HYDERABAD, India, August 22, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the critical infrastructure protection market. The report titled, "Global Critical Infrastructure Protection Market - Growth, Trends and Forecasts," discusses the current landscape and outlook of the said market.
The global critical infrastructure protection (CIP) market was valued at USD 87.34 billion in 2015, and is forecasted to grow at a CAGR of 8.50% to reach USD 131.33 billion by 2020.
North America is projected to retain its dominance, followed by Asia-Pacific and Europe. Stringent regulatory standards coupled with high levels of market penetration drove CIP solutions growth in North America. The Asia-Pacific region is forecasted to record the highest CAGR growth of 9.02% over the reporting period, with China and Japan accounting for a sizeable portion of the market.
Physical security accounts for over 60% of the market share in the CIP security technology market, followed by SCADA security (10%), network security (8%) and CBRNE (5%). Physical security solutions have evolved considerably from the deployment to analog cameras to more advanced solutions such as IP Video Surveillance, scanners and biometrics. Vehicle Identification management solutions are forecasted to record the highest CAGR growth of 24.85% over the reporting period.
The CIP market is highly diversified, with a mix of established players and smaller companies vying for attention in an increasingly contested market space. Relatively moderate barriers for entry and growing focus on smart grid technology have enabled smaller firms to gain entrance into the market. However, recent trends show that industry players such as Honeywell International Inc., BAE Systems, General Dynamics, and Lockheed Martin are eventually acquiring smaller companies in a bid to consolidate their market position. Several collaborations are also being forged between existing companies, as they remain focused on providing integrated solutions and services to tackle dynamic attacks.
About Mordor Intelligence:
Mordor Intelligence is a global market research and consulting firm. Our focus is to provide research insights to facilitate business success. Our research expertise covers niche segments under Agriculture, Healthcare, ICT, Chemicals, Manufacturing, Logistics, Electronics and Automotive, among others. We believe in data, and we provide solutions through it. Optimum solutions and goal-oriented strategies define our endeavors and make us the preferred choice for clients.
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SOURCE Mordor Intelligence