The critical infrastructure protection market has experienced steady growth in recent years, projected to increase from $140.42 billion in 2023 to $146.21 billion in 2024, representing a compound annual growth rate (CAGR) of 4.1 percent, according to data released by the Business Research Company. The growth during the historical period can be attributed to several factors, including the integration of physical and cybersecurity measures, regulatory compliance requirements, heightened focus on supply chain security, efforts to mitigate insider threats, and an emphasis on resilience and business continuity.
The Business Research Company disclosed that the critical infrastructure protection market is anticipated to experience strong growth in the coming years, projected to reach $184.22 billion by 2028, with a compound annual growth rate (CAGR) of 5.9 percent. This growth during the forecast period can be attributed to several factors, including efforts to mitigate insider threats, increased collaboration and information sharing, and a heightened focus on resilience and business continuity.
Growth Driver Of The Critical Infrastructure Protection Market
The increasing adoption of cloud technology and IoT devices is expected to drive growth in the critical infrastructure protection market in the future. The Internet of Things (IoT) comprises physical objects that utilize software and various technologies to connect with devices and systems via the Internet for data transfer, while cloud technology enables data storage and access over the Internet rather than relying solely on local computer hard drives. In the context of critical infrastructure, cloud computing enhances the confidentiality, integrity, and availability of data while ensuring compliance with relevant standards.
Critical infrastructure protection involves safeguarding against cyberattacks that could damage or disrupt the services provided by essential infrastructures. This concept encompasses not only the prevention of cyberattacks but also the response to incidents when they occur, ensuring that measures are in place to prevent such attacks from happening in the first place.
Key players in the market include BAE Systems, Lockheed Martin, Northrop Grumman, Honeywell International Inc., Airbus SE, Raytheon Technologies Corporation, Thales Group, Hexagon AB, Johnson Controls, Teltronic S. A., General Dynamics, Optasense Limited, Waterfall Security Solutions, Rolta India, SCADAfence, Huawei Technologies, Confluera, Erkios Systems, McAfee., Kaspersky Lab, Telefonaktiebolaget LM, Ericsson, Fortinet, Cisco Systems, Symantec Corporation, International Business Machines Corporation, Microsoft, NICE Ltd., SAP SE, Verint Systems, Pointillist, ClickFox, Kitewheel LLC, and Servion Global Solutions Limited.
The Business Research Company identified that the major companies in the critical infrastructure protection market are prioritizing the development of new AI-based security solutions tailored for operational technology environments to gain a competitive advantage. Operational Technology (OT) encompasses the hardware and software utilized to monitor and control physical devices, processes, and events within industrial and critical infrastructure sectors.
How Is The Global Critical Infrastructure Protection Market Segmented?
1) By Component: Solutions, Services
2) By Security Technology: Network Security, Physical Security, Other Security Technologies
3) By Vertical: Commercial Sector, Telecom, Chemical and Manufacturing, Oil and Gas, Other Verticals
Geographical Insights: North America Leading The Critical Infrastructure Protection Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Critical Infrastructure Protection Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.