Rail Asset Management Market by Condition Monitoring, Predictive Maintenance, Rolling Stock & Infrastructure forecast to 2024
November 21, 2019 by siddharth mnm
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According to a research report "Rail Asset Management Market by Solution (Condition Monitoring, Predictive Maintenance, Asset Planning & Scheduling, Analytics, Workforce Management & Security), Services, Application (Rolling Stock & Infrastructure), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global rail asset management market size to grow from USD 9.0 billion in 2019 to USD 12.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.
Major factors expected to drive the growth of the rail asset management industry include increasing adoption of Internet of Things (IoT) and other automation technologies to enhance optimization and address the issue of increasing congestion due to aging railway infrastructure.
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Europe to account for the largest market size during the forecast period