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Railway Cybersecurity Market to Reach USD 10.6 billion by 2026

09-23-2021 03:05 PM CET | Logistics & Transport

Press release from: ReportsnReports

Railway Cybersecurity Market to Reach USD 10.6 billion by 2026

“Increase in rail projects for urban transportation and growing demand for convenient transport to fuel the demand for railway cybersecurity”

The global railway cybersecurity market is estimated to grow at a CAGR of 9.4% from USD 6.2 billion in 2021 to USD 10.6 billion by 2027. Major factors driving the railway cybersecurity market include adoption of IoT as well as automation technologies to enhance efficiency in optimization of railways and increasing number of government initiatives and PPP models for modernization of railways. However, the capital-intensive nature of implementing connected technology is inhibiting the growth of the railway cybersecurity market.

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Asia Pacific is estimated to have the largest share of the market by 2027. The presence of OEMs such as Thales Group (France), Siemens AG (Germany), Alstom (France), Wabtec (US), and Nokia Networks (Finland) and their investments in rail cybersecurity is one of the major factors fueling the growth of this market at a global scale. These companies offer an extensive range of products & solutions and have strong distribution networks worldwide. The key strategies adopted by these companies to sustain their market positions are new product developments, collaborations, and contracts & agreements. The railway cybersecurity market in different regions is dominated by regional vendors.

“Data protection segment to grow at a significant rate during the forecast period.”

Data protection segment is estimated to be the fastest-growing segment of the railway cybersecurity market. The demand for data protection is high across regions. This is because of increasing data generation from processes in railways such as ticketing, passenger information collection, and railway information collection. Due to data analytics tools, the importance of data has increased tremendously as it helps make railway operations more efficient and profitable. Moreover, European regulations such as GDPR have further increased the demand for data protection. Hence, the increasing growth and importance of data in railways drives the need for data protection.

“Passenger train segment to grow at a higher cagr during the forecasted period”

The passenger trains segment is expected to lead the railway cybersecurity market. The security of the passenger rail network is more complex than the freight segment as there is an open infrastructure, multiple access points, and a vast user base. In recent times, cities such as London and New York have been prone to passenger railway cyberattacks on their rail networks, which has highlighted the importance of railway cybersecurity. Governments across the globe are encouraging cybersecurity solutions for their passenger and freight railways. For example, in April 2020, the US Government Accountability Office released a report containing the assessment of passenger railway cyberattacks in the US and the European region and passed guidelines to limit them. These government initiatives are expected to fuel the growth of the railway cybersecurity market during the forecast period.

Europe is expected to be the largest market for passenger rail cybersecurity. The market growth in the region can be attributed to the increasing demand for comfort and safety and the resultant development of advanced technologies that increase the comfort levels of passengers and reduce intercity travel time. The European Commission is focused on streamlining the rail sector in the region due to the strong passenger rail sector. Horizon 2020 is one of the most prominent programs launched in the region that would transform the rail sector in terms of digitalization as well as cybersecurity.

The market in Asia Pacific is expected to witness the highest growth during the forecast period. The growth of the market in this region can be attributed to the growing demand for cybersecurity solutions for passenger rail in countries such as India, Japan, Korea, and China. The Hong Kong rail network designed for mass transit services is equipped with safety-critical systems. Thus, the growing demand for cybersecurity systems due to government initiatives is also fueling the growth of the passenger rail network and thereby the railway cybersecurity market.

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