Critical Infrastructure Protection Market Opportunities and Key Market Players

Posted on 2019-10-28 by MarketsandMarkets in Technology // 0 Comments

The global Critical Infrastructure Protection Market size is expected to grow from USD 110 billion in 2017 to USD 153 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period, as per a report by MarketsandMarkets.

The CIP market includes various security technologies, which are essential for safeguarding critical assets, enterprises, and territories from physical attacks and cyberattacks. Increased instances of physical attacks, such as terrorist activities, thefts, intrusion drones, and cyberattacks, have driven the need for large-scale adoption of CIP security devices and services. Moreover, stringent government regulations and increasing adoption of best practices for CIP are expected to drive the market growth during the forecast period.

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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Key Market Players for Critical Infrastructure Protection Market

The key players in the CIP market include BAE Systems (UK), General Dynamics Corporation (US), Honeywell International Inc. (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Raytheon Company (US), Airbus Group SE (Netherlands), Hexagon AB (Sweden), Johnson Controls International plc (Republic of Ireland), Thales Group (France), Teltronic S.A. (Spain), OptaSense (UK), Motorola Solutions, Inc. (US), and Huawei Technologies Co., Ltd. (China). These players have adopted various strategies such as partnerships, agreements, mergers and acquisitions, and new product developments to achieve growth in the CIP market.

The key players also adopted the strategy of mergers and acquisitions to increase their geographic presence and expand their product portfolio in untapped markets.

Huawei Technologies & Pegasus entered into a partnership to develop next-generation public safety solutions, which will utilize Huawei’s cloud technology and Pegasus’s big data analytics technology.

Honeywell collaborated with Seeq Corporation to help customers with industrial processes and shutdowns, minimize risks, and enhance the supply chain strategy.

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