Market Definition & Overview
Cyber security involves technology and techniques that act as defense mechanisms against various electronic devices like mobiles, computers, servers, networks, & critical systems against malicious attacks. Since the utilization of electronic devices and technologies like the Internet of Things (IoT) & Artificial Intelligence (AI), among others, are widening, the prevalence of cyber-attacks & threats is escalating too.
These acts are often materialized using malicious software like Viruses, Trojans, Ransomware, Adware, Botnets, & Spyware, depending upon the motives behind such threats. Hence, the need to strengthen the defense systems of an organization using cyber security systems has become indispensable for almost every sector, including the railways.
As vast as the railway network is around the globe, the requirement for a robust & effective cybersecurity solution in this network to attain real-time alerts & constant monitoring is becoming essential. These solutions enable the rail operators to procure full visibility into their systems & address potential threats beforehand.
The Global Railway Cyber Security Market is projected to grow at a CAGR of around 9.5% during the forecast period, i.e., 2022-27. Backed by the growing sophistication of cyber-attacks on the railways, the need to implement suitable & proactive solutions to address these threats is escalating rapidly. It, in turn, is augmenting the demand for preventive measures & solutions like cybersecurity technologies that are capable of detecting & eliminating potential threats by closely monitoring the systems and boosting the market growth.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|Europe: France, Germany, Italy, Spain, United Kingdom, Belgium, Russia, Others|
|Asia-Pacific: China, India, Japan, South Korea, Others|
|South America: Brazil, Rest of South America|
|Middle East & Africa: GCC, South Africa, Rest of Middle East & Africa|
|Key Companies Profiled||
Alstom, Hitachi, Bombardier, Siemens, Cisco, Huawei, Thales, General Electric, Toshiba Digital Solutions Corporations, IBM, Others
|Unit Denominations||USD Million/Billion|
In addition, the market growth attributes to the growing focus of the governments of different countries on bringing digitalization and their inclination toward enhancing the security infrastructure across sectors, including railways. This incorporation of digital systems procuring critical data & real-time information of railways propels the need to deploy a robust cybersecurity solution for the identification & elimination of possible risks & threats and enable better operating & managing experiences for the authorities.
Across the industry, the key areas projecting a recurring implementation of these technological solutions include the signaling systems, train control systems, & traction & passenger information systems. Since these systems are at enormous risk owing to their vulnerabilities in containing substantial details of the rail network, the demand for cybersecurity systems is massive. The same aspect is also generating growth opportunities for the leading players to increase their service offering capabilities and cater to the burgeoning needs globally.
Moreover, with a mounting number of incidents associated with security breaches & cyber threats in the sector, the need for robust cyber security is arising and hinting toward substantial growth for the cybersecurity industry. Furthermore, owing to the modernization of several cities, coupled with improved mass transits, the anticipated presence of relatively better cyber security solutions & services for railways is extensive, demonstrating a widespread adoption of the IoT in Metro & Rail projects.
Nonetheless, owing to the operational efficiency offered by these technological solutions in the railway network & system, the advent of Cloud-based technologies & cutting-edge techniques are also complementing the market expansion globally through 2027.