Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Railway Platform Security Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global railway platform security market has grown strongly in recent years. It will grow from $2.3 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. Asia-Pacific was the largest region in the railway platform security market in 2023.
The railway platform security market is expected to see strong growth in the next few years. It will grow to $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
The anticipated rise in security threats is expected to drive the growth of the railway platform security market. For example, in 2022, Cylus Ltd., an Israel-based company, developed platform security solutions tailored to the unique needs of the railway sector, responding to a 220% increase in cyberattacks over the past five years. As digitalization progresses in US railroad and rail transit systems, the avenues for potential breaches and threats to core systems continue to expand, further emphasizing the importance of railway platform security.
The surge in infrastructure investment is expected to propel the growth of the railway platform security market. The railway platform security market's growth is closely tied to the dedication to creating a safe and secure environment through strategic infrastructure investments. For instance, in May 2023, the UK Government Digital Service reported an increase in the percentage of government investment allocated to infrastructure, rising from 32% in 2020 to 34.6% in 2021. Consequently, the upswing in infrastructure investment stands as a key driver for the growth of the railway platform security market.
The dominant trend gaining traction in the railway platform security market is the adoption of new technologies, with major companies actively focusing on innovation in this realm. One notable example is ADLINK Technology Inc., a Taiwan-based company specializing in the development and production of goods for applications in test and measurement, automation, and embedded computing. In November 2021, ADLINK introduced its AVA-RAGX AI-enabled video analytics platform, emphasizing the creation of next-generation rail solutions such as passenger security, danger monitoring, and railroad incursion detection. AVA-RAGX provides a small, robust AI-enabled system for both onboard and wayside railway applications, demonstrating effective and reliable operation in challenging conditions. ADLINK's access to advanced processing technology and technical support enables the development of open standards-based heterogeneous computing solutions for next-generation AI and machine learning applications.
Major players in the railway platform security market are driving innovation through the introduction of comprehensive technological platforms such as the Rail Tech Security Platform. Cylus Ltd., an Israel-based cybersecurity solutions company, launched the Rail Tech Security Platform in May 2023. This platform offers rail operators a comprehensive solution for proactively monitoring and controlling risk and cybersecurity in running rail technology systems. Tailored specifically for rail applications, the platform is optimized to safeguard critical rail technology applications, including trackside infrastructure, rolling stock, train-to-ground communications, operations centers, and stations. The Rail Tech Security Platform provides automated, real-time visibility into rail technology, empowering security and operations teams to collaborate effectively, enhance rail security and resilience, and ensure safe and reliable rail operations. Additionally, it facilitates the acceleration and verification of compliance with industry and government regulations.
In January 2021, Alstom, a leading French company specializing in providing infrastructure for electrification, digitalization, and traffic control, successfully acquired Bombardier Transportation for an undisclosed amount. This strategic move aligns with Alstom's overarching objectives of bolstering its leadership position in the rapidly growing sustainable mobility sector. The acquisition is designed to enable Alstom to achieve critical mass across diverse geographical regions, facilitating the integration of additional solutions and assets. The ultimate aim is to enhance Alstom's ability to better serve its clients on a global scale. Bombardier Transportation, the acquired entity, is a Germany-based company renowned for its offerings in rail solutions, encompassing e-mobility technology, signaling systems, and the manufacturing of trains. This acquisition reinforces Alstom's strategic positioning and strengthens its capabilities in providing comprehensive solutions within the dynamic rail industry.
Report Scope
Markets Covered:
1) By Component: Software; Services
2) By Solution: Sensors; Video Surveillance Systems; Platform Edge Doors; Alert System
3) By Sensor: Radar; Microwave; Infrared
4) By Application: Subways; Trains
Key Companies Mentioned: Honeywell International Inc.; Indra Sistemas SA; Huawei Technologies Co. Ltd.; Robert Bosch GmbH; Atos SE
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Honeywell International Inc.
- Indra Sistemas SA
- Huawei Technologies Co. Ltd.
- Robert Bosch GmbH
- Atos SE
- Mitsubishi Electric Corporation
- Genetec Technology company
- L&T Technology Services Limited
- Teledyne FLIR LLC
- Wabtec Corporation
- Knorr-Bremse AG
- Cervello Ltd.
- Adani Systems Inc.
- Navtech Radar company
- Thales Group Inc.
- Siemens AG
- Alstom
- Nokia Networks
- Axis Communications AB
- Zhejiang Dahua Technology Co. Ltd.
- Verint Systems Inc.
- Hikvision Digital Technology Co. Ltd.
- Talentum lnc.
- Anixter International Inc.
- Senstar Corporation
- Bosch Security Systems lnc.
- FLIR Systems Inc.
- G4S plc
- Johnson Controls International plc
- NICE Systems Ltd.
- Panasonic Corporation
- Qognify Inc.
- Safran Identity & Security
- Tyco International Ltd.
- United Technologies Corporation
For more information about this report visit https://www.researchandmarkets.com/r/9vw01o
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