Technology

Critical Infrastructure Protection Market projected to surpass $153.16 billion by 2022 At a CAGR of 6.8%

Critical infrastructure includes import industrial assets and cyber systems which are vital to the economy of the nation. Increased instances of terrorists and cyber-attacks have compromised the safety of the critical infrastructure. Critical Infrastructure Protection (CIP) requires a mix of both physical and cyber security systems. The physical security systems include Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) systems, alarms and controls systems, radars, smart card readers, biometric readers, communication systems, and intrusion prevention systems. Network security solutions and services help enterprises to be protected from advanced threats such as malware, ransomware, Trojans, viruses, DDoS attacks, and advanced persistent threats.

Technological innovation in network security solution with the help of machine learning detection, big data behavioral analytics, and artificial intelligence, is helping to safeguard enterprises from advanced protection. Increasing demand from large enterprises and Small and Medium-sized Enterprises (SMEs) for physical and cyber security across various industry verticals has boosted the demand for critical infrastructure systems, solutions, and services. The Critical Infrastructure Protection market size is estimated to grow from USD 110.41 billion in 2017 to USD 153.16 billion by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 6.8%.

The network security segment is expected to grow at the highest CAGR during the forecast period. Increased network security breaches, rise in Internet of Things (IoT) and Bring Your Own device (BYOD) trend are major reasons for the rise in network security segment. The physical security segment holds a major share of the CIP market in 2017, as increased instances of bombing attacks in public spaces and industrial sites drive the adoption of video surveillance, access controls, alarms and controls, radars, and other intrusion detection systems in the CIP market. Moreover, the government of various nations have set up a high budget for securing the perimeter of industrial sites and public spaces with best-in-class physical security systems and solutions.

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The services segment is estimated to grow at the highest CAGR during the forecast period. The CIP services market is segmented into risk management services, consulting services, managed services, and maintenance and support services. The risk management services hold the largest market share in the CIP market as these services help in identifying risks, implementing techniques to manage the identified risks, and monitoring the effectiveness of the implemented solutions. The consulting services segment is expected to grow at the highest CAGR as consulting services are helping clients in designing and implementing CIP programs, developing capital investment strategies, assessing and monitoring infrastructures, and meeting compliances and standards.

Why technological advancements and IoT to open wider opportunities?

Internet of Things (IoT)-driven technological proliferation is expected to bring about a pioneering transformation in the coming years. IoT fusion enables the objects to gather the intelligence from data sources and make their own decisions. In an IoT-enabled environment, an object can communicate with other varied entities such as human or machine at any time, any place, and in any way. Wearable devices such as smartwatches and fitness trackers will provide various valuable implications in industries such as BFSI, medical sciences, and healthcare. Information about a person’s health will be available not only to the hospitals but also to the insurance companies though real-time network communication channels. Some other applications of IoT include telematics (where driver behavior is monitored to adjust car insurance premiums), Automated Teller Machines (ATM) monitoring, and bank kiosks. The IoT technology enables various benefits; however, it raises a lot of concerns for user data privacy and security. IoT collects much data about personal movement, actions, and purchases from various devices, which follow non-standard protocols. Thus, there shall be a strong need to have advanced security mechanisms to safeguard such critical infrastructure security and privacy.

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