north america railway cyber security Market

The railway cyber security market in North America is expected to grow from US$ 1,281.5 million in 2019 to US$ 2,205.2 million by 2027; it is estimated to grow at a CAGR of 7.2% from 2020 to 2027.

The railway cyber security market is primarily driven by the growing number of cyberattacks. With the increasing adoption of digital solutions across businesses and individual customers, the sophistication and complexity level of cyber-attacks is also growing at a fast pace. Some of these attack types include advanced persistent threats (APTs), ransomware, and other advanced malware. In addition to the complexity, the frequency of these attacks has increased multifold in the past few years due to the rising number of endpoints. Owing to these factors, companies across various industries are facing challenges related to cybersecurity and data protection. Therefore, the demand for cyber security solutions and services is growing, which is expected to support the growth of the railway cyber security market.

With the ongoing COVID-19 outbreak affecting global economies in a negative manner, business activities and revenues in the North America railway cyber security market may get affected in the year 2020 and early 2021. The business lockdowns, travel & transportation bans, event cancellations, and supply chain disruptions in various countries are anticipated to affect the growth of North Americarailway cyber security market to some extent. Despite this, the overall growth outlook of the market is estimated to be positive over the forecast period.

Based on the component, the railway cyber security market is segmented into a solution and services. In terms of components, the solution segment led the railway cyber security market in 2019. With the increasing momentum of digital transformations across railway systems, the risk related to cyber-security has increased owing to the rising number of connected equipment and systems. Traditional cyber-security risk models are often unable to identify the specific nature of digital railway as it is different than those used in commercial or office environment. There are several solutions offered by cyber-security players for railways, including encryption, compliance management, intrusion detection system (IDS), antivirus, and a firewall. The railway cyber security market is competitive in nature with some of the well established players holding a significant market share.

The overall North America railway cyber security market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the North America railway cyber security market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America railway cyber security market are Capgemini SE, Cisco Systems, Inc., Collins Aerospace, Hitachi, Ltd., Huawei Technologies Co., Ltd., IBM Corporation, Nokia Corporation, Siemens AG, and Thales Group are among a few players operating in the North America railway cyber security market.