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Critical Infrastructure Protection market
Critical Infrastructure Protection (CIP) market is segmented on the basis of component, security, industry vertical, and region.
PORTLAND , PORTLAND, OR, UNITED STATE, July 24, 2022 /EINPresswire.com / -- Enforcement of stringent government regulations toward the adoption and implementation of critical infrastructure protection software, surge in cyber-attacks and security breaches in physical systems, and need for operational technology networks drive the global critical infrastructure protection market .
However, high initial cost of CIP and lack of interoperability between the CIP solutions along with complexity in the technical operation hinder the market growth. On the other hand, emergence of cutting-edge technology such as cloud technology and internet of things (IoT) along with rise in investment of government authority present new opportunities in the coming years.
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According to Fortune Business Insights, the global Critical Infrastructure Protection (CIP) Market Size is projected to hit USD 154.59 Billion in 2027, at CAGR of 6.2% during forecast period.
Covid-19 Scenario
•Various regulatory bodies have lifted off some of the enforcement criteria during the pandemic. However, several new organizations have been planning for long-term regulatory compliance with data security and data management becoming crucial factors for adoption of critical protection infrastructure services and solutions.
•The majority of organizations have adopted the 'work from home' policy, so the demand for cloud-based systems increased significantly. However, the risks regarding cyber threats rose, which led to increase in investments in cyberinfrastructure security.
•Though many tourist places were closed, leading to reduced implementation of critical information security systems, the opening of tourist places during the post-lockdown would lead to a gradual increase in demand.
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Based on component type, the solution segment held more than three-fifths of the total share of the global critical infrastructure protection market in 2019, and is expected to maintain its lead position throughout the forecast period. This is due to increase in adoption of CIP solutions among enterprises to gain strategic as well as competitive advantage and strong infrastructure security over their competitors.
However, the services segment is estimated to manifest the fastest CAGR of 8.0% from 2020 to 2027, owing to assurance provided by these services for effective coordination between service provider companies and customers by offering services such as implementation and training, consulting services, and managed services.
Based on security type, the operational technology segment contributed to more than half of the global critical infrastructure protection market in 2019, and is expected to maintain its leadership status by 2027. This is due to rise in demand for critical infrastructure security solutions in manufacturing, transportation & logistics, energy & utility sectors with increase in incidents of cyber threats and attacks. However, the information technology segment is projected to register the highest CAGR of 8.7% from 2020 to 2027, owing to increase in number of data centers in industrial verticals such as BFSI, IT & telecom, and the oil & gas industry.
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Based on region, North America contributed to the largest market share in 2019, holding around two-fifths of the global critical infrastructure protection market, and is projected to maintain its dominant share in terms of revenue by 2027. This is due to rise in usage of emerging technologies such as artificial intelligence, industrial automation, and a major shift toward digital transformation. However, Asia-Pacific is expected to maintain the largest CAGR of 9.7% from 2020 to 2027, owing to strong economic growth along with the ongoing developments in the national security and personal safety sector.
Key Benefits For Stakeholders:
•The study provides an in-depth analysis of the Critical Infrastructure Protection (CIP) market along with the current Critical Infrastructure Protection market trends and future estimations to elucidate the imminent investment pockets.
•Information about key drivers, restraints, and opportunities and their impact analysis on the Critical Infrastructure Protection (CIP) market is provided.
•Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the critical infrastructure protection market.
•The quantitative analysis of the Private LTE market from 2019 to 2027 is provided to determine the critical infrastructure protection market potential.
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