The Global Critical Infrastructure Protection Market to Amount to $129.07 Billion by 2028

February 08 13:40 2021
The Global Critical Infrastructure Protection Market to Amount to $129.07 Billion by 2028

Critical Infrastructure Protection Market
As Triton’s research report indicates, the global critical infrastructure protection market, which garnered $72.76 billion in 2020, is likely to chart a CAGR of 6.89% by the year 2028.

A recent study by Triton Market Research titled ‘Global Critical Infrastructure Protection Market,’ covers the Global Analysis and Forecasts for 2021-2028 by Security Technology (Network Security; Physical Security [Screening and Scanning; Video Surveillance; PSIM and PIAM; Access Control], Vehicle Identification Systems; Building Management Systems; Secure Communications; RADAR; SCADA Security; CBRNE), by Services (Risk Management Services; Designing, Integration, and Consultation; Managed Services; Maintenance and Support), by Vertical (Energy and Power; Transportation; Sensitive Infrastructure and Enterprises), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

Critical infrastructure provides essential services that sustain a society; it serves as the foundation of any nation’s economy, security, and health. The power used in homes and industries, communication systems, and for purposes like transportation and obtaining potable water are a part of critical infrastructure.

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The report estimates the global critical infrastructure protection market to showcase a CAGR of 6.89% in the forecasting duration between 2021 and 2028. It accounted for $72.76 billion in revenue in 2020, and is expected to generate a revenue worth $129.07 billion by 2028.

The undertaking of large-scale projects for the development of smart grid technology has been identified as one of the key trends driving the studied market’s growth. This technology helps reduce the energy loss during the transmission and distribution processes. This ensures a reduction in the consumption of electricity. Power grid infrastructure is becoming progressively digitized and connected. Therefore, it is critical to ensure that there is a reliable and secure flow of digital communications. A robust smart grid infrastructure, is therefore, of critical importance.

Industrial control system devices, such as power grids, play a vital role in critical infrastructures. However, there is a lack of deep knowledge regarding the characteristics of these devices in the cyberspace. The lack of technical security testing is making critical national infrastructure and industrial control environments vulnerable to cyberattacks. This is expected to obstruct the process of the CIP market’s growth.

The market for critical infrastructure protection is mainly divided into security technology, services, and vertical. On the basis of security technology, it is categorized into network security; physical security; vehicle identification systems; building management systems; secure communications; RADAR; SCADA security; and CBRNE. The physical security segment is sub-segmented into screening and scanning; video surveillance; PSIM and PIAM; and access control. On the basis of services, the market is classified into risk management services; designing, integration, and consultation; managed services; maintenance and support. Whereas, based on vertical, it is trifurcated into energy and power; transportation; sensitive infrastructure and enterprises.

North America leads the global CIP market, and held the largest share of the market in 2020. It is a technologically-driven region, and has always been at the forefront when it comes to the adoption of the latest technologies. The National Strategy for Critical Infrastructure and supporting Action Plan was recently implemented in Canada. The goal of this strategy is to strengthen the resiliency of the nation’s vital systems and assets.

This is expected to supplementing the Canadian market’s growth. Further, according to reports, investments in smart grid technology in the United States have been on the rise. The growing investments in the development of smart grid technology are expected to enhance the efficiency, flexibility, reliability, and security of the electricity systems. This, in turn, is expected to aid the critical infrastructure protection market’s growth in North America.

Lockheed Martin Corporation, McAfee Inc (TPG Capital), Airbus SE, General Dynamics Corporation, BAE Systems Plc, Axis Communications, Waterfall Security Solutions Ltd, Ericsson AB, Honeywell International Inc, General Electric Company, Northrop Grumman Corp, Kaspersky Lab Inc, Hexagon AB, Raytheon Co, and Teltronic are the well-known players in this market.

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Question & Answer: Critical Infrastructure Protection Market

Question 1: What factors are driving the studied market’s growth?

Answer: The undertaking of large-scale projects for the development of smart grid technology has been identified as one of the key trends driving the studied market’s growth. This technology helps reduce the energy loss during the transmission and distribution processes. This ensures a reduction in the consumption of electricity. Power grid infrastructure is becoming progressively digitized and connected. Therefore, it is critical to ensure that there is a reliable and secure flow of digital communications. A robust smart grid infrastructure, is therefore, of critical importance.

Question 2: What factor is expected to obstruct the process of the critical infrastructure protection market’s growth?

Answer: Industrial control system devices, such as power grids, play a vital role in critical infrastructures. However, there is a lack of deep knowledge regarding the characteristics of these devices in the cyberspace. The lack of technical security testing is making critical national infrastructure and industrial control environments vulnerable to cyberattacks. This is expected to obstruct the process of the CIP market’s growth.

Question 3: Which region is expected to dominate the global critical infrastructure protection market?

Answer: North America leads the global CIP market, and held the largest share of the market in 2020. It is a technologically-driven region, and has always been at the forefront when it comes to the adoption of the latest technologies. The National Strategy for Critical Infrastructure and supporting Action Plan was recently implemented in Canada. The goal of this strategy is to strengthen the resiliency of the nation’s vital systems and assets.

This is expected to supplementing the Canadian market’s growth. Further, according to reports, investments in smart grid technology in the United States have been on the rise. The growing investments in the development of smart grid technology are expected to enhance the efficiency, flexibility, reliability, and security of the electricity systems. This, in turn, is expected to aid the critical infrastructure protection market’s growth in North America.

Question 4: Which are the well-known players in the critical infrastructure protection market?

Answer: Lockheed Martin Corporation, McAfee Inc (TPG Capital), Airbus SE, General Dynamics Corporation, BAE Systems Plc, Axis Communications, Waterfall Security Solutions Ltd, Ericsson AB, Honeywell International Inc, General Electric Company, Northrop Grumman Corp, Kaspersky Lab Inc, Hexagon AB, Raytheon Co, and Teltronic are the well-known players in this market.

 

Related Report:

Global Cyber Security Market

The global cyber security market is set to show revenue growth in the forecasting years 2019-2028, generating $308.75 billion by 2028, while simultaneously charting a CAGR of 10.65%.

Several organizations are increasingly adopting the BYOD culture. Also, the IoT (Internet of Things) technology is being deployed in many of these enterprises on a large scale. Such moves have increased the risk of devices being vulnerable to cyber attacks. This is because the rising number of devices is making it extremely difficult to manage data flow, and is exposing them to more advanced persistent threats. The growing incidence of cyber attacks is thus creating a huge demand for solutions to tackle these problems. This enhanced demand is fuelling the cyber security market growth.

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