• Stacy Lawlor

Global Critical Infrastructure Protection Market Size to grow USD 154.59 billion by 2028

The Global Critical Infrastructure Protection (CIP) Market Size is projected to grow from USD 96.30 billion in 2019 to USD 154.59 billion by 2028 at a CAGR of 6.2% during the forecast period.

Global Critical Infrastructure Protection Market Size to grow USD 154.59 billion by 2028

The organizations are putting in place a robust framework to predict and mitigate disasters and cyberattacks on key infrastructure. These frameworks assist firms in responding to major crises and protecting their infrastructure from threats. Growing smart city projects, the need for security solutions to counter cyber and terrorist threats, and government attempts to secure key infrastructure are just a few of the factors driving the industry forward. For instance, Accenture purchased Revolutionary Security, a cybersecurity services provider, in April 2020 to strengthen its critical infrastructure security capabilities and provide advanced cyber defense management services.

Global Critical Infrastructure Protection Market Size to grow USD 154.59 billion by 2028

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Citizens have been obliged to stay at home because of the spread of new coronavirus, and critical enterprises have been forced to follow specific rigorous standards. Healthcare, pharmaceuticals, and telecommunications industries fall under the essential criteria and are thus permitted to operate at this time. Communication infrastructure has become one of the important necessities for countries as companies move to work from home and schools go to e-learning. As a result, critical infrastructure protection technologies are being adopted more widely around the world.


Similarly, different countries' water and wastewater facilities are re-examining continuity of operations (COOP) plans, emergency plans, and standard operating procedures (SOP) in order to mitigate the impact of calamities like pandemics and earthquakes. In order to deal with COVID-19, homeland security departments have begun to change their working strategies. For the effective management of COVID-19, homeland security agencies such as critical infrastructure, the Federal Emergency Management Agency (FEMA), and law enforcement are implementing tactical shifts as recommended by their respective governments, such as essential guidelines and implementing national strategic plans for critical infrastructure protection workforce.


Growing Smart City Projects Is Upsurge Markets Demand


Smart cities are comprised of cyber and physical infrastructures that provide several benefits and raise overall living standards. However, smart city growth puts essential infrastructures such as electrical grids, public safety, water supply, and smart transportation systems in danger, posing a national security risk indirectly. Because of their interconnectedness, these critical infrastructures in smart cities are particularly exposed to cyber assaults. Security specialists utilize cyber and physical technologies that provide appropriate layers of defense against threats to prevent critical infrastructure from being harmed by cyberattacks. As a result, there is a growing demand for critical infrastructure protection services to defend smart city critical infrastructure from cyber-attacks.


Increasing Government Initiatives to Protect Critical Infrastructure to Promote Growth


Protective measures and processes are being implemented by countries throughout the world in collaboration with the private sector to secure critical infrastructures in order to sustain key social functions. Terrorism, Criminal activity, or natural disasters that destroy or damage essential infrastructure can have serious ramifications for the country's security and the well-being of its citizens. The Cybersecurity and Infrastructure Security Agency (CISA) Act of 2018 aids in the management of critical infrastructure risks and improves the resilience and security of America's cyber and physical infrastructure. Therefore, increasing government initiatives to protect critical infrastructure to promote market growth during the forecast period.


North America is the largest market for critical infrastructure protection due to the government being highly focused on the protection of critical infrastructure. The rising frequency of cyber-attacks, as well as the growing reliance on the electric power industry and e-commerce, has moved the American government's priority to protect the region’s critical infrastructure.

Global Critical Infrastructure Protection Market Size to grow USD 154.59 billion by 2028

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The European energy system is experiencing a major shift, with networked industrial control systems increasingly controlling and monitoring energy flows.


During the forecast period, the Asia Pacific CIP market is expected to develop at the fastest rate. The increased frequency of high-profile cyber-attacks has compelled governments to improve their cyber resilience and defend critical infrastructure from cyber-attacks. Similarly, due to modernization and increased economic growth, the Middle East and Latin American markets are projected to see various changes in public and network infrastructure developments such as energy, ICT, transportation, and others.


KEY INDUSTRY DEVELOPMENTS:


In February 2020, Raytheon Company and IronNet Cybersecurity Inc. collaborate to develop cyber solutions for defense operational technology and information technology (OT/IT) systems. These solutions would protect OT/IT platforms in order to improve the robustness of systems that sense and govern physical interactions.


April 2019 – The Carlyle Group and Schneider Electric SE have teamed up to develop innovative critical infrastructure projects in response to the growing demand for critical assets and services. Schneider Electric's smart energy automation and management technologies will be combined with Carlyle asset-operator knowledge to create digitally enabled critical assets.


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https://extrapolate.com/Information-Technology-Communication-IoT/critical-infrastructure-protection-cip/25649

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