The Railway Cybersecurity Market is projected to grow from USD 6.0 billion in 2019 to USD 12.6 billion by 2027, at a CAGR of 9.8%. Increase in user preference for public transportation and growing demand for smart transportation and internet of things (IoT) will propel the railway cybersecurity market.
The key players in the railway cybersecurity market are Thales (France), Alstom (France), Siemens (Germany), Bombardier (Canada), Nokia Networks (Finland), General Electric (Wabtec)(US), Hitachi (Japan), IBM (US), Cisco (US), United Technologies (Rockwell Collins), and Huawei (China).
1 Demand for Cloud-Based Services
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Network security, by security type, is estimated to hold the largest market share during the forecast period
Network security is estimated to account for the largest market share in 2019. Rail network security system allows centralized supervision, enforcing regulations and traffic control of the entire rail network. This network security enables the central administration system to use real-time data over high-speed communication links across trains and rail infrastructures to automate traffic. The system offers a flexible solution to increase network capacity and time efficiency, regulate the flow of traffic, reduce risk of delays due to cyber-attacks, and improve disaster management over the network. The features of network security also include efficient traffic planning, operation management system, and maintenance support. Hence, this segment is expected to dominate the railway cybersecurity market, by security type.
The services segment is expected to be the fastest-growing market, by component, during the forecast period.
The services segment is expected to be the fastest-growing market during the forecast period. The railway cybersecurity services market is segmented into risk and threat assessment, support and maintenance, design and implementation, and others. These services enhance the security portfolio of rail infrastructure and safeguard the endpoints, networks, and cloud environment from unauthorized access, exploitation, and data loss. The companies that do not have in-house capabilities for detection and remediation against threats outsource their cybersecurity work to expert Managed Security Service Providers (MSSPs). Managed security services help safeguard enterprises by providing network assessment, targeted scanning and reporting, unlimited report generation, security controls and remediation, vulnerability analysis, live monitoring, and other such tasks.
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Europe is expected to hold the largest market size during the forecast period
Europe is expected to account for the largest market size during the forecast period. European countries such as the UK, France, and Germany are major contributors in terms of market growth. The European countries have been investing heavily in modernization and upgrading of rail infrastructures. Social and trade agreements among the EU countries have promoted large-scale, cross-border trade and passenger traffic in the European region. The region is highly receptive to advanced technologies, as the European Telecommunications Standards Institute (ETSI) has formed a separate committee to focus on M2M communication privacy standardization and high trading standards. Due to the use of advanced mechanical and communication technologies, the region has seen a wider development of high-speed railways and subsequently the need for railway cybersecurity. The dynamics of the rail industry in Europe are changing rapidly with connected and automated freight and passenger railway management systems. Additionally, the EU has a target of investing 3% of GDP in R&D in creating the conditions for business growth across all sectors, including the railway industry. All these factors are fueling the growth of European railway cybersecurity market.
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