Critical Infrastructure Protection (CIP) Market to Observe Strong Growth at 6.21% CAGR to Reach a Valuation of USD 172.32 Billion by 2030, As the Demand for Safeguarding Key Infrastructure Rises, States Extrapolate
The Global Critical Infrastructure Protection (CIP) Market is set to depict a CAGR of 6.21% during the forecast period of 2023-2030. Numerous factors driving the market growth include growing concerns about cyberattacks, favorable governmental initiatives, and technological advancements.
Dubai, UAE, Sept. 06, 2023 (GLOBE NEWSWIRE) — As per the recent report published by Extrapolate, the Global Critical Infrastructure Protection (CIP) Market is projected to reach USD 172.32 billion by 2030 from USD 106.45 billion in 2022, exhibiting a 6.21% CAGR through the forecast period of 2023-2030. Increasing smart city projects, rising demand for cybersecurity solutions, and favorable governmental initiatives to safeguard key infrastructure are expected to drive market growth.
Critical Infrastructure Protection (CIP) is vital for safeguarding local critical infrastructure, including data centers, banking institutions, offices of the government, and transportation systems. A key factor driving market growth is the increasing concerns about serious problems such as lack of clean water, electricity, transportation, and urgent necessities, which can harm both the economy and the population.
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Key manufacturers in the critical infrastructure protection are employing lucrative tactics, such as mergers, acquisitions, and collaborations, to increase their market shares. Governments worldwide are expected to implement stricter regulations in the public and private sectors as a result of an increase in cyberattacks, opening up opportunities for market participants. Prominent companies in the critical infrastructure protection industry place a strong emphasis on rigorous R&D activities to stay ahead of the curve.
Market players in the global critical infrastructure protection market include:
- BAE Systems
- Lockheed Martin Corporation
- Telefonaktiebolaget LM Ericsson
- General Dynamics Corporation
- Hexagon AB
- Airbus SAS
- General Electric
- RTX Corporation
- Johnson Controls
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- Energy and Power
High Demand for Strong Security in Energy & Power to Fuel CIP Market Progress
Based on vertical, energy and power segment is anticipated to retain its dominance throughout the forecast period in critical infrastructure protection market. However, the prevalent need for enhanced planning and readiness against cyber-attacks is driving segmental growth. Industries in the sector are actively engaging in voluntary initiatives to ensure strong security measures. Additionally, the advent of smart grids has reinforced the need for robust critical infrastructure protection to uphold the security and durability of essential systems in the energy & power industry.
Increased Adoption of CIP Solutions to Propel Critical Infrastructure Protection Market Expansion
By component, the solution segment held the largest market share in 2022 owing to the increasing adoption of critical infrastructure protection solutions by organizations to gain a strategic and competitive edge and to ensure strong infrastructure security. These solutions also empower end-users to protect their vital infrastructures and receive timely notifications to prevent harm and attacks. This, in turn, is contributing to the expansion of the market.
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Rising Government Initiatives to Protect Critical Infrastructure to Drive Market Development
Nations across the globe are collaboratively implementing precautionary measures, in partnership with the private sector, to safeguard essential infrastructures, ensuring the uninterrupted continuation of crucial societal functions. The potential impact of terrorism, criminal actions, or natural disasters on vital infrastructure underscores the paramount importance of national security and residents’ well-being.
The enactment of the 2018 Cybersecurity and Infrastructure Security Agency (CISA) Act strengthens the resilience and protection of both physical and digital infrastructures in the United States, while also aiding in the management of risks related to critical infrastructure. Consequently, the government is poised to take further measures to ensure the protection of vital infrastructure in the foreseeable future.
- IronNet Cybersecurity Inc. and Raytheon Company collaborated to create cyber solutions for defense operational technology and information technology (OT/IT) systems in February 2020. The robustness of systems that sense and control physical interactions was increased by these solutions, which safeguarded OT/IT platforms.
Governmental Focus On Cyber Protection in North America to Bolster Critical Infrastructure Protection Market Growth
North America has the largest market for critical infrastructure protection due to the major governmental focus on the protection of critical infrastructure. The American government’s objective to safeguard the area’s vital infrastructure has changed as a result of the rising frequency of cyberattacks, as well as the region’s growing reliance on the electric power sector and e-commerce.
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Widespread Use of Technology in APAC to Support Critical Infrastructure Protection Market Development
Asia Pacific is anticipated to grow at the fastest pace during the projected period due to the widespread use of technology in industrial systems and defense. Furthermore, government bodies are being forced to strengthen their cyber resilience and protect key infrastructure from cyberattacks as a result of the rise in high-profile cyberattacks. With rising investments in hardware and software for infrastructure protection, China is likely to record a high growth rate. Capacity expansion efforts by major players in the region is expected to be beneficial for the APAC critical infrastructure protection market.
Table of Content
1 Introduction of the Critical Infrastructure Protection (CIP) Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Critical Infrastructure Protection (CIP) Market Outlook
4.1 Market Evolution
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Critical Infrastructure Protection (CIP) Market, By Component
7 Critical Infrastructure Protection (CIP) Market, By Security Type
7.2 Physical Security
7.3 Cyber Security
8 Critical Infrastructure Protection (CIP) Market, By Vertical
8.2 Energy and Power
9 Critical Infrastructure Protection (CIP) Market, By Geography
15 Critical Infrastructure Protection (CIP) Market Competitive Landscape
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
16 Company Profiles
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