(EMAILWIRE.COM, October 29, 2019 ) Critical Infrastructure Protection Market Set to witness upstick from 2019 to 2022

The Critical Infrastructure Protection Market size expected to grow from $110.41 billion in 2017 to $153.16 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period, as per a report by MarketsandMarkets.

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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.

How distributed facilities pose a challenge in the implementation of comprehensive security solutions?

The power generation, transmission, and distribution and other key infrastructure is spread over various locations and is connected to each other by network through various modes of communications. The smart grids and utilities such as water utilities, and oil and gas pipelines are spread across a large area and are monitored from the base station. These stations connected by networks pose a challenge for the security companies to implement a comprehensive security solution encompassing all the information and physical security solutions onto a single platform. Hence, to address this challenge, there is a need for a single hub that controls all the multi-site security issues by detecting, assessing, and responding quickly to the security issues with uniformity.

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Middle East and Africa (MEA) is expected to grow at the highest CAGR during the forecast period, as major oil field projects are set up in MEA, which require protection from physical attacks, cyber-attacks, and natural disasters. North America is expected to contribute the largest market share in the overall CIP market, due to the growing need of physical security for protection from criminals and terrorists; and cyber security for safeguarding critical assets from malware, ransomware, and advanced persistent threats in industry verticals such as energy and power, transportation systems, and sensitive infrastructures and enterprises.

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