According to a recent report published by Allied Market Research, titled, “Critical Infrastructure Protection (CIP) Market by Component, Security Type, Industry Vertical, and Region: Opportunity Analysis and Industry Forecast, 2020-2027,”
The Critical Infrastructure Protection (CIP) market size was valued at $118.19 billion in 2019, and is projected to reach $203.09 billion by 2027, growing at a CAGR of 7.2% from 2020 to 2027. Surge in adoption of new cutting edge technologies in various organizations and rise in need to create new mile stone in critical infrastructure security and cyber security sector drive the growth of the market. In addition, increase in demand for preparedness and response to serious incidents that involve the critical infrastructure of a region or nation among enterprises fuels the Critical Infrastructure Protection (CIP) market growth. Furthermore, increase in need of interactive, efficient and cost effective infrastructure protection system are expected to provide remunerative opportunities for the expansion of the market during the forecast period.
On the basis of component, the solution segment dominate the overall Critical Infrastructure Protection market in 2019, and is expected to continue this trend during the forecast period. This is attributed to increase in adoption of critical infrastructure protection solution among enterprises to gain strategic as well as competitive advantage and strong infrastructure security over their competitors. In addition, it helps end-users to make secure their important infrastructures and alert them before it get damage and attacked which drives the growth of the market. However, the service segment is expected to witness highest growth, as these segment of Critical Infrastructure Protection (CIP) market ensure effective coordination between service provider company and customer by providing implementation and training, consulting services and managed services. The adoption of these technology speeds up the safety of various critical infrastructure such as transportation, historical places, data centers, government offices, maximizes the value of existing infrastructure by optimizing it, and minimizes the cost of supervilance, which further fuel the growth of the market.
The COVID-19 pandemic has been a defining moment, which has transformed businesses security perspective. The pandemic has massively affected how cybersecurity and critical infrastructure protection is delivered to organizations and users for fast-tracking remote workforce support and accelerating cloud adoption. With every company adopting work from home policy, there has been a rise in demand for cloud-based systems. However, with this growth, the risk of cyber threats also increased, thereby venture capitalists are investing more in cyber infrastructure security. Moreover during worldwide lockdown the chances of external terrorist attack is also increases due to retraction in movement of security forces which increase need of human-less monitoring and security of physical critical infrastructures which will increase the demand of critical infrastructure protection solution. However during lots transport facilities ware not running and most of tourist places ware closed so it little bit impact on use of critical infrastructure protection solution. Furthermore, post lockdown due to heavy gathering of public in various places such as transits facility it will boost the demand of critical infrastructure protection market globally
Key Findings Of The Study
- By Component, in 2019, the Solution segment dominated the critical infrastructure protection market. However, the service segment is expected to exhibit significant growth during the forecast period.
- On the basis of solutions, physical safety and security segment accounted for the highest revenue of CIP market in 2019; however, the cybersecurity segment is expected to witness the highest growth rate over the forecast period.
- Depending on security, the operational technology segment generated the highest revenue in 2019. However, the information technology segment is expected to witness the highest growth rate in the near future.
- Region-wise, the RCS market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
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. This study includes Critical Infrastructure Protection market trends, Critical Infrastructure Protection (CIP) market analysis, and future estimations to determine the imminent investment pockets.