Global Railway Cybersecurity Market is valued approximately USD 2.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.1 % over the forecast period 2020-2027. Cyber security is a mechanism that prevents cyber-attacks from protecting data, software and other essential files. Cyber security ‘s primary goal is to secure confidential information and prevent attackers from damaging or modifying the information. Cybersecurity will make the device simple and adaptable for the railway industry and will advance technology. This will allow the security of software, data protection, system management and others to be supported. The market is driven by Growing cybersecurity problems, growing use of IoT and automation technologies, growing prevalence of cloud-based services, increasing investment in rail infrastructure. The key players of global Railway cybersecurity market have adopted various strategies to gain competitive advantage including product launch, mergers and acquisition, partnerships and agreements, investment, funding and others.
For instance, in 2016, ransomware was used to target the San Francisco transit system. In response, the assailants requested 70,000 USD. Similarly, in 2018, owing to a ransomware attack on 2000 computers, the Colorado Department of Transportation shut down. Moreover, a current Chinese hand behind these attacks is suspected due to cyber security threats to other US departments and a senate investigation is underway in the US. However, Lack of innovation in cybersecurity in developing countries, growing understanding of data protection, the lack of qualified and skilled cybersecurity professionals impedes the growth of the market over the forecast period of 2020-2027.
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The regional analysis of global Railway Cybersecurity Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of growing prevalence of cloud-based services, increasing investment in rail infrastructure. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as Growing cybersecurity problems, growing use of IoT and automation technologies would create lucrative growth prospects for the Railway Cybersecurity Market across Asia-Pacific region.
Major market player included in this report are:
- Thales Group
- General Electric (WabTec)
- Nokia Networks
- United Technologies (Rockwell Collins)