The railway cybersecurity market is projected to grow from US$ 6,721. 12 million in 2022 to US$ 12,647. 40 million by 2028; it is estimated to grow at a CAGR of 11. 1% from 2022 to 2028. The changing ICT landscape and rising customer demands for advanced services are pushing railway operators to replace their legacy systems with cutting-edge standard-based infrastructure, such as IP communication networks.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Railway Cybersecurity Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering [Solution and Services], Security Type, Type [Operational Technology and Information Technology ], and Application" - https://www.reportlinker.com/p06321069/?utm_source=GNW
These systems help enhance reliability, capacity, efficiency, and customer experience.
Also, modern railway systems are increasingly connected, and railway technologies are becoming interoperable and harmonized.In recent years, cybersecurity-related incidents in operational technology (OT), as well as control networks in railway systems, have increased worldwide.
Several incidents concerning theft of passenger sensitive information and lines being halted due to cyber-attacks were reported.Such instances negatively impacted the profitability and ability of railway operators to comply with rising cyber-security compliance requirements.
Since control systems are essential for managing and monitoring train movements, rail operators are required to have clear insights into the risks, such as potential cyber-attacks, that can impact these systems. The rising sophistication of cyber-attacks indicates that train control systems are vulnerable and necessitate protection. Thus, in several countries across the world, train operators implement a risk management system that complies with the specific risk management standard. The railway cyber-security infrastructure provides integrated features designed to streamline compliance tracking and reporting requirements, boosting the railway cybersecurity market growth.
The US and Canada are among the major economies in North America.The rising demand for cybersecurity solutions for railways to prevent complex cyber-attacks and the introduction of new cybersecurity standards by the Transportation Security Administration (TSA) drive the North American railway cybersecurity market growth.
The increasing presence of leading rail cybersecurity providers in the region would create lucrative growth opportunities for the market in the coming years.
Furthermore, the federal government has imposed two cybersecurity mandates on "high-risk" rail and rail transit systems, despite industry attempts to push back regulation. New safety measures direct critical passenger and freight railways to take the following measures:
• Report cyber incidents to the federal government within 24 hours
• Appoint a cybersecurity officer with 24/7 access to federal agencies
• Develop an incident response plan
• Close cybersecurity gaps by conducting vulnerability assessments
The new cybersecurity requirements and recommendations are established to help protect travelers and critical infrastructure from threats.
Passenger rail network security is more complex than freight transportation due to open infrastructure, multiple access points, and a large user base.New York has recently been vulnerable to cyber-attacks on passenger trains, highlighting the importance of railroad cybersecurity.
Governments of North America are implementing cybersecurity solutions for passenger and freight rail.In April 2020, the US Government Accountability Office released a report evaluating cyber-attacks against passenger trains in the US and Europe and adopted limiting guidelines.
The government initiatives are expected to spur the railway cybersecurity market growth during the forecast period.
Major countries in North America, such as the US and Canada, comprise favorable government policies to boost innovation, a huge industrial base, and high adoption of industrial automation solutions.The US is a prominent market for cybersecurity solutions in several industries.
The country consists of the maximum number of railway cybersecurity platform developers.Hence, any negative impact on the region’s economy or industry growth hinders the businesses of companies operating in the region.
In Q1 2020, due to COVID-19 pandemic, the slump in industrial/manufacturing activities and new projects across the US, Canada, and Mexico negatively impacted the growth of the railway cybersecurity market in respective countries.
During the COVID-19 pandemic, many railway organizations, such as the US railroads, were compelled to implement work-from-home policies.Remote working has increased the threat of cyberattacks, such as intrusions, man-in-the-middle (MIIT) attacks, and spear phishing.
Furthermore, the rise in digital traffic led to various phishing attacks, online frauds, inventory denials, and ransomware threats.Due to the increased risk of cybercrimes, railway operators are looking for advanced railway cybersecurity solutions to detect and manage any abnormal behavior in the network.
Thus, the demand for railway cybersecurity solutions and services would increase during the forecast period.
The railway cybersecurity market is segmented into the offering, security type, type, application, and geography.Based on offering, the railway cybersecurity market is segmented into solutions and services.
The solution segment is further sub-segmented into risk and compliance management, encryption, firewall, antivirus/antimalware, intrusion detection/intrusion prevention system, and others.In terms of security type, the railway cybersecurity market is segmented into application security, network security, data protection, endpoint security, and system administration.
Based on type, the railway cybersecurity market is segmented into operational technology (OT) and information technology (IT).In terms of application, the railway cybersecurity market is segmented into passenger trains and freight trains.
Based on geography, the railway cybersecurity market is segmented into North America (the US, Canada, and Mexico), Europe (Austria, Italy, Poland, Switzerland, Sweden, Norway, Denmark, Netherland, Finland, Spain, Baltics, and Rest of Europe), and Asia Pacific (Australia, Japan, South Korea, Taiwan, and Rest of APAC).
The overall railway cybersecurity market size has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the railway cybersecurity market.
The process also obtains an overview and forecast for the railway cybersecurity market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.
Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—valuation experts, research analysts, and key opinion leaders—specializing in the railway cybersecurity market.
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