Selbyville, Delaware, According to a research report titled ‘Global Railway Cybersecurity Market Size study, by Type, by Security Type, by Component and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global railway cybersecurity market was valued at USD 2.8 billion in 2019, and is expected to record a CAGR of 3.1%, amassing USD 3.6 billion by the year 2027.

As per report findings, factors such as concerns regarding cyberthreats, rising popularity of IoT and automation technologies, increasing investment in rail infrastructure, and acceptance of cloud-based services are impelling worldwide railway cybersecurity market growth.

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For those uninitiated, cybersecurity refers to protection of data, software, and other essential files from information disclosure, theft or damage. It will make it simple and adaptable for the railway industry to incorporate advanced technology, which will allow better system management, data protection, and security of software.

However, a lack of innovation in cybersecurity in developing economies, dearth of qualified and skilled professionals, along with growing understanding of data protection, are anticipated to hamper the growth of global railway cybersecurity market over the analysis timeframe.

Based on type, global railway cybersecurity industry is split into on-board, and infrastructural. By security channels, the industry is arrayed into application security, network security, endpoint protection, data protection, and system administration.

Moving on to components, global railway cybersecurity market size is classified into design & implementation, solutions, support & maintenance, encryption, services, risk & threat assessment, firewall, antivirus/antimalware, risk & compliance, and IDS/IPS among others.

Major players in global railway cybersecurity market sphere are Thales Group, Cisco Systems Inc., Alstom SA, IBM Corp., Siemens AG, Hitachi Ltd., Bombardier Inc., Nokia Networks, United Technologies Corp., and GE Transportation (owned by Wabtec). These industry tycoons have adopted several strategies to gain competitive edge by forming mergers & acquisitions, frequent product launches, partnerships & agreements, funding, investment, and others.

On the regional front, North America captured a significant chunk of the market share in the previous years. That said, Asia-Pacific market is projected to record highest annual growth rate during the forecast period, owing to factors such as growing use of IoT and automation technology, coupled with growing cyberthreats.

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