Global Aviation Cyber Security Market: Snapshot
Aviation cyber security solutions are software suites designed to defend aviation networks, computers, and databases from cyber-attacks and unauthorized access. As the burgeoning global aviation industry becomes more dependent on information technology (IT) solutions and digital technologies to meet the continuously rising consumer base and changes in consumer preferences, cyber security has become a serious and urgent concern. Cyber-attackers are becoming more sophisticated in the ways they attack aviation systems and companies in the aviation market are leaving no stone unturned to make their systems comprehensively secured to ensure smooth operations and high-quality services to their consumers.
An increasing number of airport and airline operators are deploying effective security systems and solutions to protect their IT systems and infrastructure from cyber-attacks. These solution help in protecting the critical infrastructures and reducing the severity of cyber-threats, which can otherwise cause heavy financial losses and disruptions in the worldwide transportation network. The demand for better aviation cyber security solutions such as unified threat management, identity and access management, risk and compliance management, and vulnerability management for the aviation sector are expected to significantly drive the global aviation cyber security market over the forecast period.
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Transparency Market Research states that the revenue valuation of the global aviation cyber security market stood at US$2,545.2 mn in 2016. The market is projected to expand at a CAGR of 7.4% from 2017 to 2025 and reach US$4,759.3 mn by 2025.
Managed Security Services to Continue to Witness Strong Growth
In terms of services, the global market for aviation cyber security is segmented in the report into managed security solution, training, and consulting. Of these, the segment of managed security solutions presently accounts for a massive chunk of revenue in the global market and is expected to hold over 73% of the global market by the end of the report’s forecast period. The segment will significantly benefit from the increasing adoption of outsourced monitoring and management solutions in the aviation industries across regions such as North America, Europe, and Asia Pacific. The segment is expected to expand at a promising 7.4% CAGR from 2017 to 2025.
However, the segment of training services is expected to lead in terms of growth rate over the forecast period. The demand for training services in the global aviation cyber security market is expected to exhibit a 7.9% CAGR from 2017 to 2025.
Despite Small Share in Global Market, South America to Present Most Lucrative Growth Opportunities
From a geographical perspective, the North America market for aviation cyber security dominated the global market in terms of revenue contribution in 2016. The region accounted for over 36% of the market in the said year. The leading position of North America in the global aviation cyber security market is chiefly attributed to the presence of large airline operators and airports. Same applies to Europe, which is another leading contributor of revenue to the global aviation cyber security market. However, the growing number of medium and small airline operators in other regions is expected to impact the market share of North America and Europe in the coming years.
Asia Pacific is anticipated to contribute significant chunk of revenue to the global market over the report’s forecast period owing to the thriving aviation industry. Due to the severity of rising cyber-threats and introduction of new airline services, Middle East & Africa (MEA) is expected to emerge as one of the key regional markets for aviation cyber security solutions in the coming years. Furthermore, South America is expected to register the highest CAGR growth over the forecast period owing to the introduction of many new low cost carrier airline services.
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Some of the leading players operating in the global aviation cyber security market are Airbus Defence and Space SA, BAE Systems, Inc., Computer Sciences Corporation, General Electric Company, General Dynamics Corporation, Harris Corporation, BluVector Inc., Palo Alto Networks, Inc., root9B Holdings Inc., Rockwell Collins, Inc., Raytheon Company, Thales S.A. and Unisys Corporation.
