of the pandemic has slowed down the growth of the rail asset management solutions due to strict mobility restrictions imposed by local and national governments. However, the adoption of innovative rail asset management solutions, which can be effectively coupled with IoT, big data, analytics, cloud, security, and network connectivity, are witnessing massive demand from various rail operators. The adoption of IoT and cloud for emergency services and healthcare services is expected to raise the adoption of rail asset management solutions during the pandemic as regulatory authorities of various countries are majorly focused on offering quicker medical care and emergency support services.

Aging railway systems limit the efficiency of resources and compromise the reliability in established rail markets. New markets adopt newer, more flexible technology infrastructures, leaping over the current practices. Several current IT systems are old and complex, making data sharing difficult. They are also unable to cope with the scale of growth predicted over the next few years. Frequent network failures and system outages can have a domino effect, significantly affecting customer satisfaction.