7.8% CAGR for critical infrastructure security till 2031: Adroit
According to a report by Adroit Market Research, the global critical infrastructure security (CIS) market is projected to grow at a CAGR of 7.8% between 2021 and 2031.
“Access control systems, perimeter security systems, surveillance systems, identity, and access management systems, risk management options, and emergency management systems are a few examples of the numerous products and services available on the market. Additionally, it covers a range of services such as consultancy, managed security services, and instruction and training,” says AMR in its report defining CIS.
The National Infrastructure Protection Centre (NIPC) was established in 1998 due to the US government's growing understanding of the necessity of safeguarding critical infrastructure systems from cyberattacks in the 1990s. Coordination of measures to defend critical infrastructure from cyberattacks and other security threats fell within the purview of the NIPC.
“As a matter of national security following the September 11 attacks in 2001, the US government gave critical infrastructure protection more attention,” says researchers at AMR.
“One of the key responsibilities of the Department of Homeland Security (DHS), which was founded in 2002, was to protect critical infrastructure from any threats. The business of protecting critical infrastructure experienced rapid growth in the years that followed as a result of rising government and commercial spending on security-related products and services. The sector advanced as a result of the creation of cutting-edge security practices and solutions to defend against new threats.”
Hence, the "critical infrastructure security market" refers to the marketplace for security goods and services developed to protect critical infrastructure networks and systems. Systems, including electricity grids, water supply networks, transportation networks, communication networks, and financial systems, are all considered critical infrastructures since they are necessary for society and the economy to function.
The market for critical infrastructure security is anticipated to expand dramatically in the upcoming years due to rising reliance on technology and the possibility of essential infrastructure cyberattacks.
“The protection of crucial systems and networks that are necessary for the smooth operation of society and the economy is referred to as critical infrastructure security. Systems including electricity grids, water supply networks, transportation networks, communication networks, and financial systems are all considered to be critical infrastructures,” says researchers at AMR.
“Because any interruption to these systems might have a severe impact on public safety, economic stability, and national security, protecting vital infrastructure is crucial. Different dangers, such as cyberattacks, physical attacks, and natural catastrophes, might strike critical infrastructure.”
“Systems for power production, transmission, and distribution, which are crucial to the operation of society and the economy, are included in the energy sector. Technologies and procedures for securing critical infrastructure are employed to guard against physical, cyber, and natural catastrophe threats on these systems. The infrastructure for providing safe drinking water and removing waste also comprises treatment facilities, pipelines, and distribution systems. Protecting these systems against contamination, sabotage, and other threats requires the adoption of critical infrastructure security technologies and procedures.”
The demand for more sophisticated security solutions to defend critical infrastructure against cyberattacks, physical threats, and natural catastrophes drives the market for critical infrastructure security.
Demand for security solutions and services has surged due to the increase in the quantity and complexity of cyberattacks, particularly those targeting vital infrastructure.
In today's multi-billion-dollar market for critical infrastructure security, many different technologies and services are available, such as access control systems, risk management solutions, perimeter security systems, surveillance systems, identity and access management systems, and emergency management systems. Due to increased reliance on technology and the possibility of cyberattacks on critical infrastructure, the business is projected to grow over the following years.
New technologies like artificial intelligence, machine learning, and the Internet of Things (IoT) can potentially improve the efficiency of critical infrastructure protection. These technologies may be used to automate response processes, monitor systems in real-time, and identify threats and vulnerabilities. Collaboration between public and commercial sectors and other stakeholders will be essential to enhancing the security of vital infrastructure. Information sharing, determining best practices, and coordinating responses to security concerns may all be aided by collaboration.
“As organizations work to proactively identify and reduce security threats, the significance of risk management is anticipated to rise in the coming years. Along with the creation of backup plans and response protocols, this will need the usage of technologies for risk assessment and management,” says AMR.
“Future threats to vital infrastructure systems are anticipated to be more complex and integrated, increasing the importance of integrating physical and cybersecurity. To secure both physical and digital assets, this will include the deployment of technology such as video analytics and sophisticated access control systems.”
“Geographically, the United States and Canada are highly industrialized nations with cutting-edge power grids, transportation networks, and communication systems. The area has been a forerunner in creating cutting-edge security practices and technology to shield crucial infrastructure from all threats, including physical and cyberattacks,” concludes AMR in its report.