Purpose The purpose is to describe new business opportunities within the Swedish railway industry and to support the development of business models that corresponds with the needs and requirements of Industry 4.0, here denoted as Service Management 4.0. Design/methodology/approach The study is an in-depth and descriptive case study of the Swedish railway system with specific focus on a railway vehicle maintainer. Public reports, statistics, internal documents, interviews and dialogues forms the basis for the empirical findings. Findings The article describes the complex business environment of the deregulated Swedish railway industry. Main findings are in the form of identified business opportunities and new business model propositions for one of the key actors, a vehicle maintainer. Originality/value The article provides valuable understanding of business strategy development within complex business environments and how maintenance related business models could be developed for reaching Service Management 4.0.