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Railway Cybersecurity Market Share, Opportunities Analysis, Recent Trends, Regional Growth And Outlook By 2033
Railway Cybersecurity Market
According to The Business Research Company's, The railway cybersecurity market size has grown strongly in recent years. It will grow from $8.19 billion in 2023 to $8.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increasing government initiatives, growing urbanization, growing number of railway cyberattacks, government initiatives for smart railways, rising investments in railway infrastructure.
The railway cybersecurity market size is expected to see strong growth in the next few years. It will grow to $12.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to rising occurrence of cyberattacks, increase in data breaches or data leakages, increased demand for passenger and cargo capacity, increasing number of railroad projects, increasing demand for cloud-based services. Major trends in the forecast period include integration of the IoT, AI and automated technologies, technological advancements, expansions and joint ventures, innovative digital technologies, strategic partnerships with rail operators and service providers.
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Market Drivers and Trends:
The rising occurrence of cyberattacks is expected to propel the growth of the railway cybersecurity market going forward. A cyberattack is characterized by any intentional and unauthorized effort to undermine the confidentiality, integrity, or accessibility of computer systems, networks, or confidential data. Cyberattacks on railway systems can impair vital infrastructure such as signaling, communication, and control systems. This disruption can cause delays, cancellations, and operational outages, impacting passenger and freight transportation services. Railway cybersecurity solutions safeguard essential infrastructure, ensure operational continuity, and improve passenger safety in the rail industry by adopting proactive security measures, assessing internal risks, and resolving underreporting issues. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cybercrime reports received in 2022 were 76,000, up from 13% from the previous year. Furthermore, in June 2022, according to the Anti-Phishing Working Group, a US-based organization, in the first quarter of 2022, a total of 1,025,968 phishing attacks were recorded, a 15% rise from the fourth quarter of 2021, when 888,585 attacks were reported. Therefore, the rising occurrence of cyberattacks is driving the growth of the railway cybersecurity market.
Major companies operating in the railway cybersecurity market are developing advanced technologies, such as security platforms, to serve customers with advanced features and gain a competitive edge. Security platforms are comprehensive systems or frameworks that protect digital assets, data, networks, and infrastructure from cyber threats and security vulnerabilities. For instance, in May 2023, Cylus Ltd., an Israel-based provider of railway security solutions, launched the Rail Tech Security Platform, a specialized cybersecurity solution explicitly designed for operational rail technology systems to offer real-time visibility, resilience, and compliance for rolling stock and trackside operations. The unique feature of the Rail Tech Security Platform lies in its custom design, which is tailored specifically for rail transport operators. As stated by Cylus, this security platform seamlessly integrates with established rail operations and cybersecurity systems. It falls under a category crafted to furnish rail operators with the necessary context and guidance for proactively monitoring and managing cybersecurity and risks across all their operational rail technology environments.
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Major Key Players of the Market:
Huawei Technologies Co. Ltd., Robert Bosch GmbH, Siemens AG, Hitachi Ltd., Raytheon Technologies Corporation, General Electric, International Business Machine Corporation, Cisco Systems Inc., ABB Ltd., Nokia Corporation, BAE Systems Plc, Collins Aerospace Companies, Thales Group, Alstom SA, Webtec Corporation, Bombardier Inc., Sabre Rail Services Ltd., HollySys Automation Technologies Ltd., Traffic Control Technology Co. Ltd., SafeRail SAS, Cyberbit Ltd., Cervello Inc., Cylus Ltd., Shift5 Inc., Gear Rail, Barbara IoT SL, SpirOps, C3UK Ltd.
Railway Cybersecurity Market 2024 Key Insights:
• The Railway Cybersecurity Market is expected to grow to $12.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rising Cybersecurity Threats Drive Surge In Railway Cybersecurity Market Growth
• Innovative Advancements Revolutionizing The Railway Cybersecurity Market
• Asia-Pacific was the largest region in the railway cybersecurity market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the railway cybersecurity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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