Rise in IoT use and digitization witnessed in railway transport to drive the growth of rail maintenance system market across the globe. The decline in demand for passenger transport due to strict lockdown during the COVID-19 along with restrictions on transport through railways led to a decline in the growth of the global market. Based on region, Asia-Pacific is set to dominate the global market share in 2031.
Portland, OR, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global rail maintenance management system market generated $11.1 billion in 2021, and is projected to reach $31.1 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Market Size in 2021
Market Size in 2031
No. of Pages in Report
Component, Deployment Mode, Type, and Region.
Rise in IoT use and digitization witnessed in railway transport.
Supportive government policies and huge investments in rapidly expanding railway infrastructure projects.
Rise in smart city development paving way for constructing smart railways.
Breakthroughs in train management process and simplified passenger and staff comfort with access to service delivery.
Rapid acceptance of cloud technologies and industry 4.0 revolution has transformed the railway sector.
Untapped growth potential of emerging economies.
Huge deployment and maintenance costs related to rail maintenance.
Concerns over data security and privacy concerns associated with IoT devices.
The outbreak of the COVID-19 had less negatively impacted the growth of the global rail maintenance management system market, owing to disruption of railway operations during the railway operations and restrictions on travel by railways due to lockdown.
Decline in demand for passenger transport due to strict lockdown during the COVID-19 along with restrictions on transport through railways led to decline in the growth of the global market.
The report offers detailed segmentation of the global rail maintenance management system market based on component, deployment mode, type, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on component, the solution segment held the largest market share in 2021, accounting for two-thirds of the global market share, and is expected to maintain its leadership status during the forecast period. However, the service segment, on the other hand, is expected to record the fastest CAGR of 13.1% during the forecast period.
Based on deployment mode, the on-premise segment held the largest market share in 2021, holding nearly three-fifths of the global market share. However, the cloud segment is set to maintain its dominant position during the forecast period. In addition, the cloud segment, on the other hand, is expected to cite the highest CAGR of 14.2% during the forecast timeline.
In terms of type, the European segment held the highest market share in 2021, holding more than one-third of the global market share, and is anticipated to maintain its number one position during the forecast timeline. However, the healthcare segment, on the other hand, is expected to cite the fastest CAGR of 7.8% during the forecast timespan.
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Based on region, the market across Europe held the largest market share in 2021, holding more than one-third of the global market share. However, Asia-Pacific is set to dominate the global market share in 2031. In addition, the Asia-Pacific rail maintenance management system market is expected to register the fastest CAGR of 14.2% during the forecast period.
The key players analyzed in the global rail maintenance management system market report include Cisco Systems, Inc., Railnova SA, IBM Corporation, Alstom S.A., ABB Group, Hitachi Rail Limited, Trimble Inc., Siemens Mobility GmbH, Toshiba Infrastructure Systems & Solutions Corporation, and Thales Group.
The report analyzes these key players in the global rail maintenance management system market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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