New York, US, Oct. 28, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Railway Cybersecurity Market information by Services, by Components, Type and Region – forecast to 2030” market size is estimated to be 6.60 billion in 2021 and projected to reach USD 13.90 billion, growing at a compound annual growth rate of 8.6% by 2030.
The global Railway Cybersecurity Market is growing rapidly. Factors such as the rising need to minimize the risk of unauthorized access to data and increasing demand for additional support & advanced security management solutions drive the market. Besides, the increasing adoption of automation technologies in railway industries fuels the market growth.
Growing numbers of cyber-attacks create a vast demand for operational security and effective railway systems. With the growing need for cyber-security solutions, the market is projected to witness substantially rising revenues.
Dominant Key Players on Railway Cybersecurity Market Covered are:
Siemens AG (Germany)
Thales Group (France)
Hitachi Ltd. (Japan)
Wabtec Corporation (US)
Nokia Networks (Finland)
Cisco Systems Inc. (US)
Raytheon Technologies Corporation (US)
Toshiba Corporation (Japan)
Huawei Technologies Co. Ltd. (China)
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Market USP Exclusively Encompassed:
Modern railways have advanced systems that need internet connectivity for regulating their operations by transmitting and getting signals with a control station. However, these systems are vulnerable to a number of cyber-attacks and hence making the network susceptible to the attack. Additionally, the purposeful proliferation and utilization of IoT opens the door to new cyber threats and increases the rail and transport attack surface.
Therefore, rail firms need a cyber security solution that has been developed precisely for their limitations, methodologies, and proprietary systems to help railway operators ensure safe and reliable transportation while avoiding operational disruptions. With the increasing adoption of automation technologies and IoT in the railway industry will offer robust opportunities over the forecast period.
Significant security concerns such as reporting and sharing information on cyber threats, incidents, alongside maintaining robust risk management and recovery plans and appointing cyber security coordinators, offer vast opportunities. At the same time, critical infrastructure operators are skeptical of closer collaboration with the government. This, as a result, fosters the market value, creating serious issues around the flow of communications.
Slow Pace Advances in Cyber Security Technologies are Major Market Challenges
Moreover, high installation costs needed to deploy those systems are major factors estimated to restrain the market increase over the forecast period. Also, the lack of cyber-security expertise for proactive strategic planning may impede the market growth. The slow pace of cyber-security advances in developing economies and concerns regarding the security of generated data may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
The Railway Cybersecurity Market is segmented into components, types, security types, applications, and regions. The component segment is sub-segmented into solutions and services. The sub-segment solution is bifurcated into risk & compliance management, intrusion detection system, encryption, firewall, antivirus, and others. The sub-segment service is bifurcated into design & implementation, risk & threat assessment, support & maintenance, and others.
The type segment is sub-segmented into infrastructural and on-board cyber security. The security type segment is sub-segmented into network security, application security, data protection, endpoint security, system administration, and others. The application segment is sub-segmented into passenger trains and freight trains. By region, the market is sub-segmented into the Americas, Europe, Asia Pacific, and rest-of-the-world.
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The Asia Pacific region dominates the railway Railway Cybersecurity Market. Factors such as the penetration of advanced technologies and continual economic growth boost the market size. Besides, untapped markets and growing awareness regarding driver safety, alongside the rising focus on accident prevention in this region, substantiates the market revenues.
Japan, China, and India are major markets for railway cyber security solutions, accounting for sizable market shares. Additionally, the presence of OEM players and the advent of 4G LTE technology in the region drive the railway Railway Cybersecurity Market growth.
COVID-19 Impact on the Global Railway Cybersecurity Market
The COVID-19 outbreak severely hit the railway Railway Cybersecurity Market, causing significant revenue losses. Due to unprecedented lockdown and economic slowdown, the overall traveling activities were reduced drastically. Also, installations and deployments of many systems were postponed. Resultantly, technology providers faced many problems, such as attracting workers from quarantines required to develop these systems and delivering end products.
However, the market is rapidly returning to normalcy, witnessing the steadily increasing demand. Government efforts to avail oxygen and medical supplies and new commodities like food items boosted the market demand. The implementation of railway cyber-security services is based mostly on the government’s budgets and the demand of the rail operator. There has been a gradual recovery of railway operations in the majority of the countries.
The railway cybersecurity market witnesses several strategic partnerships, alongside other strategic approaches such as expansion, collaboration, mergers & acquisitions, and service & technology launches. Leading industry players make vast investments in research and development activities and foster their expansion plans.
For instance, recently, on Sep. 23, 2021, Nozomi Networks, a leading software company, announced its partnership with Cervello, a leading railway cybersecurity company, to deliver end-to-end cybersecurity solutions to the rail industry.
This collaboration would enable Nozomi Networks to meet the requirements of digital transformation of rail systems globally needing IoT and cloud-based solutions to improve railway safety, operational efficiency, and reliability, integrating Cervello’s railway threat detection with the Nozomi cybersecurity portfolio.
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