Critical Infrastructure Protection Market to Reach $203.09 Bn, Globally, by 2027 at 7.2% CAGR: Allied Market Research
Surge in cyber-attack and security breaches in physical systems and need for operational technology networks drive the global critical infrastructure protection market.
PORTLAND, Ore., July 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Critical Infrastructure Protection Market by Component (Solution, Service), Security Type (Operational Security, Information Security), Industry Vertical (IT & Telecom, BFSI, Energy & Utility, Government and Defense, Oil & Gas, Transportation & Logistics, Manufacturing and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global critical infrastructure protection industry generated $118.19 billion in 2019, and is expected to witness $203.09 billion by 2027, witnessing a CAGR of 7.2% from 2020 to 2027.
Prime determinants of growth
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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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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The solution segment to maintain its lead position throughout the forecast period
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.
The operational technology segment to maintain its leadership status by 2027
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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North America to maintain its dominant share in terms of revenue by 2027
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.
Leading Market Players
- Honeywell International Inc.
- BAE Systems Plc
- IBM Corporation
- Lockheed Martin Corporation
- General Dynamics Corporation
- DXC Technology Company
- Northrop Grumman Corporation
- Airbus
- Intel Corporation
- TRL Technology Ltd.
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