Railway Cyber Security Market Bolsters; But Might Face Skill Shortage
The rise in digital transformation and increasing complexity & frequency of cyber-attacks are some of the main factors bolstering the growth of global railway cyber security market as per the observations by industry analysts. They predict that the increasing adoption of cloud-based solutions and rising number of cyber security laws & regulations will drive the growth of market in next few years.
Geographically, the railway cyber security market is segmented into five major regions that include North America, Europe, APAC, MEA, and SAM. Amongst these regions, Europe held the largest share in 2019 followed by North America and APAC. According to experts, APAC is considered as a fastest growing market from 2020 to 2027.
It has been observed that to maintain positions or global expansion, companies in the railway cyber security market are focusing on strategic activities such as partnerships, collaborations, mergers and acquisitions, and new product launches etc.
For instance, Société du Grand Paris selected Nokia and ENGIE Solutions for the deployment of an industrial-grade LTE private wireless network in automated lines of the Grand Paris Express metro in 2020. These solutions include cyber-security offered by Nokia to railway systems.
The research report by The Insight Partners states that the railway cyber security market is expected to reach at US$ 11,001.4 million by 2027 at a CAGR of 8.2%. The report predicts that the factors such as shortage of cyber security skilled professionals and lack of awareness among enterprises will be responsible for restricting the growth of market.
Moreover, in recent years, technology has become an integral part of Railway Protection Force (RPF) policing. In the modernization processes of RPF, some of the main steps are the introduction of Body-Owned Cameras (BoCs), establishments of CCTVs, e-patrol monitoring, the establishment of IT training centers and the Security Helpline App pilot, and cyber cells. Data shows that developing countries such as India and few other Asian countries are witnessing the exponential surge in the COVID-19 patients on a daily basis. To control the crisis, these countries are still not planning to normalize the transportation services. The industry experts predict that this uncertainty caused in these countries due to the outbreak will affect the growth of railway cyber security market in the year 2020 and early 2021.
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.