The railway cyber security market in Europe is expected to grow from US$ 2,358.1 million in 2019 to US$ 4,400.3 million by 2027; it is estimated to grow at a CAGR of 8.3% from 2020 to 2027. Some of these attack types include advanced persistent threats (APTs), ransomware, and other advanced malwares. In addition to the complexity, the frequency of these attacks has also increased multifold in the past few years due to rising number of endpoints. Owing to these factors, the companies across various industries are facing challenges related to cyber security and data protection. Therefore, the demand for cybersecurity solutions and services is growing at an impressive pace and it is anticipated to rise further with growing complexity of cyber threats. Therefore, increasing number of cyberattacks is fueling the growth of cyber security solutions, which is supporting the growth of railway cyber security market.
COVID-19 impact on region’s economy is also expected to affect the growth of railway cyber security market in coming few quarters. However, the situation is gradually improving in many countries such as Italy, Spain, Germany, and France and the number of cases and deaths have decreased a lot due to the success of effective and timely lockdown decisions of these countries.
Based on the type, the railway cyber security market is segmented into infrastructural and on-board. Increased connectivity has resulted in increased vulnerability across railways. With advanced technologies being installed into rail systems, such as control systems, remote maintenance, remote monitoring, passenger Wi-Fi as well as other digital technologies and services, trains are becoming increasingly vulnerable, with safety-critical assets increasingly exposed to malicious hacks. Train safety and security, is a vital component of a nation’s economy and the lives of its citizens. Several people commute by train or metro every day. Additionally, trains transport hundreds of millions’ worth of goods daily. During the past few years, the railway industry has transformed, thus becoming connected and digitized. The railway cyber security market is competitive in nature with the presence of a large number of players operating in the railway cyber security market.
The overall Europe 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 railway cyber security market. The process also serves the purpose of obtaining an overview and forecast for the Europe 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 Europe railway cyber security market are Capgemini SE, Cisco Systems, Inc., Collins Aerospace, Hitachi, Ltd., Huawei Technologies Co., Ltd., IBM Corporation, Nokia Corporation, Selectron Systems AG, Siemens AG, and Thales Group are among a few players operating in the Europe railway cyber security market.