Critical Infrastructure Protection Global Market Report 2023: Increasing Cyberattacks on Systems Deployed Fuels Growth
DUBLIN, March 31, 2023 /PRNewswire/ -- The "Critical Infrastructure Protection Market by Component, Security Type (Physical Safety & Security (Video Surveillance Systems, Screening, and Scanning) and Cybersecurity (Encryption, Threat Intelligence)), Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global critical infrastructure protection market is projected to grow from USD 143.0 billion in 2023 to USD 162.5 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 3.3 % from 2022 to 2027.
Some factors driving the market growth include increasing cyber threats organizations face and government initiatives towards adopting critical infrastructure protection solutions. However, the lack of trained cybersecurity professionals to analyze CIP systems and interoperability between CIP solutions is expected to hinder the market growth.
Physical Safety and Security to hold largest market size during the forecast period
The physical safety and security segment includes physical identity and access control systems, perimeter intrusion systems (RADAR and sensors), video surveillance systems, screening and scanning, and others (facility management systems, emergency response, and disaster management).
Physical safety & security is the protection of physical assets, such as hardware, programs, premises, and personal data, from physical threats. Ignoring these threats can lead to severe damages or losses to owners and users. Secure and robust security systems such as high-quality video surveillance and perimeter security systems are integrated into the premises to monitor ongoing activities in and around the premises.
Video surveillance has improved drastically with the inception of video analytics and technologies, such as thermal cameras and biometric authentication. Some systems now use microwaves and radio waves to create perimeters that can alert security teams about threats. The increased adoption of video surveillance supported by facial recognition technology is observed in various application areas, including border control, law enforcement, and government and public utilities.
Managed Services to grow at higher CAGR during the forecast period.
Managed Service Providers (MSPs) ensure the security of critical business information and the smooth functioning of business operations. MSPs help customers update their CIP systems, solutions, and software with the latest enhancements. Customers' in-house capabilities are enhanced as MSPs safeguard physical and IT system assets.
Compared to professional services, the managed services market growth is expected to increase during the forecast period as the need for third-party expertise to secure critical assets is rising. Managed services are affordable and resourceful. It helps enterprises to focus on their core business. With the advancement in managed services such as managed detection and response (MDR), extended detection and response (XDR) services, etc., the market is expected to grow for CIP in the coming years.
Middle East and Africa to grow at highest CAGR during the forecast period.
The MEA region comprises significant economies, such as the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), and Israel. In the Middle East, government regulations concerning critical infrastructure protection are stringent. Countries in MEA implement critical infrastructure protection solutions across different verticals. DarkMatter, a cybersecurity company in the UAE, has revealed that financial, utilities, transport, and oil and gas verticals are prone to cyber-attacks. The company has further reported that the UAE is witnessing the second-highest smartphone adoption in the region and is an attractive destination for the growing cyber threats. This reliance on IoT systems has led to the need to secure these systems with critical infrastructure protection solutions.
Market Dynamics
Drivers
- Increasing Cyberattacks on Systems Deployed
- Initiatives Taken by Government to Protect Critical Infrastructure Industry
Restraints
- Lack of Trained Cybersecurity Professionals to Analyze CIP Systems
- Lack of Interoperability Between CIP Solutions
Opportunities
- Rise in Usage and Adoption of Internet of Things
Challenges
- Supply Chain Security-Based Concerns
- Digital Transformation-Based Issues
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Critical Infrastructure Protection Market, by Component
6.1 Introduction
6.2 Solutions
6.3 Services
7 Critical Infrastructure Protection Market, by Security Type
7.1 Introduction
7.2 Physical Safety & Security
7.3 Cybersecurity
8 Critical Infrastructure Protection Market, by Vertical
8.1 Introduction
8.2 Financial Institutions
8.3 Government
8.4 Defense
8.5 Transport & Logistics
8.7 Commercial Sector
8.8 Telecom
8.9 Chemicals & Manufacturing
8.10 Oil & Gas
8.11 Other Verticals
9 Critical Infrastructure Protection Market, by Region
10 Competitive Landscape
11 Company Profiles
Companies Mentioned
- Achilles Heel Technologies
- AirbUS
- Axis Communications
- Bae Systems
- Bruker Corporation
- Cips Security
- Cisco
- Forcepoint
- Fortinet
- Fujitsu
- G4S
- General Dynamics
- General Electric
- Hexagon Ab
- Honeywell
- Huawei
- Johnson Controls
- Liteye Systems
- Lockheed Martin
- Mission Secure
- Motorola Solutions
- Nec Corporation
- Northrop Grumman
- Optasense
- Owl Cyber Defense Solutions
- Rolta
- Scadafence
- Suprema Inc
- Teltronic
- Tenable
- Thales
- Waterfall Security Solutions
- Westminster Group plc
For more information about this report visit https://www.researchandmarkets.com/r/cwn4ag
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