New York, May 06, 2024 (GLOBE NEWSWIRE) -- Market Explanation:
According to a comprehensive research report by Polaris Market Research, "Railway Cybersecurity Market Share, Size, Trends, Industry Analysis Report, By Offering, By Security, By Type, By Rail Type, By Region, Segment Forecast, 2022 - 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 9.9% to attain a valuation of around USD 14.13 Billion by the end of 2030.
The railway industry is growingly observed as a feasible object for cybercriminals. Signaling systems, traction systems, train regulation systems, commuter information systems, and station frameworks are all possibly at risk. While the premise of railways has always been security, now a new paradigm has to be contemplated, known as cybersecurity. As cyber censure becomes growingly modern, the rail industry is required to execute suitable dynamics instead of impressible safety practices. While deterrent cybersecurity technology has the potential of acknowledged signature-dependent menace, cyber security menace observation is needed to recognize more modern menaces and zero-day hacks for which there might be no studied signature that avoids these regulations.
Moreover, the railway cybersecurity market growth can be attributed to the growing combination of the IoT, AI, and automated technologies in railways together with government control for the stationing of safety answers elements. Also, the escalating demand for cyberattacks is a notable coercing element for industry growth. Contemporary railways are positioned with progressive systems that require nimble internet to regulate their function by acquiring and shifting signals with the regulation station.
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Fundamental Stats from the Report:
- The global market for railway cybersecurity was valued at USD 6.41 billion in 2021.
- The market is expected to grow at a 9.9% compound annual growth rate (CAGR) during the forecast period 2022-2030.
- The railway cybersecurity market size is anticipated to grow to 14.13 billion by 2030.
Key Findings from the Report:
- The market for railway cybersecurity is expanding due to several factors, including growing urbanization, enhanced transportation services, and escalating cyber attacks.
- The market is mainly segmented by offering, security, type, rail type, and region.
- Asia Pacific dominated the market with the largest railway cybersecurity market share in 2021.
Market Key Players:
- ABB
- Alstom
- BAE Systems
- Bombardier
- Cervello
- Cisco Systems, Inc
- Cylus Ltd.,
- General Electric
- Hitachi Ltd
- Huawei Technologies Co., Ltd
- International Business Machine Corporation
- Nokia Corporation
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Important Market Developments:
Growth Drivers:
One of the main factors propelling the railway cybersecurity market demand is the growing phenomenon of cyberattacks, safeguarding of digital resources, and protection of details and framework protection from hackers.
The railway cybersecurity industry is flourishing due to the government’s capabilities for smart railway cybersecurity. Escalating urbanization may cause inventive city evolution for which governments are taking several industries to showcase enhanced transportation services.
Trends:
The forecast period will witness substantial growth in the railway cybersecurity market trends owing to the pandemic, which has had an interim influence on the industry, which is more disposed to catch up with the assistance of escalated funding in High Speed and Very High-Speed rail frameworks which subsequently fuels the market growth in the near future.
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Challenges:
Although the railway cybersecurity sector is expected to experience growth during the projection period, a number of obstacles may prevent it from doing so. Amongst these difficulties are the reliance on labor, supply chain execution, working capital handling, administrative and strategical alterations, and liquidity and solvency management.
Regional Insights:
Asia Pacific: The railway cybersecurity market in Asia Pacific is expected to increase due to the escalated reach of progressive technologies, growing funding in the railway framework, and a rise in commuter and cargo potential demand are likely to push the market demand.
North America: North America will grow at a sizeable rate. This expected growth can be attributed to growing research and development ventures in railway cybersecurity.
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Segmentation Overview:
By Offering Outlook:
- Solutions
- Risk and Compliance Management
- Encryption
- Firewall
- Antivirus/Antimalware
- Intrusion Detection System/Intrusion Prevention System
- Others
- Services
- Design and Implementation
- Risk and Threat Assessment
- Support and Maintenance
- Others
By Security Outlook:
- Application Security
- Network Security
- Data Protection
- Endpoint Security
- System Administration
By Type Outlook:
- Infrastructure
- On-board
By Rail Type Outlook:
- Conventional Passenger Trains
- Urban Transit
- High-Speed Rail
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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