New York, United States , May 15, 2023 (GLOBE NEWSWIRE) -- The Global Critical Infrastructure Protection Market Size is to grow from USD 138.5 Billion in 2022 to USD 254.51 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.27% during the projected period. The increasing adoption of critical infrastructure protection solutions in a wide variety of vehicles such as government, aerospace & defense, BFSI, transport & logistics, energy & power, commercial sector, telecom, chemicals, manufacturing, oil & gas, and others are expected to boost the demand for the critical infrastructure protection market during the forecast period.
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Critical Infrastructure Protection (CIP) is a requirement for the protection of national critical infrastructures such as data centers, financial institutions, government buildings, public transportation, and other crucial utilities. SCADA Systems, Industrial Control Systems (ICS), and Operation Technology (OT) are just a few examples of critical infrastructure components that frequently necessitate security considerations. Growing concern about sophisticated threats such as restricting citizens' access to water supply, energy, transportation, and emergency supplies is one of the key causes driving critical infrastructure protection market growth, affecting the financial system and the nation at large. Additionally, the advancement of modern technologies such as cloud-based services and the Internet of Things, as well as increased federal spending in critical infrastructure protection, will provide opportunities for growth in the worldwide critical infrastructure protection market.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Critical Infrastructure Protection Market Size, Share, and COVID-19 Impact Analysis, By Offering (Services and Solutions), By Security Type (Physical Safety and Security, Cybersecurity), By End-User (Government, Aerospace & Defense, BFSI, Transport & Logistics, Energy & Power, Commercial Sector, Telecom, Chemicals, Manufacturing, Oil & Gas, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032". Get Detailed Report Description Here:
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The solutions segment is dominating the market with the largest revenue share over the forecast period.
On the basis of offering, the global critical infrastructure protection market is segmented into the services and solutions. Among these, the solutions segment is dominating the market with the largest revenue share of 63.57% over the forecast period. This is due to an increase in the use of critical infrastructure protection solutions by enterprises in order to gain a competitive advantage and robust infrastructure protection over other organizations.
The cybersecurity segment is witnessing significant CAGR growth over the forecast period.
On the basis of security type, the global critical infrastructure protection market is segmented into physical safety & security, and cybersecurity. Among these, cybersecurity is witnessing significant CAGR growth over the forecast period. SCADA systems handle the bulk of critical infrastructure assets, which are linked to the majority of the global community via rapid connection information networks. This makes them extremely vulnerable to cyber-attacks, which are typically motivated by monetary gain and are designed to harm, steal, modify, or inject data into SCADA systems. As a result, several novel approaches for protecting SCADA systems are being developed.
The energy & power segment accounted the largest revenue share of more than 37.2% over the forecast period.
On the basis of end-user, the global critical infrastructure protection market is segmented into government, aerospace & defense, BFSI, transport & logistics, energy & power, commercial sector, telecom, chemicals, manufacturing, oil & gas, and others. Among these, energy & power are dominating the market with the largest revenue share of 37.2% over the forecast period. The evolution of the smart grid has increased the importance of strong critical infrastructure protection in ensuring infrastructure resilience and safety. The energy and power system is significant due to its economic relevance and numerous interdependencies with other infrastructure.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period. North America is a highly technologically proficient and adaptable region in terms of security infrastructure and technological growth. The largest and most powerful economies in North America, the United States, and Canada, are the greatest contributors to the North American critical infrastructure protection industry. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. Two major factors driving the regional market growth are the expansion of advances in industrial systems and the military.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Critical Infrastructure Protection Market include Hexagon AB, General Dynamics, Thales, Huawei, Lockheed Martin, Forcepoint, Johnson Controls, Axis Communications, Honeywell, Airbus, Northrop Grumman, IBM Corporation, Raytheon Company, Motorola Solutions, Booz Allen Hamilton Inc., Boeing, Fortinet, DXC Technology Company, and among others.
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Recent Developments
In March 2023, Fortinet, the global cybersecurity pioneer enabling networking and security convergence, has introduced new and improved products and services for operational technology (OT) settings as part of the Fortinet Security Fabric for OT. Fortinet helps enterprises to create a platform of integrated cyber risk mitigation solutions across OT and IT environments. To enable IT/OT convergence and communication, Fortinet's OT solutions are natively integrated throughout the Fortinet Security Fabric. This improves visibility and real-time response across the full attack surface, allowing security operations center (SOC) teams to become more efficient and effective in their response times across factories, plants, remote sites, and vehicles.
In June 2022, Forcepoint Federal, LLC, a recognized global leader in insider threat management, analytics, and secure information sharing, announced today that it has been awarded an $89,145,587 firm-fixed-price contract for a user activity monitoring enterprise solution for DoD Combatant Commands and Fourth Estate components. The Defense Information Technology Contracting Organization (DITCO) at Scott Air Force Base, Illinois, awarded the contract to Forcepoint Federal in a competitive offer via the US General Services Administration (GSA).
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