CHICAGO, June 12, 2019 /PRNewswire/
-- According to the new market research report
"Railway Cybersecurity Market by Type (Infrastructural and
On-board), Solutions and Services, Security Type (Network,
Application, End Point, System Administration, and Data
Protection), and Region - Global Forecast to 2027", published
by MarketsandMarkets™, 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%. Increasing urbanization
across the globe is estimated to drive the Railway Cybersecurity
Market.
Browse in-depth TOC on "Railway
Cybersecurity Market"
49 – Tables
43 – Figures
130 – Pages
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 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.
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The services segment is estimated to be the fastest
growing market, by component type
Railway cybersecurity services market is estimated to grow at
the highest CAGR during the forecast period. The highest growth in
this segment can be attributed to the requirement of services in
both pre- and post-implementation of the cybersecurity
infrastructure. Services such as designing, risk assessment, and
development are the initial phases of any cybersecurity solution
used in railways, while maintenance and support services are part
of the post implementation phase. As cyberattacks keep evolving,
the need for support and maintenance services keeps increasing over
the lifetime of the cybersecurity solutions. The growing demand for
safe and secure connected railway infrastructure will propel the
demand for cybersecurity services. Moreover, the introduction of
IoT in railway systems will act as a catalyst to the growth of the
services market in the future.
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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Major vendors covered in the Railway Cybersecurity Market
include Hitachi (Japan),
Bombardier (Canada), Huawei (China), Toshiba (Japan), Nokia
(Finland), Siemens (Germany), Thales (France), ABB (Switzerland), Alstom (France), IBM (US), and General Electric
(US).
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