Powered by technology, the global railway fleet management market size is expected to touch $3.84 billion during the period 2020-2024, said a new report from research firm.
Technavio attribute this growth to increasing adoption of different types of technology including wireless technology that helps increase productivity and offers several benefits such as stability, reliability, and real-time communication.
Furthermore, wireless technology helps in maximizing profits and minimizing costs by reducing the time required for re-configuration. Also, this technology expedites the time-consuming coupling and de-coupling process of railcars. Thus, the adoption of industrial Ethernet and wireless technology will drive market growth during the forecast period.
Similarly, the adoption of cloud computing for streamlining fleet management operations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2020-2024.
The adoption of cloud computing offers an array of benefits to railway fleet owners and operators as it enables real-time visibility into operations, cost-effectiveness, low maintenance costs, and improved vehicle uptime. As a result, fleet management vendors are increasingly leveraging cloud technologies to cater to the evolving needs of the customers. The cloud-based solutions enable fleet operators and owners to monitor their fleets and make informed decisions related to fleet operations.
“Need for operational competency and rising investments in railways will boost the railway fleet management market growth during the forecast period,” says a senior analyst at Technavio.
APAC led the railway fleet management market share in 2019, followed by Europe, North America, MEA, and South America. The growth can be attributed to the increasing investments in the railway industry due to rapid urbanization and the rising need for better public transport in the region.