The Railway Platform Security Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Railway Platform Security Global Market Report 2024, The railway platform security market size has grown strongly in recent years. It will grow from $2.3 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increased health consciousness, aging population, preventive healthcare trends, risen chronic diseases, advancements in biomarker research.
The railway platform security market size is expected to see strong growth in the next few years. It will grow to $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to personalized medicine emphasis, expanding middle-aged population, corporate wellness programs, government initiatives for preventive healthcare, rising lifestyle-related health issues. Major trends in the forecast period include ai and machine learning applications, increasing consumer awareness, integration with wearable devices, collaborations for research and development, regulatory support and standardization.
Increasingly prone to security threats are expected to propel the growth of the railway platform security market going forward. A security threat refers to an attack with the intent to steal data, corrupt systems, or disrupt an organization’s operations. Railway platform security is utilized in the security system at many railway stations to identify unattended luggage in train carriages as well as track down suspected terrorist activity. It involves measures to protect passengers, staff, and infrastructure from security threats. Hence, an increase in security threats will increase the demand for railway platform security. For instance, in 2022, according to Cylus Ltd., an Israel-based company, the platform security was specially created to satisfy the particular needs and requirements of the railway sector. Cyberattacks have increased by 220% in the last five years. There are more and more feasible avenues for breaches and threats to core systems as US railroad and rail transit systems become more digitalized. Therefore, the rise in security threats is driving the growth of the railway platform security market.
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The railway platform security market covered in this report is segmented –
1) By Component: Software, Services
2) By Solution: Sensors, Video Surveillance Systems, Platform Edge Doors, Alert System
3) By Sensor: Radar, Microwave, Infrared
4) By Application: Subways, Trains
Subsegment : Professional Services, Managed Services
New Technologies is the key trend gaining popularity in the railway platform security market. Major companies operating in the railway platform security market are focusing on developing new technologies. For instance, in November 2021, ADLINK technology Inc., a Taiwan-based company that creates and produces goods for applications in test and measurement, automation, and embedded computing, introduced its AVA-RAGX AI-enabled video analytics platform with a focus on the development of next-generation rail solutions, such as passenger security, danger monitoring, and railroad incursion detection. For onboard and wayside railway applications, AVA-RAGX offers a small, tough AI-enabled system that operates effectively and reliably in challenging conditions. The development of open standards-based heterogeneous computing solutions for subsequent-generation AI and machine learning applications became available through ADLINK’s access to advanced processing technology and technical support.
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Top 5 Major Key Players Are:
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