The global railway cybersecurity market size is expected to reach USD 14.13 billion by 2030 according to a new study by Polaris Market Research. The report “Railway Cybersecurity Market Share, Size, Trends, Industry Analysis Report, By Offering, By Security (Application Security, Network Security, Data Protection, Endpoint Security, System Administration), By Type, By Rail Type, By Region, Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The surge in demand for the freight and passenger capacity and escalating cases of cyber-attacks are primarily attributed to the industry growth. In addition, the rising numbers of smart city initiatives by the various governments are also supporting global industry development. Moreover, incorporating multiple novel technologies like IoT and AI, tied with the increasing demand for cloud-based services, further stimulates the industry demand in the forthcoming years.
Based on the type, the onboard train segment holds the largest revenue in the global industry in 2021 and is expected to grow at the highest CAGR in the forthcoming years. The most developed service or solution set facilitates safety, enhanced operation performance, and system administration.
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The growing demand for cloud-based services across various sectors uplifts the industry demand globally because of their competent IT management and reliable security environment. Industry participants such as Alstom, ABB, BAE Systems, Cervello, Bombardier, Cisco Systems, Inc., General Electric, Cylus Ltd., Hitachi Ltd., International Business Machine Corporation, Huawei Technologies Co., Ltd., Nokia Corporation, Siemens AG, Thales Group, Raytheon Technologies Corporation, and Webtec Corporation are some of the key players operating in the global industry.
Several industry players are taking strategies moves such as mergers and acquisitions to intensify their business growth. For instance, Siemens declared the acquisition of RailTerm- a Canada-based rail service provider- in May 2021. The objective of the acquisition is to assist the company in developing its product portfolio with electrification, on-ground track and signaling, and communication systems.
Polaris Market research has segmented the railway cybersecurity market report on the basis of offering, security, type, rail type, and region:
Railway Cybersecurity, Offering Outlook (Revenue - USD Billion, 2018 - 2030)
Railway Cybersecurity, Security Type Outlook (Revenue - USD Billion, 2018 - 2030)
Railway Cybersecurity, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Railway Cybersecurity, Rail Type Outlook (Revenue - USD Billion, 2018 - 2030)
Railway Cybersecurity, Regional Outlook (Revenue - USD Billion, 2018 - 2030)