Report : Railway Cyber Security Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Solution and Services); Type (Infrastructural and On-Board); Security Type (Network Security, Application Security, Data Protection, End Point Security, and Others)
According to our latest market study on “Railway Cyber Security Market to 2027-- COVID-19 Impact and Global Analysis by Component (Solution and Services); Type (Infrastructural and On-Board); Security Type (Network Security, Application Security, Data Protection, End Point Security, and Others); and Geography,” the market was valued at US$ 5,916.6 million in 2019 and is projected to reach US$ 11,001.4 million by 2027; it is expected to grow at a CAGR of 8.2% from 2020 to 2027.
Geographically, the railway cyber security market is segmented into five major regions— North America, Europe, APAC, MEA, and SAM. It is expected that the global railway cyber security market will witness robust growth in Europe and the Asia Pacific. The advent of new systems and frameworks such as insurance is expected to bring a significant boost to the European market. Also, Asia's major infrastructure in countries such as China and India is expected to drive the global railway cyber security market. Chinese companies are also undertaking several large projects in Africa. Digital transformation is bringing substantial benefits in railway safety, enhanced passenger experience, and operational efficiency and reliability. However, it inevitably increases railways' vulnerability to cyber-threats as well. A few instances where security issues were surfaced in the railway sector are listed below:
Such incidents signify that the railway infrastructure will require more reliable and robust communication network security, along with the implementation of new technologies and process measures. Cyber security will make the framework simple and versatile in the railway industry, which will be able to give information assurance, application security, framework administration, and among others. Besides, rising government rules identified with passenger safety and increasing digitized and connected infrastructure are other factors contributing to the development of the market. These concentrated frameworks are becoming increasingly crucial as fast trains and metros are adopted universally. Centralized structures can today oversee entire outstanding tasks at the hands of railway activities, including rail traffic management, traffic automation, and signaling.
Based on geography, Europe holds a significant market share. The continent of Europe includes many emerging economies, such as Germany, France, the UK, and Italy. In Europe, the EU cyber security strategy sets out roles, responsibilities, and defines actions needed to protect citizens; whereas, the General Data Protection Regulation (GDPR) substantially tightens data privacy requirements. Regulators also specify minimum requirements for compliance, which can be verified before any carrier can use a communications element in the telecom network. To safeguard their citizens' privacy, some governments propose legislation in order to store the citizens' data within their country's boundaries and governed by their privacy laws.
Impact of COVID-19 on Railway Cyber Security market
According to latest situation report (22nd June 2020) from World Health Organization (WHO), the US, Brazil, Russia, India, Spain, Italy, Germany, UK, and China are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 outbreak was started in Wuhan (China) in December 2019 and it has then spread across various countries in the world. As per latest WHO figures, there are total 8, 860, 331 confirmed COVID-19 cases globally with ~ 465,740 total deaths; moreover, the number is growing at varying rates in different countries. The COVID-19 crisis has affected various industries worldwide and the global economy is anticipated to face a slump in the year 2020 and likely in 2021 as well. The effect of COVID-19 on various economies differs based on the level of outbreak in the specific countries. The estimated short term (coming 1 year) impact of COVID-19 outbreak on various regions overall economy.
The report segments the global railway cyber security market as follows: