Railway Cybersecurity Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering [Solution (Risk and Compliance Management, Encryption, Firewall, Antivirus/Antimalware, Intrusion Detection/Intrusion Prevention, and Others) and Services], Se

According to our latest market study on ""Railway Cybersecurity Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Offering, Security Type, Type, and Application," the market is projected to grow from US$ 7,469.51 million in 2022 to US$ 13,763.76 million by 2028; it is estimated to grow at a CAGR of 10.7% from 2022 to 2028.

For sample pages and special offers, please visit https://www.thinkingcapsrc.com/reports/917/railway-cybersecurity-market

Increasing Cybersecurity Laws and Regulations

For sample pages and special offers, please visit https://www.thinkingcapsrc.com/reports/917/railway-cybersecurity-market

The digital transformation across industries makes cybersecurity a crucial need for enterprises across the world. In addition, the increasing complexity and frequency of cyber-attacks in critical industries, including logistics & transportation, energy & power, and IT & telecom, is changing the security landscape. It generates the need to establish stringent regulations and frameworks that can help in tackling the fast-evolving cybersecurity landscape. Various governments and regulators across countries are in the process of formulating effective regulations, laws, and compliances related to cybersecurity. A few noteworthy efforts include Securities & Exchange Commission Cyber Exams (The US), National Institute of Standards and Technology (NIST) Cybersecurity Framework (The US), Office of the Superintendent of Financial Institutions (OSFI) Memorandum (Canada), General Data Protection Regulation (The EU), Network and Information Systems (NIS) Directive (The EU), National Credit Union Administration (NCUA) Risk Alert (The US), and several other country-specific laws, such as Korean Cyber Laws (Korea). Hence, the growing number of compliance requirements and data protection laws, especially in North America and Europe, are pushing companies to invest in robust cybersecurity solutions and services to strengthen their network and information security infrastructure. The rising compliance requirements are anticipated to create lucrative opportunities for the railway cybersecurity market players from 2022 to 2028.

For sample pages and special offers, please visit https://www.thinkingcapsrc.com/reports/917/railway-cybersecurity-market

In 2020, the impact of the COVID-19 outbreak differed across Europe as a few countries witnessed a rapid growth in the COVID-19 cases. According to the Community of European Railway and Infrastructure Companies CER Covid Impact Tracker, European railways lost ~US$ 51.53 billion in revenue due to COVID-19 pandemic in 2020-2021. The impact of the pandemic on Western European countries, including Austria, the Netherlands, and Switzerland, was modest because of their robust healthcare systems. The impact on the UK rail industry was highly destructive owing to the rapid drop in passenger numbers, reduction in drop-in services, and decline in subscription purchases. A decline in the budgets of railway delayed the implementation of cybersecurity projects in railways, which negatively affected the railway cybersecurity market. The adverse impact of the COVID-19 pandemic on the region's economy hindered the railway cybersecurity market growth in Q1 and Q2 2020.

For sample pages and special offers, please visit https://www.thinkingcapsrc.com/reports/917/railway-cybersecurity-market

By the end of Q2 2020, the situation of COVID-19 outbreak improved gradually in many countries, including Italy, Finland, Denmark, and Norway. The number of COVID-19 cases and deaths has decreased significantly due to the success of effective and timely lockdown decisions in the countries. Various administrative officials adopted work-from-home culture during lockdown, resulting in a demand for cloud-based operations. Cyber threats could destroy infrastructure and systems of a business. Therefore, due to work-from-home facilities in railways, the demand for railway cybersecurity systems is increased to give businesses the ability to foresee security threats using cybersecurity solutions and manage and secure crucial information. Further, the huge presence of rolling stock manufacturers in Europe and the high adoption of advanced technologies, such as IIoT and AI in rolling stock, make Europe one of the major railway cybersecurity market as it is vulnerable to cyber-attacks.

For sample pages and special offers, please visit https://www.thinkingcapsrc.com/reports/917/railway-cybersecurity-market

The railway cybersecurity market report provides detailed market insights to help key players strategize railway cybersecurity market growth in the coming years. It also forecasts the upcoming trends and developments in the market.

For sample pages and special offers, please visit https://www.thinkingcapsrc.com/reports/917/railway-cybersecurity-market

Key Findings of Study:

For sample pages and special offers, please visit https://www.thinkingcapsrc.com/reports/917/railway-cybersecurity-market

The railway cybersecurity market is segmented on the basis of offering, security type, type, application, and geography. Based on offering, the railway cybersecurity market is bifurcated into solutions and services. The railway cybersecurity market for the solutions segment is further segmented into risk and compliance management, encryption, firewall, antivirus/antimalware, intrusion detection/intrusion prevention system, and others. In terms of security type, the railway cybersecurity market is segmented into application security, network security, data protection, endpoint security, and system administration. Based on type, the railway cybersecurity market is bifurcated into operational technology (OT) and information technology (IT). By application, the railway cybersecurity market is segmented into passenger trains and freight trains. Based on geography, the railway cybersecurity market is segmented into North America (the US, Canada, and Mexico), Europe (Austria, Italy, Poland, Switzerland, Sweden, Norway, Denmark, the Netherlands, Finland, Spain, Baltics, and Rest of Europe), Asia Pacific (Australia, Japan, South Korea, Taiwan, and Rest of APAC), Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of MEA), and South America (Brazil, Argentina, and Rest of SAM). Due to increased data breaches, the demand for railway cybersecurity solutions, products, and services is growing across Europe. Increasing number of sophisticated cyberattacks is driving the installation of customized cybersecurity products, services, and solutions across the region. Cybersecurity is a key issue for self-driving trains. In May 2021, SNCF started developing an autonomous train prototype in France with its partners-Alstom, Bosch, SpirOps, Thales, and Railenium Technology Research Institute. Since the beginning of the project, the consortium partners have been working with France's national cybersecurity agency, He ANSSI (Agence Nationale de la Sécurité des Systèmes information). In 2020, Alstom invested US$ 7 million in Cylus, an Israel-based cybersecurity specialist, to provide the best cybersecurity solutions for the rail market.

For sample pages and special offers, please visit https://www.thinkingcapsrc.com/reports/917/railway-cybersecurity-market

In Europe, rail passenger transport is growing due to factors, such as the strong demand for comfort and safety and the subsequent development of advanced technologies that increase passenger comfort and reduce travel times between cities. Horizon 2020 is one of the region's most important initiatives to transform the rail sector in digitization and cybersecurity. Thus, these factors are likely to boost the growth of the Europe railway cybersecurity market during the forecast period.

For sample pages and special offers, please visit https://www.thinkingcapsrc.com/reports/917/railway-cybersecurity-market

In Europe, the EU Cybersecurity Strategy sets out roles and responsibilities for the cybersecurity solution providers and defines the measures necessary to protect citizens. The General Data Protection Regulation (GDPR) significantly strengthens data protection requirements. Regulatory bodies also set minimum compliance requirements that network operators can verify before using communication elements on their telecommunications networks. Therefore, stringent data protection regulations in Europe are expected to boost the railway cybersecurity market growth in the region during the forecast period.

For sample pages and special offers, please visit https://www.thinkingcapsrc.com/reports/917/railway-cybersecurity-market

Thinking Caps Market Reports
Bangalore, India
Sayantan Paul
CEO and Founder
+1 800 257 6445
connect@thinkingcapsrc.com

Thinking Caps is a research powerhouse dedicated towards making your business decisions easier, faster and cost effective.

Equipped with a multi-publisher dynamic repository of readily available syndicate industry reports, Thinking Caps helps you maximize RoI through incisive insights, credible data analysis, updated company information, and the opportunity to expand your horizon through additional bespoke research. We help you take tangible decisions positively impacting your business growth.

This release was published on openPR.