ResearchAndMarkets.com has just released a report titled Aviation Cyber Security Market – Growth, Trends, and Forecast (2019 – 2024). According to the report, the aviation cyber security market is expected to register a compound annual growth rate (CAGR) of around 11% from 2019-2024.
The aviation sector has benefitting from the increasing level of connectivity and digitisation across the value chain. Advances in enabling technological in the aviation sector are creating enormous opportunities for better customer service, security, flight efficiency, operations and the overall passenger experience, both on the ground and in the air.
However, with advances in technology and connectivity, the market has become more vulnerable to cyber-attacks of malicious malware activities targeting the aviation sector. In December 2017, sensitive security data was stolen at Perth airport, in Australia. Cathay Pacific Airways also suffered from data breach, with the hacker accessing personal information of more than 9.4 million customers.
Detection and prevention are the most sought-after solutions: with every attack, the threats are becoming more cunning. Owing to such instances the corporates are trying to utilise services of domain experts thus, creating an opportunity for the market.
A key market driver is the need for technological advances aimed at preventing the aviation sector’s IT infrastructure and networks from cyber-attacks. As the aerospace sector moves toward the autonomy of spaceflight it is investing billions in developing aviation technologies, so the need to protect the infrastructure becomes critical.
The aviation industry relies heavily on IT infrastructure for its ground and flight operations. The security of these systems has a direct impact on the operational safety and efficiency of the industry: it also has an indirect impact on the industry’s service, reputation and financial health.
Key market trends
1. As the main passenger contact point, airport management holds significant market share
- With the number of air travel passengers increasing at rapidly year on year, airports continue to upgrade their infrastructure intelligence to improve the passenger travel experience and support growth. By enabling the exchange of real-time information on flight schedules, collaboration, and airport-wide process integration, airports significantly improve operational efficiencies, passenger services, and advanced security capabilities. These factors drive the adoption of IT systems thus impacting the market.
- According to the SITA Air Transport IT Trends Insights Report, 2018, airports and airlines have prioritised IT investment as cybersecurity, with 94% of studied airports planning to invest in cybersecurity programmes over the next three years.
- There is increased demand for cyber security in aviation in the Asia-Pacific region. According to the Indian Government’s Vision 2040, India needs approximately 200 commercial airports and an estimated investment of $40 to $50 billion to handle at least 1.1 billion passengers by 2040. In addition, the civil aviation authorities of the world are placing increased emphasis on enhancing and ensuring safety and security standards across the fast-growing aviation ecosystem.
2. North America holds the largest market share
- According to the Cyber Security Breaches Survey 2018, in the United States, the state of California lost more than $214 million through cyber crime alone. Such cases are clearly creating a need for cyber security in the country and are having an impact on demand.
- In the US, transportation companies and air carriers – in the aviation sector in particular – are incorporating more advanced cybersecurity programs that align with National Institute of Standards and Technology (NIST) standards.
- The US places particular emphasis on its aviation sector and invests mainly in research and development of advanced cybersecurity systems. 2019 President’s budget includes $15 billion of budget authority meant for cybersecurity-related activities. The Airport and Airway Trust Fund has a 2019 budget of $32.4 million.
- In addition, new budget spending for Canadian infrastructure protection is $144.9 million over five years. This covers Canada’s critical cyber systems includes sectors in the finance, telecommunications, energy and transport sectors.
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