Increasing cases of terrorism, virtual & cyber-attacks along with rising application areas of IoT is driving the critical infrastructure protection market growth. Additionally, owing to rising security concerns across various industries such as telecommunication, transportation, oil & gas, energy and others is again fueling the critical infrastructure protection market growth. Moreover, increasing investment of government on critical infrastructural data is another factor boosting the CIP market growth. Growing physical and cyber security market is likely to propel the market demand in upcoming years.
As per Value Market Report, the Global Critical Infrastructure Protection Market is expected to be worth USD 129,660.7 MN by 2024 with a CAGR of 6.8%.
PHYSICAL SECURITY TECHNOLOGY IS GAINING POPULARITY IN THE GLOBAL MARKET
Based on security technology, the market is bifurcated into network security, physical security, and others. Among these, physical security was dominating in 2017 and it is estimated that it will generate USD XX.X MN revenue by the end of 2024. Rising terrorist activities, stringent regulation by government, and increasing threats to physical assets are the key factors driving the segment growth.
MANAGED SERVICES EMERGES AS THE LEADING SERVICE SEGMENT
Managed service is an efficient way to stay up to date with technology which helps to reduce operating cost and improved the quality of services thereby raising the demand of the product. Moreover, it allows the outsources organization to improved their strategic functions and focus on core business objectives which are further expected to propel the segment growth. It is estimated that managed service generate the revenue of USD XX.X MN by the end of 2024.
ENERGY AND POWER IS THE LEADING VERTICAL SEGMENT
Energy and Power accounted for the leading vertical of critical infrastructure protection market in 2017 and it is expected that it will reach USD XX.X MN revenue by the end of 2024. Technological innovations in bio-based products, energy efficiency and conservation, such as energy management software, virtual audits, and reducing reliance on conventional resources are driving the market growth. Rising demand for recyclable products, changing consumer preferences, and discovery of depository that are underground are again fueling the market growth. In addition, insights on steps taken by governments for cost-effective and eco-friendly projects are also likely to boost the market growth.
INCREASING INVESTMENT IN INFRASTRUCTURE HELPS NORTH AMERICA TO GAIN MAXIMUM SHARE
North America was dominating the global critical infrastructure market in 2017 and is expected to maintain its dominance during the forecast period by generating the revenue of USD XX.X MN by the end of 2024. The North America market is majorly driving by the rising cyber threats, susceptibility to terrorism and increasing investment in infrastructure protection. Additionally, implementation of various security policies & bodies by the U.S. government such as Homeland Security Presidential Directive and the National Infrastructure Protection Programme (NIPP) is the major factor supporting the regional market growth.
PROMINENT PLAYERS OF CRITICAL INFRASTRUCTURE PROTECTION MARKET
Airbus Group SE, BAE Systems PLC, EMC Corporation, General Dynamics Corporation, Honeywell International, Inc., Intergraph Corporation, Lockheed Martin Corporation, McAfee, Inc., Northrop Grumman Corp., Raytheon Company, and Waterfall Security Solutions Ltd. are the major players in the market.