Portland, OR, Oct. 04, 2023 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global railway cybersecurity market was pegged at $7.72 billion in 2020, and is expected to reach $14.68 billion by 2030, growing at a CAGR of 7.0% from 2023 to 2028.
Rise in demand for passenger and freight capacity, increase in number of cyber-attacks, and surge in number of railway projects across the world drive the global railway cybersecurity market. However, high installation cost hinders the market growth. On the contrary, improvement in railway infrastructure and rise in strategic partnership with rail operators and services are expected to unlock opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 outbreak negatively affected the market due to commute restrictions and the weak financial performance of market players.
- The disrupted supply chain, changes in regulatory & policies, lack of labor, and issues regarding working capital management and liquidity & policy management hampered the market.
The report segments the global railway cybersecurity market on the basis of type, offering, security type, and region.
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Based on type, the infrastructure segment held the largest share in 2020, accounting for more than half of the market. Moreover, the segment is estimated to register the highest CAGR of 7.5% during the forecast period. The research also analyzes the on-board segment.
On the basis of offering, the solutions segment dominated the market in 2020, contributing to more than three-fifths of the market. However, the services segment is projected to manifest the highest CAGR of 8.4% during the forecast period.
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The global railway cybersecurity market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2020, accounting for nearly one-third of the market. In addition, the region is expected to register the highest CAGR of 8.1% during the forecast period.
The global railway cybersecurity market includes an in-depth analysis of the prime market players such as Cisco Systems, Inc., Alstom, Huawei Technologies Co., Ltd., Hitachi Ltd., Nokia Corporation, International Business Machine Corporation (IBM), Siemens AG, Raytheon Technologies Corporation, Webtec Corporation, and Thales Group.
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