Railway Cybersecurity Market Expected to Surpass the Market Value of 13.90 Billion by 2030, at a CAGR of 8.6%
Railway Cybersecurity Market Size, Share & Industry Analysis, By Component (Solution (Risk and Compliance Management, Intrusion Detection System, Encryption, Firewall, Antivirus), Services (Design and Implementation, Risk and Threat Assessment, Support and Maintenance))
Pune, India – January 6, 2022 /MarketersMedia/ —
Market Highlights
Market Research Future (MRFR) presumes the global railway cybersecurity market size to hit USD 13.90 billion at a CAGR of 8.6% from 2021 to 2030 (forecast period).
Rising Number of Cyberattacks in Railways
Railway IT systems have been a common target of cyberattacks, with the number of incidents significantly growing in recent years. Railways are critical to all nations’ economic performance, meeting the demands of varied customers, facilitating trade and commerce, making mobility accessible, and contributing to tourism development.
Cyber assaults on railway networks endanger nations’ ability to engage in economic and commercial activity. The ramifications for countries lacking strong cyber security might be disastrous. In 2016, for example, Network Rail UK was hacked four times in the same year. This attack, however, had only a minor impact on the railway system. Cyberattacks of this nature are becoming more regular.
As a result, railway companies are aiming to leverage cybersecurity solutions in order to stay ahead of attack vectors and detect any unusual behavior before it causes damage.
The Global Market to Regain Stability Post COVID-19 Pandemic
The railway sector was not immune to the COVID-19 pandemic, and it saw a drop in rail vehicle production and sales in 2020. Because of falling passenger service and goods freight transportation demand, the coronavirus pandemic had a severe influence on the global railway cybersecurity business. Business shutdowns, travel, and transportation restrictions between countries, and supply chain interruptions across industries have all hampered the expansion of cybersecurity solutions. A decrease in railway R&D spending, followed by delays in the implementation of railway cybersecurity initiatives, is projected to have a substantial impact on the market.
Railway cybersecurity solutions are mostly implemented in response to government funds and rail operator demand. The majority of countries’ railway operations are gradually resuming. Passengers’ behavior has altered dramatically in the last 18 months. In response to these developments, railway operators began to focus on enhancing safety, supporting infrastructure improvements, and maintaining long-term profitability.
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Segmentation:
The global railway cybersecurity market has been segmented into components, type, security type, and application.
By component, the global railway cybersecurity market has been segmented into Solutions and Services.
By type, the global railway cybersecurity market has been segmented into Infrastructural and On-Board.
By security type, the global railway cybersecurity market has been segmented into Network Security, Application Security, Data Protection, End Point Security, System Administration.
By application, the global railway cybersecurity market has been segmented into Passenger Trains and Freight Trains.
Regional Analysis
APAC to Rule the Global Market
By 2030, Asia Pacific is expected to have the fastest growth in the global railway cybersecurity market. In Asia, public transportation is a critical component of many economies since a huge portion of the population relies on it for work and leisure as a quick and inexpensive mode of transportation. As Asia’s major nations become more interconnected, their extensive domestic passenger rail networks will become increasingly important. Singapore, Hong Kong Special Administrative Region (SAR), Taiwan, Japan, South Korea, and China have the most modern public transport rail networks.
In recent years, China’s railways have seen tremendous expansion, including the addition of 35,000 kilometers to its current high-speed rail (HSR) network, as well as an increase in maximum train speed limits from 250km/hr to 350km/hr.
Key Players
Thales Group (France), Siemens AG (Germany), Alstom (France), Wabtec Corporation (US), Hitachi, Ltd. (Japan), Nokia Networks (Finland), IBM (US), Cisco Systems, Inc. (US), Raytheon Technologies Corporation (US), Huawei Technologies Co., Ltd. (China), Toshiba Corporation (Japan).
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Railway Cybersecurity Market Size, Share & Industry Analysis, By Component (Solution (Risk and Compliance Management, Intrusion Detection System, Encryption, Firewall, Antivirus), Services (Design and Implementation, Risk and Threat Assessment, Support and Maintenance)), By Type (Infrastructural, On-Board), By Security Type (Network Security, Application Security, Data Protection, End Point Security, System Administration), By Application ( Passenger Trains and Freight Trains) and Region -Forecast to 2030
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