The global railway cybersecurity market is anticipated to grow at a significant CAGR of 9.7% during the forecast period. The factor that drives the global railway cybersecurity market during the forecast period due to the growing number of railway cyber-attacks and data leakages across the globe. For instance, in March 2022, Italy’s national railway company Ferrovie Dello Stato Italiane (FS) was hit by a cyber attack. As a result of this, the trains were halted for a whole day as the IT systems of Italianrail infrastructure were hacked. Automated and sophisticated cyberattacks are becoming more frequent as technology advances, thus railway operators are increasingly adopting cybersecurity solutions and services to combat them.
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Impact of COVID-19 Pandemic on Global Railway Cybersecurity Market
The COVID-19 pandemic has harmed global railway cybersecurity market growth, as several railway component manufacturers and solution providers have announced discontinuing their production and service due to a decrease in demand-supply chain bottlenecks. For instance, in November 2021, Harsco Corp. reported third-quarter results for FY2021. Further, through the report, the company announced exploring strategic alternatives for the rail business in the first half of 2022, to sell the business. The requirement for mass transit and rolling stock will diminish, further impacting the delay in deploying cyber security projects on the rail.
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Segmental Outlook
The global railway cybersecurity market is segmented based on the security type, type, application, and rail type. Based on the security type, the market is segmented into application security, network security, data protection, endpoint security, and system administration. Based on the type, the market is sub-segmented into the infrastructure and on-board. Based on the application, the market is sub-segmented into passenger trains, and freight trains. Based on the rail type, the market is sub-segmented into conventional passenger trains, urban transit, and high-speed rail. The above-mentioned segments can be customized as per the requirements. Among the security type, the data protection security segment is expected to cater to a significant share in the global railway cybersecurity market during the forecast period due to a growth in the demand for data protection security in railways. The railway sector focuses on encrypted technologies to secure passenger data from cyber-attacks.
The Asia-Pacific Region is Expected to Hold the Prominent Share in the Global Railway Cybersecurity Market
The Asia-Pacific region is expected to hold a prominent share in the global railway cybersecurity market during the forecast period due to the ongoing projects related to urban transit and high-speed rail in India. For instance, in May 2021, the European Investment Bank (EIB) signed a finance contract worth $182 million with the Indian government for the Pune Metro Rail project’s second portion in Maharashtra through a virtual signing ceremony. This project is anticipated to offer urban mobility to a large population, including the working class. Thus, the rising development of urban transit across the region is expected to propel the demand for railway cybersecurity.
by Security Type (Application Security, Network Security, Data Protection, Endpoint Security, and System Administration),
by Type (Infrastructure, and On-board),
by Application (Passenger Trains, and Freight Trains), and
by Rail Type (Conventional Passenger Trains, Urban Transit, and High-Speed Rail)
Market Players Outlook
The major companies serving the global railway cybersecurity market include Siemens AG, THALES group, Alstom, Wabtec Corp., Nokia Corp., Bombardier Inc., Cervello Ltd., Cisco Systems, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Siemens Mobility collaborated with RazorSecure to deliver improved rail cybersecurity monitoring solutions to rolling stock operators globally. As a result, both companies aim to merge their expertise to protect complex transportation systems. RazorSecure is a rail cyber security expert that constantly analyses the behavior of individual systems and traffic throughout the whole network in real-time.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global railway cybersecurity market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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