(MENAFN- EIN Presswire) Critical Infrastructure Protection
Surge in cyber-attack and security breaches in physical systems and need for operational technology networks drive the market.
PORTLAND, PORTLAND, OR, UNITED STATE, May 23, 2023 /einpresswire.com / -- Allied Market Research published a new report, titled, " The Critical Infrastructure Protection Market Reach to USD 203 Billion by 2027|Top Key Players as -Intel, Airbus & Honeywell." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The Critical Infrastructure Protection market size was valued at USD 118.19 billion in 2019, and is projected to reach USD 203.09 billion by 2027, growing at a CAGR of 7.2% from 2020 to 2027.
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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. 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.
Critical Infrastructure Protection (CIP) market is segmented on the basis of component, security, industry vertical, and region. By component it is bifurcated into solution and service. By security, it is categorized into, operational security and information security. By industry vertical, it is classified into IT & Telecommunication, BFSI, Energy & Utility, Government & Defence, Oil and Gas, Transportation and logistics, manufacturing and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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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.
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
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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.
The key critical infrastructure protection industry players profiled in the report are Honeywell International Inc., IBM Corporation, BAE Systems Plc, General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, DXC Technology Company, Intel Corporation, Airbus, TRL Technology Ltd.
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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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