Pune, Dec. 10, 2020 (GLOBE NEWSWIRE) -- The global CIP market is expected to grow astonishingly backed by the increasing development of smart cities. Such cities consist of cyber and physical infrastructures that enhance the overall standard of living. Security experts often use CIP solutions to protect the infrastructures from cyber-attacks. This information is given by Fortune Business Insights™ in a new report, titled, “Critical Infrastructure Protection (CIP) Market Size, Share & COVID-19 Impact Analysis, By Component (Type, Services), By Application (Identity and Access Management, Patching and Vulnerability Management, Security Event Monitoring, Incident Response, Resilience and System Recovery, Others), By Vertical (Energy and Power, BFSI, Transportation and Logistics, Healthcare, Manufacturing and Chemical, Oil and Gas, Government and Defense, and Others) and Regional Forecast, 2020-2027.” The report further states that the critical infrastructure protection (CIP) market size was USD 96.30 billion in 2019 and is projected to reach USD 154.59 billion by 2027, exhibiting a CAGR of 6.2% during the forecast period.
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This Report Answers the Following Questions:
- What are the market dynamics, growth drivers, and obstacles?
- How will the market be affected by COVID-19?
- Which company would generate the maximum revenue?
- Which strategies are being adopted by key companies to intensify sales?
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Drivers & Restraints-
Rising Need to Protect Industrial Infrastructure will Surge Demand for CIP Solutions
Critical infrastructure is persistently at high risk from numerous man-made and natural hazards and threats, such as terrorist attacks, cyberattacks, conventional or falling infrastructure, and harsh weather conditions. The large industrial infrastructures require internet connectivity for administration and remote monitoring. The above-mentioned threats can cause severe damages to defense, transport, energy systems, healthcare, finance, and telecommunications. They can further have devastating effects on the economy worldwide. Therefore, the critical infrastructure protection solutions are much needed for preventing such threats. In addition to this, the COVID-19 pandemic would impact the market positively stoked by the urgent need for strong communication infrastructure as the educational institutions are moving towards e-learning and the companies are shifting towards work-from-home initiatives.
However, building robust partnerships with governments, stakeholders, and organizations to collect information is a difficult task. It requires trust building. This factor may hamper the critical infrastructure protection market growth in the near future.
Segment-
Identity & Access Management Segment to Lead Owing to Its Ability to Provide Secure Access to Companies
Based on application, the market is segregated into resilience and system recovery, incident response, security event monitoring, patching and vulnerability management, identity and access management, and others. Out of these, the identity and access management segment held 26.8% in terms of critical infrastructure protection market share in 2019. It is set to lead throughout the coming years owing to its ability to aid the companies in delivering efficient and secure access to the diverse systems.
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Regional Analysis-
High-profile Cyber-attacks to Favor Growth in Asia Pacific
In 2019, North America procured USD 32.57 billion in terms of revenue. This growth is attributable to the increasing dependence of the e-commerce and electric power industries on CIP solutions, as well as the rising cases of cyber-attacks. So, the American government has inclined towards providing safety to the critical infrastructure of various countries in the region. Asia Pacific, on the other hand, is expected to be the fastest-growing region in the near future backed by the increasing prevalence of high-profile cyber-attacks. These attacks have compelled the authorities to strengthen their critical infrastructure and cyber resilience. It would help in surging the demand for CIP solutions in this region.
Competitive Landscape-
Key Players Focus on Partnership Strategy to Gain a Competitive Edge
The market houses some of the industry giants, such as Huawei Technologies Co., Ltd., Honeywell International, Inc., and BAE Systems that are consistently striving to retain their positions by working with a wide range of industries, such as water and wastewater, food processing, electric utilities, and oil & gas. Some of the other companies are following the strategy of partnerships and collaborations to develop in-house CIP solutions. Below are two of the latest industry developments:
- February 2020: IronNet Cybersecurity Inc. joined hands with Raytheon Company to create cyber solutions for the operational technology and information technology (OT/IT) systems. These will be delivered to the defense team and will help in controlling the interaction with the physical world.
- April 2018: Carleton University signed an agreement with SNC-Lavalin to collaboratively protect the critical infrastructures. This main aim of the company is to protect the industries from cybersecurity threats as they fully depend on network interconnectivity and smart grid technology.
List Of Key Companies Profiled in CIP Market
- 3xLogic (Westminster, US)
- Airbus (Leiden, Netherlands)
- Axis Communications (Lund, Sweden)
- BAE Systems (Farnborough, United Kingdom)
- Cisco Systems, Inc. (California, United States)
- General Dynamics (Virginia, United States)
- Hexagon AB (Sweden)
- Honeywell International, Inc. (North Carolina, United States)
- Huawei Technologies Co., Ltd (Shenzhen, China)
- Johnson Control (Cork, Ireland)
- Motorola Solutions (Illinois, United States)
- Northrop Grumman (Virginia, United States)
- Thales Group (La Défense, France)
- Tyco International (Cork, Ireland)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Key Industry Developments – In Response to the COVID-19 Impact
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Critical Infrastructure Protection (CIP) Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecasts– By Component (Value)
- Type
- Operational Technology
- Industrial Control Systems (ICS)
- Supervisory Control and Data Acquisition (SCADA) Systems
- Distributed Control Systems (DCS)
- Information Technology
- Network Security
- Physical Security
- Operational Technology
- Services
- Consulting Services
- Maintenance and Support
- Managed services
- Risk Management Services
- Type
- Market Size Estimates and Forecasts– By Application (Value)
- Identity and Access Management
- Patching and Vulnerability Management
- Security Event Monitoring
- Incident Response
- Resilience and System Recovery
- Others
- Market Size Estimates and Forecasts– By Vertical (Value)
- Energy and Power
- BFSI
- Transportation and Logistics
- Healthcare
- Manufacturing and Chemical
- Oil and Gas
- Government and Defence
- Others
- Market Size and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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