Railway Cybersecurity Market in Depth Analysis with CAGR of 10% to Hit USD 7.44 Billion by 2029, Predicts Exactitude Consultancy
September 23, 2022
The Railway Cybersecurity Market Competitors are Thales Group, Siemens AG, Nokia Networks, Alstom, Wabtec, Huawei Technologies Co., Ltd., International Business Machine Corporation (IBM), Raytheon Technologies Corporation, Cisco Systems, Inc., Hitachi Ltd., Bombardier, United Technologies, Toshiba Corporation, TÜV Rheinland, Capgemini, Cervello, Cylus Ltd
/EIN News/ -- Luton, Bedfordshire, United Kingdom, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Railway Cybersecurity Market.
Railway Cybersecurity Market is expected to witness market growth at a rate of 10% in the forecast period of 2022 to 2029.
The growing importance of cloud-based systems and advanced tools that help maximize the interval between specific maintenance events, and the increasing vulnerability of rail traffic management, such as traffic control, to cyberattacks. Increasing digitization, improving connected infrastructure, and increasing government regulations to ensure passenger safety continue to impact the railway cybersecurity market. In addition, increasing frequency of cyber-attacks on railways and growing demand for cybersecurity services, increasing investment, digitalization, and urbanization are having a positive impact on the railway cybersecurity market. Moreover, technological advancements are opening up revenue opportunities for the railway cybersecurity market players during the forecast period 2022-2029.
The increasing digitization of rail means that large amounts of data flow over digital and physical networks. As more devices and systems connect to the Internet, more vulnerabilities emerge that can disrupt physical resources. These digital advancements are also attracting new cyber threats, increasing the demand for railway cybersecurity solutions.
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- In May 2021, Wabtec was awarded a supply contract worth USD 15 million by Delhi-Meerut Regional Rapid Transport Systems (RRTS).
- In May 2021, Siemens announced the acquisition of RailTerm, a Canada-based rail service provider. This acquisition will help the company expand its product portfolio with on-ground track and signaling, electrification, and communication systems.
- In March 2021, Wabtec announced the acquisition of Nordco, a North American supplier of new, rebuilt, and used maintenance of way equipment having products such as mobile railcars movers and ultrasonic rail flaw detection technologies.
|Market Size||7.44 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Type, Security, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Railways across many countries have developed digital strategies to cope with the growing number of passengers and the Internet of Things (IoT) in the management and control systems.|
|Key Market Drivers||· Advancement in technologies across industries continues to drive the need for more robust cyber security solutions.
· Increased need for smart mobility solutions and services fuelling the growth of the railway cybersecurity market.
Railway Cybersecurity Market Players
The railway cybersecurity market key players Thales Group, Siemens AG, Nokia Networks, Alstom, Wabtec, Huawei Technologies Co., Ltd., International Business Machine Corporation (IBM), Raytheon Technologies Corporation, Cisco Systems, Inc., Hitachi Ltd., Bombardier, United Technologies, Toshiba Corporation, TÜV Rheinland, Capgemini, Cervello, Cylus Ltd.
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Key Market Segments: Railway Cybersecurity Market
- Global Railway Cybersecurity Market By Type
Global Railway Cybersecurity Market By Solution
- Risk And Compliance Management
- Intrusion Detection System/Intrusion Prevention System
Global Railway Cybersecurity Market by Rail Type
- Conventional Passenger Trains
- Urban Transit
- High-Speed Rail
Global Railway Cybersecurity Market by Security Type
- Application Security
- Network Security
- Data Protection
- Endpoint Security
- System Administration
Global Railway Cybersecurity Market by Application
- Passenger Trains
- Freight Trains
The Asia-Pacific market will reach $3.57 billion in 2020 and is projected to reach $6.7 billion by 2028, at a CAGR of 8.36% during the forecast period. APAC will lead the market with over 35% revenue share in 2020. Rapid urbanization and population growth are key factors driving the expansion of rail networks in the Asia-Pacific region and thus the construction of light rail and long-distance transport infrastructure. Hitachi, Huawei, Toshiba and Tech Mahindra Ltd. are key participants in the Asia-Pacific region. In addition, increasing penetration of advanced technology, rising GDP of each country, sustained growth and developing economy are the major drivers of the region.
China, Japan, India, and the rest of Asia Pacific are potential markets covered by Asia Pacific. During the forecast period, China is estimated to dominate the market in terms of market share and growth rate across all countries, followed by India, Japan, and the rest of Asia-Pacific. This infrastructure expansion will propel this market forward in the region. Railroad management systems that can be hacked through data breaches are critical to cyber security. China and Japan have the most advanced rail infrastructure in the region.
Passenger train segment accounts for a major share of the market during the forecast period
The passenger train segment is expected to lead the railway cybersecurity market during the forecast period. Passenger rail network security is more complex than freight transport due to its open infrastructure, multiple access points, and large user base. Cities such as London and New York have recently been vulnerable to cyberattacks on passenger trains, highlighting the importance of railroad cybersecurity. Governments around the world are promoting cybersecurity solutions for passenger and freight rail.
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