The Europe Railway Cybersecurity Market would witness market growth of 8.2% CAGR during the forecast period (2021-2027).
Cybersecurity becomes a major need for railways around the world in order to install and leverage a connected and digital environment to a great extent. Internet technology finds potential uses in the domain of railways with smart cities, rail traffic management systems, smart transportation, CBTC, and PTC. Latest innovations include rail analytics, PIS, passenger infotainment, smart ticketing, cloud and IoT services, freight information and analytics, freight rail solutions like intelligent & smart devices, fleet monitoring, scheduling & optimization capabilities, and automatic stock management.
All these latest innovations face the constantly growing risk of cybersecurity. Owing to the advent of sophisticated systems and solutions, IoT in the railway sector has become more vulnerable to cybersecurity risks. Due to these aspects, the demand and installation of railway cybersecurity solutions are constantly witnessing an upsurge.
The market of railway cybersecurity solutions, products, and services is fueled by the growing cases of data breaches or data leakages. In addition, automated and advanced cyberattacks are constantly surging due to the rising technological developments. The growing complexities of attacks are encouraging railway operators around the world to install tailored cybersecurity products, services, and solutions with an aim to fight against the growing cyberattacks. For instance, SNCF with its associate SpirOps, Thales, Alstom, Bosch, and the Railenium Technology Research Institute decided to collectively develop the prototype for the autonomous train in France.
Europe is one of the major markets for passenger rail cybersecurity. Factors such as the massive demand for comfort and safety and the subsequent development of advanced technologies that enhance the comfort levels of passengers and decrease intercity travel time are responsible for the growth of this region. In addition, the European Commission is willing to simplify the rail industry in the region because of the huge passenger rail sector. Horizon 2020 is one of the major initiatives introduced in the region that is anticipated to bring transformation in the rail sector regarding digitalization and cybersecurity. Hence, these factors are likely to boost the growth of the regional railway cybersecurity market during the forecast period.
The Germany market dominated the Europe On-board Railway Cybersecurity Market by Country 2020, thereby, achieving a market value of $428.5 million by 2027. The UK market is exhibiting a CAGR of 11.2% during (2021 - 2027). Additionally, The France market is anticipated to witness a CAGR of 12.9% during (2021 - 2027).
Based on Offering, the market is segmented into Solution and Services. Based on Type, the market is segmented into Infrastructural and On-board. Based on Application, the market is segmented into Passenger Trains and Freight Trains. Based on Security Type, the market is segmented into Application Security, Data Security, Network Security, System Administration, End Point Security, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Railway Cybersecurity Market Size will Hit USD 10.2 Billion by 2027, at a CAGR of 9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Siemens AG, Nokia Corporation, Cisco Systems, Inc., IBM Corporation, Tech Mahindra Limited, Toshiba Corporation, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Hitachi, Ltd. and ENSCO, Inc.
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