The GMI Research report asserts that the Rail Asset Management Market will encounter growth over the forecast period. Rail asset management plays a crucial role in delivering a remarkable performance of the railway assets.
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Rail Asset Management Market Dynamics
The driving forces of the global rail asset management market include accelerating population rate and increasing adoption of digital technologies among consumers. Further, the surging initiatives by the government to encourage the adoption of the latest technology to administer the rail systems through a distance will impel the Rail Asset Management Market Size. These initiatives are inclined to improve rail services, infrastructure, and assets. For example, the United States Department of Transportation's Federal Railroad Administration (FRA) granted an allowance of US$ 291.4 million by announcing a Notice of Funding Opportunity (NOFO) for the allied-State Partnership for a partnership program State of Good Repair Grant Program. The NOFO Program supports restoring and rehabilitating interurban passenger assets across the United States.
Besides this, various prominent market players are entering into an allowance with government bodies to transmogrify the rail infrastructure into digital technology. For example, Siemens Mobility and Siemens Limited India, in December 2020, entered into a partnership with Bengaluru Metro Rail Corporation Limited (BMRCL) to implement an all-inclusive set of mechanized train solutions in its phase 2 metro extension projects.
However, the excessive capital cost and educated workforce to operate the sophisticated technology services will hinder the market growth. Further, the accelerating geriatric workforce in railways has insufficient knowledge and competence to manage advanced technology concerned with the functioning of rail assets, which may further restrain the Global Rail Asset Management Market Size.
Solution Segment Drivers
Asset performance management is projected to dominate the market over the forecast period. This is because of the growing acquisition of digital technology to control rail assets and decrease rail systems' functional cost.
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