The Insight Partners published a new study on the ” Railway Cybersecurity Market Size, Share, Growth, Demand Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Payment Mode, Deployment, Enterprise Size, and Industry,” railway cybersecurity market size is expected to reach US$ 13,763.76 million by 2028 & registering at a CAGR of 10.7% from 2022 to 2028.This report aims to deliver an opportunity for companies to recognize the modern trends, market size, growth, share, segments, manufacturers, and technologies, future road map and forecast. The Study is segmented by major and emerging countries having high potential and elaborates qualitative and quantitative information including market size breakdown by revenue and volume (if applicable). The study precisely caters drivers, restrains to capture changing market dynamics affected in current scenario.
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Key Findings of the Study:
- Asia Pacific dominated the Railway cybersecurity Market in 2021.
- The effective IT management and dependable security environment have created ample demand for cloud-based services, analytics, and mobile internet technologies. The level of security complexity is also expected to increase due to the rapid proliferation of big data applications, emerging technologies, and the constant need to optimize costs. These factors would positively influence the development of new data storage and analysis platforms. The signaling system has been designed to operate on a closed network for security reasons.
- The digital transformation across industries makes cyber security a crucial need for enterprises across the world. In addition, the increasing complexity and frequency of cyber-attacks in critical industries, including logistics & transportation, energy & power, and IT & telecom, is changing the security landscape. It generates the need to establish stringent regulations and frameworks that can help in tackling the fast-evolving cyber security landscape.
- The rising number of cyberattacks and the growing adoption of smart mobility solutions in railways are key factors driving the global railway cybersecurity market. Despite a few limitations, the rise in cybersecurity laws and regulations would provide ample growth opportunities to market players during the forecast period. Moreover, the increasing demand for cloud-based cybersecurity services is anticipated to fuel the growth of the market in the coming years.
The difference between physical and digital commerce is dissolving, and channels are converging increasingly. The in-store purchase experience has shifted significantly closer to the online one due to the strong emphasis on contactless payments during the COVID-19 pandemic. Also, before the pandemic, contactless payments were already well-established in a few regions. Touchless payments and/or biometric identification are prevalent in the online purchase experience. The contactless card is the most prevalent kind of touch-free payment. In the Railway Cybersecurity market ecosystem, mobile payments, on the other hand, are gaining popularity due to easy use and the growing popularity of original equipment manufacturer (OEM) Pay solutions as a retail payment method. In a few countries, retailers and governments proactively request the customers to increase contactless payments and encourage retailers to make this possible, contributing to the Railway Cybersecurity market growth. Furthermore, many banks have increased their contactless payment limits to reduce the need for a touchpad or cash at the point of sale, owing to the growth of the Railway Cybersecurity market.
The rising demand of the diverse demands of customers, retailers, banks, telecom providers, and gadget suppliers is the primary reason for the growth of Railway Cybersecurity market. It enables them to go to various locations, such as concerts, trade exhibits, and food trucks, where they may receive money from clients. This is accomplished by properly implementing Railway Cybersecurity in the industry. Retailers may use Railway Cybersecurity and associated software systems to improve and enhance consumer interaction, resulting in higher conversion rates and sales. Railway Cybersecurity deployments allow brick-and-mortar retailers to use pricing, product information, and inventory data, enabling for omnichannel engagement, which, in turn, is likely to gain momentum for the Railway Cybersecurity market during the forecast period.
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Rising Number of Cyberattacks Boosts Demand for Railway Cybersecurity Market
According to World Economic Forum’s “Global Risks Report 2022, 17th Edition”, cyberattacks have been classified as the fifth most significant risk in 2020. They have become the new normal in the public and private sectors. IoT cyberattacks alone are expected to double by 2025. In addition, the rapid digitalization in advanced economies during the COVID-19 pandemic has led to intense cyber vulnerabilities, as new technologies and ever-expanding attacks surface to enable a dangerous and diverse range of cybercrimes, as per the report published by the World Economic Forum’s Global Risks Perception Survey (GRPS) in 2022. According to GRPS, cyber security failure ranks among the top 10 risks that have worsened since the COVID-19 crisis.
Global “Railway Cybersecurity Market” Report (value and volume) by company, regions, product types, end industries, history data and estimate data. Also, Report contains a comprehensive analysis of the important segments like market opportunities, import/export details, market dynamics, key manufacturers, growth rate, and key regions. This report focuses on the Railway Cybersecurity in the Global market, especially in the United States, Europe, China, Japan, South Korea, North America, India. Railway Cybersecurity Market report categorizes the market based on manufacturers, regions, type, and application. Railway Cybersecurity Market reports offer a detailed assessment of the Railway Cybersecurity including enabling technologies, current market situation, market assumptions, restraining factors.
Top Key Players of Railway Cybersecurity Market Report are
Cisco Systems, Inc.; IBM Corporation; Thales Group; Siemens AG; Hitachi, Ltd.; ENSCO, Inc.; RazorSecure Limited; Alstom SA; Irdeto; and Raytheon Technologies Corporation are among the leading players operating in the railway cybersecurity market.
Players operating in the Railway Cybersecurity Market are mainly focused on developing advanced and efficient products.
- In 2022, RazorSecure and Birmingham Centre for Railway Research and Education signed a memorandum of understanding (MoU) to leverage monitoring solutions for railway cybersecurity across the UK and EU railways.
- In 2021, Razorsecure formed partnership with Comtest Wireless to offer a range of cybersecurity solutions for rail infrastructure, track, telecoms, signalling, and rolling stock assets.
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Further, according to World Economic Forum’s “Global Risks Report 2022, 17th Edition”, malware attacks increased by 358% in 2020, whereas ransomware increased by 435%. It means that cyber threats are now growing faster than the ability to prevent and manage them effectively. Therefore, the demand for cyber security solutions is growing across all sectors. Railway operators worldwide adopt cyber security products and services to prevent cyberattacks. The Biden administration has taken initiatives to protect the US’s vital rail transit and passenger railroad infrastructure. In addition, Thales offers a comprehensive set of specialist services to help railways operator meet the rising need for long-term cyber security maintenance in the rail sector. Also, in 2021, Alstom, Bosch, SpirOps, Thales, and the Railenium Technology Research Institute collaborated with SNCF to debut an autonomous train prototype in France. Since cyber security is a critical problem for autonomous trains, consortium partners have worked with ANSSI (Agence Nationale de la Securite des Systemes d’Information), the French national cyber security organization, to address cyber security issues. Thus, the rise in cyberattack activities boosts the railway cybersecurity market growth.
The railway cybersecurity market is segmented on the basis of offering, security type, type, application, and geography. Based on offering, the railway cybersecurity market is bifurcated into solutions and services. The railway cybersecurity market for the solutions segment is further segmented into risk and compliance management, encryption, firewall, antivirus/antimalware, intrusion detection/intrusion prevention system, and others. In terms of security type, the railway cybersecurity market is segmented into application security, network security, data protection, endpoint security, and system administration. Based on type, the railway cybersecurity market is bifurcated into operational technology (OT) and information technology (IT). By application, the railway cybersecurity market is segmented into passenger trains and freight trains. Based on geography, the railway cybersecurity market is segmented into North America (the US, Canada, and Mexico), Europe (Austria, Italy, Poland, Switzerland, Sweden, Norway, Denmark, the Netherlands, Finland, Spain, Baltics, and Rest of Europe), Asia Pacific (Australia, Japan, South Korea, Taiwan, and Rest of APAC), Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of MEA), and South America (Brazil, Argentina, and Rest of SAM).
By Offering [Solution (Risk and Compliance Management, Encryption, Firewall, Antivirus/Antimalware, Intrusion Detection/Intrusion Prevention, and Others)Services],
By Security Type (Application Security, Network Security, Data Protection, Endpoint Security, and System Administration)
By Type [Operational Technology (OT) and Information Technology (IT)], and Application (Passenger Trains and Freight Trains)
Railway Cybersecurity Market Segments by Geography
Middle East & Africa
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|Market Size Value in||US$ 7,469.51 Million in 2022|
|Market Size Value by||US$ 13,763.76 Million by 2028|
|Growth rate||CAGR of 10.7% from 2022 to 2028|
|No. of Pages||195|
|No. of Tables||162|
|No. of Charts & Figures||108|
|Historical data available||Yes|
Impact of COVID-19 Pandemic on Railway Cybersecurity Market
COVID-19 outbreak has adversely affected many industries across the world. Passenger count in rail journeys began to decline from March 2020, and by the end of Q2, passenger numbers had dropped to as low as 8% compared to normal levels, according to Independent Regulators’ Group-Rail 2020-21. In Q1 of 2020, key railway component manufacturers and solution providers discontinued production/service due to disrupted demand–supply chain. Further, decline in demand for mass transit and rolling stock delayed the deployment of cyber security projects on the rail. Thus, the railway cybersecurity market growth was negatively impacted by the reduced demand for freight trains in Q1 of 2020. However, by the end of financial Q2 2020, the demand for railways’ cyber security solutions and services has grown exponentially. Key players in the railway cybersecurity market has launched various solutions and services to secure railways’ operations against cyberattacks. Additionally, in 2021, railways witnessed rise in internet traffic. As a result, the risk of cyberattacks has substantially increased in the railway industry, necessitating the deployment of cyber security solutions and services. Moreover, the growth in the risk of cyberattacks has led to the advancement in cyber security solutions, such as cloud security and AI-integrated solutions, contributing to the railway cybersecurity market growth.
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