Chicago, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Railway Cybersecurity Market is estimated to be USD 6.2 billion in 2021 and is projected to grow at a CAGR of 9.4% during the forecast period, to reach USD 10.6 billion by 2027, according to a new report by MarketsandMarkets.
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153 – Tables
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Various countries have realized that the development of railway infrastructure is one of the important factors driving economic development. Therefore, a number of countries and OEMs are investing significantly in railway cybersecurity infrastructure. For instance, in 2019, Wabtec launched two new offerings designed to modernize its globally installed 23,000 locomotives. Wabtec developed FDL Advantage, which is a fuel-saving engine upgrade package for its FDL locomotive platform. Another offering is the Modular Control Architecture - Fleet Migration (MCA FM), a next-generation control system replacement that is applicable throughout Wabtec’s locomotive-installed base. Both solutions have next-generation data and software capabilities. Countries are adopting various technologies in their transportation infrastructure and are focusing on R&D and innovations in rail infrastructure technology to address future mobility challenges.
The on-board solution is estimated to hold the larger market share by type during the forecast period
The on-board railway cybersecurity is projected to grow at a higher CAGR during the forecast period for the Railway Cybersecurity Market, by type. The number of rapid railways primarily equipped with advanced on-board systems for safety and convenience is on the rise. These advanced features include an infotainment system, automatic doors, and IP cameras. The number of advanced components in on-board railway systems will increase because of the demand for convenience and safety. This will boost the market for railway cybersecurity providers and vendors across the globe as automatic doors and IP cameras are vulnerable to cyberattacks.
Data Protection segment is estimated to be the largest segment by security type during the forecast period
Data protection focuses on securing critical databases, including data, applications, database servers, and systems. Data protection applications are aimed at maintaining confidentiality, integrity, and availability of data. These solutions protect databases from unauthorized access, malware infections, and other threats and vulnerabilities. In May 2020, the IT networks of the Swiss manufacturer of railway rolling stock, Stadler, was targeted in a malware attack to steal information. This data leak could mean the theft of sensitive data from customers or employees. In January 2019, the official online booking platform of the China Railways (CR) suffered a massive data breach. Cybercriminals stole the personal information of nearly five million people, which included names, ID numbers, and passwords. These incidents are driving the growth of data protection solutions to prevent a data breach.
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The Asia Pacific is projected to be the fastest-growing in the Railway Cybersecurity Market
The Asia Pacific is projected to be the fastest-growing Railway Cybersecurity Market due to the increasing penetration of advanced technologies, increasing GDPs of countries, steady growth, and emerging economies. The APAC region covers some of the potential markets, namely, China, India, Japan, and Rest of Asia Pacific. China is expected to lead the market followed by India, Japan, and Rest of Asia Pacific in terms of share and growth rate among all countries during the forecast period.
The APAC region is expected to offer significant growth opportunities due to its untapped market strength. Increasing awareness about driver safety and accident prevention, presence of leading OEM players, growing freight transportation and logistics industries, the advent of the 4G LTE technology, and the adoption of smart railcars in North America and Europe due to the availability of embedded OEM cybersecurity solutions are leading to market growth. The logistics sectors in India and China are on the cusp of disruption. Robust economic growth and technology improvements have led to significant developments. Despite significant country-specific trends and nuances, the underlying themes of economic growth, digital disruption and changing customer preferences prevail. These powerful themes are expected to shape the future of the logistics industry over the next few years. Based on reliable on-line cybersecurity data, dispatchers will be able to inform their customers about changes in transport schedules earlier than is possible presently, increasing reliability and satisfying stakeholders, thus driving growth.
Key Market Players
The report analyzes all major players in the Railway Cybersecurity Market including Thales Group (France), Siemens AG (Germany), Alstom (France), Wabtec (US), and Nokia Networks (Finland).
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