The global rail freight digital transformation market stands at US$ 63.39 Bn as of now and is expected to reach US$ 142.68 Bn by the year 2032 at a CAGR of 8.4% between 2022 and 2032.
Rail freight transportation could be referred to trains or rails for transporting cargo and goods over longer distances across countries and cities. Conventionally, they have been used to transport goods and commodities in bulk from source to destination tugged by the locomotives on railroads.
Digital technologies like cloud computing IoT, AI, big data, 5G, and analytics are all set to give a digital facelift to rail freight transformation market. Though the pandemic did apply brakes to the market for some time, normalcy is being restored after December 2021.
Growing demand for rail freight digital transformation does promote adopting cutting-edge technologies for complementing conventional rail freight supply chain for building stronger digital foundation for automating operations, safety, maintenance, and various other core functions, that too, with improved efficiency.
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Rail freight transportation, on the conventional grounds, is subject to aging. As such, year-on-year, it is getting difficult to manage the things with the same pace. This is where digitization would be coming to the rescue. Such technological breakthroughs are bound to help the rail freight digital transformation market in the forecast period. Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Rail Freight Digital Transformation Market’. The team of analysts and consultants is there with its primary, secondary, and tertiary modes of research to have the probable calls to action in place.
Takeaways from Rail Freight Digital Transformation Market
- The Asia-Pacific holds the largest market share due to the region being subject to extensive rail networks. This is evident from OBOR (One Belt, One Road) initiative gaining traction. China Railway also confirms that rail freight volume pertaining to goods was 4 Bn tons in the year 2018 and reached 4.8 tons by the year 2020. Also, integration of 5G, IoT, and AR/VR (Augmented/Virtual Reality) along with ascertaining cybersecurity are expected to streamline the processes further.
- North America and Europe are at the matured stage of rail freight digital transformation market and the scenario is expected to remain the same even in the forecast period.
Competitive Transformation
- Dutch Railways, in the year 2018, entered into collaboration with Railnova (one of the leading providers of IoT and predictive maintenance solutions for railways) for deploying real-time monitoring solutions for facilitating predictive maintenance.
- TCS, in the year 2018, entered into partnership with SAP Leonardo for developing an iRDM (intelligent Rail Digital Maintenance) solution to conduct predictive maintenance for reducing the unplanned breakdown and network outage, thereby boosting safety and enhancing efficiency.
- DXC Technology, in the year 2018, entered into collaboration with New York MTA (Metropolitan Transportation Authority) for implementing enterprise asset management solution to optimize rail transport maintenance activities, so that digital transformation could be well-supported.
- VTG AG, in the year 2019, did launch solutions for rail freight transformation as a part of ‘VTG Connect’ digitization initiative, so that rail freight logistics operations could be optimized and predictive maintenance could be provided as well.
“With growing awareness about the fact that digital transformation helps in improving operational efficiency is expected to catalyze the rail freight digital transformation market”, says an analyst from Future Market Insights.
What does the Report encompass?
- The research study is based on solution (rail freight operation information systems, rail predictive maintenance, rail freight tracking & monitoring, rail cargo & warehouse management, security & incident management, advanced signalling & communications, and likewise), and by services (freight & logistics consulting, advanced technology implementation & deployment, incident response services, and managed services).
- The fact that rail freight digital transformation solutions and services are creating better opportunities that are more agile for transforming rail freight transformation market share is expected to drive the rail freight digital transformation market going forward.
KEY SEGMENTS
By Solution:
- Rail Freight Operation Information Systems
- Rail Predictive Maintenance
- Rail Freight Tracking & Monitoring
- Rail Cargo & Warehouse Management
- Security & Incident Management
- Advanced Signaling & Communications
- Others
By Services:
- Freight & Logistics Consulting
- Advanced Technology Implementation & Deployment
- Incident Response Services
- Managed Services
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KEY SEGMENTS
By Solution:
- Rail Freight Operation Information Systems
- Rail Predictive Maintenance
- Rail Freight Tracking & Monitoring
- Rail Cargo & Warehouse Management
- Security & Incident Management
- Advanced Signaling & Communications
- Others
By Services:
- Freight & Logistics Consulting
- Advanced Technology Implementation & Deployment
- Incident Response Services
- Managed Services
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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