Global Railway Cyber Security Market: Overview
The global railway cyber security market is expected to witness a robust growth in the near future. Technological advancement like automation and central control management systems are expected to drive growth of the market.
These centralized systems are becomingly increasingly important as high-speed trains and metros become widespread globally. Today, centralized systems can manage entire workloads of railway operations including rail traffic management, automation of traffic, and signaling. The growing dependence of these systems also makes them vulnerable to cyber-attacks.
Transparency Market Research (TMR) reports sheds some detailed findings about the share, size, growth, and trends in the global railway cyber security market during the forecast period.
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Global Railway Cyber Security Market: Notable Developments
Some of key developments in this area of global cybersecurity market are as follows:
- In 2016, San Francisco transit system was attacked with ransomware. The attackers demanded 70,000 USD in return. Similarly, Colorado department of Transportation shut down in 2018, due to a ransomware attack on 2000 computers. Moreover, due to cyber security threats to other US departments, a currently Chinese hand behind these attacks is suspected and a senate investigation in the US is underway.
- In a similar twist, US senator Ed Markey with others has put forward two bills in the senate which will require the US government to make mandatory checks before purchasing hardware railway equipment from China. This is a move which is expected to add fuel to the fire in the recent trade war.
- Moreover, it is also an incident similar to the Huawei case, wherein the US claims there is a potential espionage threat. These bills and atmosphere of uncertainty can hamper growth of the railway cyber security market if it persists for a long duration.
Global Railway cyber security market: Drivers and Restraints
New Policies to Boost Market
A new insurance policy is launched in Germany which provides more assurance in tackling the menace of cybersecurity. The policy framework provides ratings based on the rail cyber index designed by experts is expected to aid in the growth of the global railway cyber security.
Additionally, the insurance will cover new areas such as extortion through ransomware, loss of customer data, and system breakdown emergencies. New insurance policies and framework are expected to provide impetus to adopting cyber security framework as these are often essential for insurance pay-outs. All these factors are expected to push the expansion of the global railway cybersecurity market.
New Technologies to Promote Growth
Apple purchased a division of Intel working on 5G modems. This development is significant as it gives wings to the ambition of independently developing US portfolio on 5G technology. This technology is expected to make deliver incredible data speeds making it easier to support technologies like video communication, artificial intelligence, and general connectivity.
Apple can complete the 5G upgrade within a couple of years to gain huge stride towards the expansion of the railway cyber security market. The 5G technology can also provide a major boost to the central monitoring system with real-time video communication and technologies like hologram, owing to the surge of the global railway cybersecutity market over the forecast period.
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Global Railway cyber security market: Geographical Outlook
The global railway cyber security market is expected to witness robust growth in Europe, and Asia Pacific. The advent of new systems and frameworks like insurance are expected to provide major boost to the market in Europe. Additionally, growing threats of terrorist attacks are also expected to provide a major boost to the global railway cyber security market.
The major infrastructure in Asia in countries like China, and India are expected to drive the global railway cyber security market. Chinese companies are undertaking several large projects in Africa as well. This is expected to provide a major boost to the global cyber security market as focus is expected to shift towards long term goals such as cyber security.
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