Critical Infrastructure Protection Service Market: Trends, Size, and Future Outlook

The Business Research Company recently released a comprehensive report on the Global Critical Infrastructure Protection Service Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The critical infrastructure protection service market size has grown strongly in recent years. It will grow from $118.51 billion in 2023 to $127.96 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to rising regulatory compliance requirements, increase in insider threats, rising awareness of supply chain vulnerabilities, increase in cybersecurity spending by governments, rising demand for managed security services.

The critical infrastructure protection service market size is expected to see strong growth in the next few years. It will grow to $172.35 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to increasing digitization of critical infrastructure, increasing cybersecurity threats, increasing frequency of cyberattacks, growing reliance on IoT devices, rise in ransomware attacks. Major trends in the forecast period include adoption of edge computing technology, integration of AI and machine learning in security, adoption of 5G technology, adoption of blockchain technology in infrastructure security, advance technology.

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Market Drivers and Trends:

The increasing cybersecurity threat is expected to propel the growth of the critical infrastructure protection service market going forward. Cybersecurity threats refer to malicious activities and incidents that compromise the confidentiality, integrity, or availability of digital assets, systems, or networks. Cybersecurity threats are increasing due to factors such as expanding digital ecosystems and evolving tactics employed by malicious actors. Critical infrastructure protection services aid in mitigating cybersecurity threats by offering specialized solutions and strategies designed to safeguard essential infrastructure against potential attacks and disruptions. For instance, in March 2023, according to the Internet Crime Report produced by the FBI (Federal Bureau of Investigation), a US-based government office, the FBI's Internet Crime Complaint Center (IC3) received 800,944 reported complaints, resulting in losses exceeding $10.3 billion. Phishing scored first among complaints received in 2022, with a financial loss of $52 million. Investment fraud, which resulted in a $3.3 billion loss, showed an increase of 127% over the previous year. Therefore, the increasing cybersecurity threat is driving the growth of the critical infrastructure protection service market.

Major companies operating in the critical infrastructure protection service market are developing innovative technological solutions, such as artificial intelligence (AI)-based analysis and response engines, to gain a competitive edge in the market. AI-based analysis and response engines refer to systems and software applications that leverage AI technologies, such as machine learning and natural language processing, to analyze data and automatically generate responses or take action. For instance, in May 2023, Nozomi Network, a US-based software company, launched Vantage IQ, an AI-based analysis and response engine designed to enhance security in critical operational infrastructure. This innovative tool leverages artificial intelligence and machine learning to automate tasks like network analysis, asset management, and alert prioritization, empowering security teams to achieve faster and more accurate cybersecurity analysis. Vantage IQ offers capabilities such as comprehensive network visibility, intelligent insights, AI-powered query and analysis, and advanced predictive monitoring.

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Major Key Players of the Market:

Siemens AG, Raytheon Technologies Corporation, Lockheed Martin Corporation, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Northrop Grumman Corporation, Honeywell International Inc., Broadcom Inc., BAE Systems plc, Thales Group, Leidos Holdings Inc., VMware Inc., Booz Allen Hamilton Holding Corporation, Palo Alto Networks Inc., Fortinet Inc., Splunk Inc., Check Point Software Technologies Ltd., Trend Micro Incorporated, CrowdStrike Holdings Inc., Thoma Bravo LLC, FireEye Inc., Rapid7 Inc., Darktrace Limited, Symantec Corporation, Dragos Inc.

Critical Infrastructure Protection Service Market 2024 Key Insights:

• The critical infrastructure protection service market size is expected to grow to $172.35 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Impact Of Increasing Cybersecurity Threats On Critical Infrastructure Protection Services Market
• AI-Based Analysis And Response Engines Shaping The Future Of Security Solutions
• North America was the largest region in the critical infrastructure protection service market in 2023

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