Global critical infrastructure protection market projected to fuel owing to the stringent government regulations for the adoption of CIP solutions and increasing security breaches and attacks pose a threat to physical systems
critical infrastructure protection
The global critical infrastructure protection market size stood at USD 128.94 billion in 2019 and is projected to reach USD 167.02 billion by 2027, registering a CAGR of 3.23% during the forecast period, 2020-2027. The primary factors are the upsurge in instances of security breaches and the rising number of attacks that pose a threat to physical systems. Additionally, the growing number of cyber threats and government regulations and practices is positively impacting the critical infrastructure protection market growth. Furthermore, the increasing adoption of IoT based CIP by public and private organizations to protect their critical infrastructure from malevolent objects generates immediate response to block suspicious activities and protect the critical systems are major drivers propelling the growth of the market.
Moreover, the increasing implementation of CIP solution by the organization for safety and non-interrupted functioning of their critical infrastructure such as nuclear facilities and protects virtual assets such as defense blueprints will positively impact the growth of critical infrastructure protection market. Also, the growing threat of cybersecurity and securing cyberspace is of extreme importance in growing digitization is expected to foster global market growth. Furthermore, the mounting cyber-attacks on critical infrastructure zones, along with the increasing investment in the physical and information security market, will boost the industry growth.
Critical information infrastructure provides network information services to the public or supports the operation of important industries such as energy, communications, finance, transportation, and public utilities.
Component Overview in the Global Critical Infrastructure Protection Market
Based on components, the global critical infrastructure protection market classified into Solutions (Hardware and Software) and Services (Consulting Services, Managed Services, Risk Management Services, and Training & Support. The Solutions segment likely to lead the market by 2027, owing to solutions and hardware CIP solutions that control the infrastructure to remain in the hands of their in-house team of technical experts.
Solution Overview in the Global Critical Infrastructure Protection Market
Based on the solution, the global critical infrastructure protection market bifurcates into Physical Safety and Security [Video Surveillance Systems, Screening and Scanning, Physical Identity and Access Control Systems, and Perimeter Intrusion Detection Systems], and Cybersecurity [Encryption, Network Access Control and Firewalls, and Threat Intelligence). The Physical Safety and Security segment witnessed the largest market share in 2019 and will dominate the critical infrastructure protection market by 2027. It is owing to it provide multiple physical barriers to ensure physical protection and monitor ongoing activities in and around the premises of critical infrastructure.
Industry Vertical Overview in the Global Critical Infrastructure Protection Market
Based on industry vertical, the global critical infrastructure protection market segregated into Financial Institutions, Government, Transport and Logistics, Energy and Power, Commercial Sector, Telecom, Chemicals and Manufacturing, Oil and Gas, and Others. The Commercial Sector segment projected to lead the market by 2027. It is due to the growing usage of physical security such as video surveillance systems, screening and scanning, physical identity, and access control systems to protecting sensitive areas.
Regional Overview in the Global Critical Infrastructure Protection Market
By geography, the global critical infrastructure protection market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America occupied a higher market share in 2019 and will continue its dominance by 2027. It is attributable to sustainable and well-established economies, implementation of the National Strategy and Action Plan for Critical Infrastructure along with its susceptibility to terrorism, cyber hijacking, and other local treats.
Global Critical Infrastructure ProtectionMarket: Competitive Landscape
Companies such BAE Systems, Lockheed Martin, General Dynamics, Northrop Grumman, Honeywell, Airbus, Raytheon, Thales, Hexagon AB, Johnson Controls, Huawei, Optasense, Teltronic, Motorola Solutions, Axis Communications, Waterfall Security Solutions, Rolta, SCADAfence, Tyco International, and 3xLogic are the key players in the global critical infrastructure protection market.
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