Rising demand for passenger and freight capacity, increased cyber-attacks, and global railway projects are driving growth in the railway cybersecurity market.
WILMINGTON, DE, UNITED STATES, October 30, 2024 /EINPresswire.com/ -- As per the report published by Allied Market Research, the global railway cybersecurity market size was pegged at $7.72 billion in 2020, and is expected to reach $14.68 billion by 2030, growing at a CAGR of 7.0% from 2021 to 2028.Rise in demand for passenger and freight capacity, increase in number of cyber-attacks, and surge in number of railway projects across the world drive the global railway cybersecurity market. However, high installation cost hinders the market growth. On the contrary, improvement in railway infrastructure and rise in strategic partnership with rail operators and services are expected to unlock opportunities for the market players in the future.
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Railway cybersecurity refers to the protection of railway systems, infrastructure, and data against cyber threats and attacks. It involves safeguarding critical components such as signaling systems, communication networks, train control systems, and passenger information systems from unauthorized access, disruption, or data breaches. Effective railway cybersecurity ensures the safety, reliability, and operational continuity of rail services, protecting both passengers and infrastructure from cyber risks.
The growth in the number of cyber-attacks on the railway infrastructure and railway system has witnessed in recent years. To acquire or access the railway system-related data points by unauthorized personnel or program is expected to create significant demand for railway cybersecurity during the forecast period. Changing mobility outlook and increasing inclination toward smart technology-enabled railway system are the crucial factors for the high adoption of the railway cybersecurity system. Moreover, the data protection segment is expected to hold significant market share in 2020 and is anticipated to witness lucrative opportunity due to its operational requirements, digitalization of the railway system along with data transfer abilities.
Europe is dominant in the global railway cybersecurity market and is expected to be a leader in the market. It is projected to witness lucrative growth during the forecast period. The global railway cybersecurity market is a fairly consolidated market with limited number of players operating in the global market. Majority of the market participants are strategically involved in acquisition, agreement, expansion, investment, partnership, product development, and product launch activities.
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Based on type, the infrastructure segment held the largest share in 2020, accounting for more than half of the market. Moreover, the segment is estimated to register the highest CAGR of 7.5% during the forecast period. The research also analyzes the on-board segment.
Based on offering, the solutions segment dominated the market in 2020, contributing to more than three-fifths of the market. However, the services segment is projected to manifest the highest CAGR of 8.4% during the forecast period.
The global railway cybersecurity market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2020, accounting for nearly one-third of the market. In addition, the region is expected to register the highest CAGR of 8.1% during the forecast period.
The global railway cybersecurity market includes an in-depth analysis of the prime market players such as Cisco Systems, Inc., Alstom, Huawei Technologies Co., Ltd., Hitachi Ltd., Nokia Corporation, International Business Machine Corporation (IBM), Siemens AG, Raytheon Technologies Corporation, Webtec Corporation, and Thales Group.
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