Critical Infrastructure Protection (CIP) Market to Reach $154.59 Bn by 2027; Rising Number of Cyber-attacks to Propel Growth

The critical infrastructure protection (CIP) market size is projected to reach USD 154.59 billion by 2027. It is anticipated to gain momentum from the re-examination of standard operating procedures (SOP), continuity of operations (COOP) plans, and emergency plans by the water and wastewater facilities worldwide. They are doing so to lower the effects of calamities, such as earthquakes and COVID-19. Fortune Business Insights™ provided this information in a new report, titled, “Critical Infrastructure Protection (CIP) Market Size, Share & COVID-19 Impact Analysis, By Component (Type, Services), By Application (Identity and Access Management, Patching and Vulnerability Management, Security Event Monitoring, Incident Response, Resilience and System Recovery, Others), By Vertical (Energy and Power, BFSI, Transportation and Logistics, Healthcare, Manufacturing and Chemical, Oil and Gas, Government and Defense, and Others) and Regional Forecast, 2020-2027.” The report further mentions that the global market stood at USD 96.30 billion in 2019. However, it is set to exhibit a CAGR of 6.2% during the forecast period between 2020 to 2027.

Carlyle Group and Schneider Electric Collaborate to Develop Critical Infrastructure Projects

In April 2019, Schneider Electric and the Carlyle Group joined hands to create new and state-of-the-art infrastructure projects. It would help in meeting the ever-increasing demand for sustainable investment in critical services and assets. Both companies will offer efficient and digitally-enabled critical assets by blending Schneider Electric’s smart energy management and automation solutions with investing and asset-operator expertise from Carlyle.

Furthermore, this new collaboration resulted in the formation of a joint venture named AlphaStruxure. It would aid in developing more reliable distributed microgrid and energy networks, as well as smarter infrastructure projects. The new deal would also deliver efficient and innovative CIP solutions to meet the rapidly transforming energy landscape.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/critical-infrastructure-protection-cip-market-103339

Increasing Support by Governments to Protect Infrastructure will Boost Growth

The governments of various countries across the globe are putting forward protective procedures and measures to maintain societal functions. They are doing so by partnering up with the private sector for securing critical infrastructures. These infrastructures can be damaged by natural disasters, terrorist attacks, and criminal activities. The consequences of the same would affect the well-being of people and the security of the country negatively.

The Cybersecurity and Infrastructure Security Agency (CISA) Act of 2018, for instance, enables the management of risks associated with the country’s critical infrastructure. It also helps in refining the security and resilience of America’s physical and cyber infrastructure. Hence, the rising government support is likely to augment the critical infrastructure protection market growth in the near future. However, the collaboration of the government and the companies require immense trust. This factor may hinder the demand for CIP solutions.

Key Players Focus on Strategic Collaborations to Strengthen Their Positions

The leading companies present in the global market are persistently striving to provide reliable CIP solutions to the industries to prevent their infrastructure from cyber-attacks and other similar threats. Some of them are also developing unique solutions to cater to the demand coming from their growing consumer bases.

Fortune Business Insights™ lists out the names of all the manufacturers of CIP solutions operating in the global market. They are as follows:

• 3xLogic (Westminster, US)
• Airbus (Leiden, Netherlands)
• Axis Communications (Lund, Sweden)
• BAE Systems (Farnborough, United Kingdom)
• Cisco Systems, Inc. (California, United States)
• General Dynamics (Virginia, United States)
• Hexagon AB (Sweden)
• Honeywell International, Inc. (North Carolina, United States)
• Huawei Technologies Co., Ltd (Shenzhen, China)
• Johnson Control (Cork, Ireland)
• Motorola Solutions (Illinois, United States)
• Northrop Grumman (Virginia, United States)
• Thales Group (La Défense, France)
• Tyco International (Cork, Ireland)

A Notable Industry Development:

• April 2018: Raytheon Company partnered up with Virsec to deliver commercial cybersecurity tools to the critical infrastructure customers and the government. The latter’s Trusted Execution technology helps in protecting the networks by identifying deviations caused by cyber intrusions in software solutions. It utilizes innovative memory exploits and hacking techniques.

Further Report Findings-

• Based on application, the identity and access management segment generated 26.8% in terms of critical infrastructure protection market share. This growth is attributable to its ability to provide the organizations with secure and efficient access to their diverse systems.
• North America held USD 32.57 billion in 2019 in terms of revenue stoked by the increasing dependence of the e-commerce and electric power industry on CIP solutions. Also, the government is mainly focusing on offering protection to the critical infrastructure of several countries in the region.
• Asia Pacific is set to grow rapidly in the coming years owing to the rising cases of cyber-attacks. Hence, the regulatory bodies are aiming to strengthen cyber resilience.

The global CIP market can be segmented in the following way: