Pune, India, April 01, 2022 (GLOBE NEWSWIRE) -- The global Railway cyber security market size is projected to hit USD 16.72 billion by 2028, at a CAGR of 7.97%, according to the latest forecast from Fortune Business Insights. The global Railway cyber security Market size stood at USD 9.18 billion in 2020 and USD 9.77 billion in 2021. The rising incidences of cyber-attacks and data leakages are expected to boost the market growth. Regardless of economic pressures brought by the COVID-19 pandemic, the Railway cyber security market is still expected to grow at 7.97% CAGR by 2028. Report gives depth insights on global Railway cyber security market and how to reconsider business strategy. Report assists with acquiring knowledge into how organizations can utilize it to overcome Railway cyber security business challenges.
Industry Developments-
May 2021: Siemens AG acquired RailTerm to expand its product line. The company will enhance communication systems, electrification, and on-ground signaling and tracking, through this acquisition.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 7.97% |
| 2028 Value Projection | USD 16.72 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 9.77 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Network Security, Application Security, Data Protection, End Point Protection, System Administration |
| Growth Drivers | Growing Incidences of Cyberattacks to Fuel Market Growth |
| Swift Urbanization & Population Expansion to Boost Growth in Asia Pacific |
COVID-19 Impact-
Declined Production and Sales of Rail Vehicles to Hamper Market Growth
The severe coronavirus outbreak has drastically affected the rail vehicles manufacturing and sales. The discontinuation of service/production due to disrupted demand and supply chains have negatively impacted the market growth. Movement restrictions due to strict curfews and lockdowns resulted in huge revenues losses for the railway industry. The decline in investments and delays in rail projects have aggravated the situation. Nonetheless, the uplift of lockdowns and resuming passenger movements are helping the market recover and are likely to uptick market growth in the coming years.
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Segments-
Security Type, Type, And Region Are Studied
On the basis of type, the market is bifurcated into on-board and infrastructural. On the basis of security type, the market is segmented into system administration, end point protection, data protection, application security, and network security. Geographically, the market is classified into Asia Pacific, Europe, North America, and the Rest of the World.
Report Coverage-
- It highlights latest industry developments.
- It envisages Porters’ Five Forces Analysis for precise market prediction.
- It incorporates SWOT Analysis of the market.
- It highlights various restraints to market growth and suggests strategies to overcome them.
- It showcases the various strategies adopted by key market players to acquire growth.
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Drivers & Restraints-
Growing Incidences of Cyberattacks to Fuel Market Growth
The increasing demand for passenger and freight capacities due to increasing passenger travel via rails and urbanization is expected to be a key factor driving the railway cyber security market growth. The increasing government initiatives toward the development of smart railways and smart cities to enhance transportation are expected to bolster the market growth. The rising adoption of advanced digital technologies in public transportation to uplift the economic development across smart cities is likely to complement the market growth.
The rising number of data leakages and cyberattacks is anticipated to boost the market growth significantly. The growing demand for efficient and secure railway cyber security solutions to curb such hindrances is expected to fuel the market growth.
However, the high installation costs of railway cyber security solutions and services may restrain the market growth during the forecast period.
Regional Insights-
Swift Urbanization & Population Expansion to Boost Growth in Asia Pacific
Asia Pacific is projected to dominate the global railway cyber security market share. The swift population and urbanization growth boost the rail network expansion, and are expected to be the key factors boosting the market growth in Asia Pacific. The rising GDPs of countries, expanding economies, and rising penetration of advanced technologies are a few vital factors complementing the region’s market growth.
Europe is anticipated to register significant growth during the forecast period. The increasing investments by governments and private companies in modernizing and upgrading railway infrastructure are expected to fuel the region’s market growth.
North America is estimated to exhibit substantial growth in the global market. The increasing demand for railway cyber security solutions to curb complex cyberattacks is fostering the market growth. Additionally, the imposition of new cybersecurity norms by the Transportation Security Administration (TSA) is expected to amplify the region’s market growth.
The Rest of the World is likely to witness sluggish growth due to low adoption of advanced technologies and an underdeveloped railway network.
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Competitive Landscape-
Key Players Emphasize Acquisitions and Extensive R&D to Capture Growth
The market comprises several key market players, including Siemens AG, Thales Group, Nokia Networks, Wabtec, and Alstom, which occupy the major shares of the market. The key market players emphasize R&D activities to explore growth opportunities in the long run. They offer a myriad of products and also possess robust distribution networks. Recently, Wabtec Corporation signed a definitive agreement with Greenbriar Equity for Nordco’s purchase in April 2021. Wabtec aims to expand its installed base and augment growth with Nordco’s purchase and its unique product range.
List of Key Market Players:
- Thales Group (Paris, France)
- Siemens AG (Munich, Germany)
- Bombardier (Montreal, Canada)
- Huawei (Shenzhen, China)
- Alstom (Shenzhen, China)
- IBM (Armonk, New York, U.S.)
- Nokia Networks (Espoo, Finland)
- Cisco (San Jose, California)
- General Electric (Boston, U.S.)
- United Technologies (Waltham, U.S.)
- Hitachi (Tokyo, Japan)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19
- Global Railway Cyber Security Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Infrastructural
- On-board
- Market Analysis- By Security Type
- Network Security
- Application Security
- Data Protection
- End Point Protection
- System Administration
- Market Analysis, Insights and Forecast – By Region
- Market Analysis- By Security Type
- North America
- Europe
- Asia Pacific
- Rest of the World
Continued...
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