World Security Report News2015-03-20 06:06:19

Critical Infrastructure Protection (CIP) Market Worth $114.80 Billion by 2019

According to a new market research report, "Critical Infrastructure Protection Market by Security Technology (Network, Physical, RADARS, CBRNE, Vehicle Identification, Secure Communication, SCADA, Building Management) by Service, by Vertical, by Region - Global Forecast to 2019", published by MarketsandMarkets, Critical Infrastructure Protection Market to grow from $72.30 Billion in 2014 to $114.80 Billion in 2019 at the Compound Annual Growth Rate (CAGR) of 9.69% from 2014 to 2019.

MarketsandMarkets broadly segments the Critical Infrastructure Protection (CIP) market for security technologies such as physical, network, radars, CBRNE, secure communications, vehicle identification management, SCADA security and managed security & services and by verticals such as energy & power (smart grids, nuclear, solar, thermal, hydro and geothermal), transportation systems (highways/bridges, railway infrastructure, airports, seaports), sensitive infrastructures (stadiums, holy places, defence establishments, IT and communication, BFSI and government facilities, chemical & manufacturing); By type of solutions: video surveillance, access control, CBRNE detection technologies, CIP radars, secured communication and network security solutions; By type of services: design & consultation, integration, managed services and maintenance & support; By geographies: North America (NA), Asia Pacific and Japan (APAC), Europe (EU), Middle East Africa (MEA) and Latin America (LA).

Major forces driving this market are the increasing dependency of the government and commercial organizations on IT communications and the development of automation across all verticals, growing need for cost effective security solutions and the market trend of deploying best practices for a better response in case of emergencies. The need for cost effective business processes is soaring as organizations aim to gain a competitive edge in the industry. Critical infrastructure security solutions ensure cost efficiency and reliability as they deploy both traditional physical security and modern cyber security. Globally, revenues for security services are increasing with the rising demand for cost saving and business automation enhancing solutions. While organizations across the globe are looking forward for solutions that integrate the security types into their mainstream process workflows, the service providers are optimistic about enriching their offerings by delivering value added services.

MarketsandMarkets believes that the need for increasing the agility of a business process, along with cost control measures is playing a cardinal role in shaping the future of Critical Infrastructure Protection Market. Even though the adoption of these solutions is slow due to the high costs involved with deployment and compliance concerns; these solutions are expected to enjoy enduring growth and have a pervasive existence across all major verticals, owing to the growing demand for automation and virtualization of workplace.

These solutions are well positioned to provide solution for globally spread businesses, despite different organizational structures and business process needs. MarketsandMarkets further expects that the integration of security solutions within the existing organizational framework will further amplify the growth of businesses, while ensuring the compliance and regulatory standards.

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