Global Spending on Critical Infrastructure Protection is Forecast to Reach US$155 Billion by 2024

Increasing Cyber-Attacks & Physical Security Breaches and Adoption of CIP Solutions in Smart Cities to Drive the Critical Infrastructure Protection Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Critical Infrastructure Protection market. Global spending on Critical Infrastructure Protection is forecast to reach US$155 billion by 2024, driven by increasing cyber-attacks and physical security breaches, rising complexity of attacks fostering demand for advanced security technology, and smart cities spurring adoption of CIP solutions and services.

Critical Infrastructure (CI) includes assets, systems, and networks that are vital to the functioning of society and the economy. While the components of CI tend to vary from nation to nation, water and energy facilities, financial sector, transportation, communications, security, medical and emergency services remain common to all. Critical Infrastructure is vulnerable to a blend of conventional and non-conventional threats such as natural and climatic conditions, system failures, human errors, physical attacks and cyber threats, due to which certain vital components of critical infrastructure may become disabled, leaving an entire region or a country paralyzed.

The need to protect critical infrastructure across the world has given rise to the concept of Critical infrastructure protection (CIP), comprising technologies, systems, solutions, physical measures, processes, policies, and services that underpin the safety, security and economic well-being of people and national resources. CIP solutions assist in countering threats related to incapacitation, exploitation, or destruction of critical infrastructure and key resources, due to terrorist attacks and cyber hacking. Besides lessening the impact of natural disasters, CIP measures also help in maintaining important natural assets such as historic monuments, public access places, stadiums, transportation services, and telecommunication services. Protecting these vital assets is an essential for governments in order to ensure the orderly functioning of the economy and delivery of essential services. All factors put together, growth of CIP market is deemed essential for both developed and developing nations. Realizing its significance, stricter CIP compliance standards are being enforced by governments across the world for critical electric grid, telecom and water distribution facilities controlled by both public sector and private sector operators.

Critical Information Infrastructure (CII) attacks have become a common phenomenon extending across national boundaries, making the prosecution of these crimes a formidable challenge. In view of this, Government funding stands as the most important part of effective organization of CII Protection, as only governments are capable of creating a unified force to fight cyber-attacks. Best practices adoption for CIP and government regulations becoming more stringent and mandating deployment of CIP solutions, are among the major factors aiding market growth since the past few years. Increasing spending on IT, smart grid deployments, automation of solutions and also integrated working of critical infrastructure and cloud which increases the threat of cyber-attacks and crimes are expected to lead to steady growth for the global market for CIP systems and devices. Increasing need for video surveillance, perimeter security, identity-management technologies and access control would also drive demand for CIP security technologies in the future. However the market is faced with the challenges such as high implementation cost and complexity in deployment of the systems, difficulty in implementing elaborate security solutions in scattered facilities, and short supply of skilled professionals.

As stated by the new market research report on Critical Infrastructure Protection, the U.S. represents the largest market worldwide. Asian countries are at high risk of attacks on critical infrastructure sites from various terrorist groups. The past few years, a number of attacks by insurgents and terrorists have been targeted at critical national infrastructure, as these elements look to create insecurity and uncertainty. Infrastructure facilities also come under intense pressure due to changing climate and unseasonal weather conditions. With more and more critical infrastructure being linked to the Internet, exposure to various cyber security threats is all the more prevalent, whereby cyber security has come into the spotlight. All these factors are driving the Asia-Pacific market, which is expected to record the fastest compounded annual growth rate of 11.4% over the analysis period.

Key players covered in the report include Accenture Plc, BAE Systems Plc, Cisco Systems Inc., Dell EMC, General Dynamics Mission Systems Inc., Hexagon AB, Honeywell International Inc., IBM Corp., Kaspersky Lab, McAfee Inc., Raytheon Company, Thales Group, Waterfall Security, and Watermark Risk Management International LLC, among others.

The research report titled “Critical Infrastructure Protection: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, and other strategic industry activities of global companies. The report provides market estimates and projections in value (US dollars) terms for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World.

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