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Critical Infrastructure Protection Market Growth And Overview Report 2024-2033
Critical Infrastructure Protection Market Growth
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According to The Business Research Company's, The critical infrastructure protection market size has grown steadily in recent years. It will grow from $140.42 billion in 2023 to $146.21 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to integration of physical and cybersecurity, regulatory compliance requirements, attention to supply chain security, mitigation of insider threats, focus on resilience and business continuity..
The critical infrastructure protection market size is expected to see strong growth in the next few years. It will grow to $184.22 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to insider threat mitigation, collaboration and information sharing, resilience and business continuity focus, . Major trends in the forecast period include cybersecurity threat landscape,integration of physical and cybersecurity, iot and interconnected systems, regulatory compliance and standards, ai and machine learning in threat detection..
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Market Drivers and Trends:
The rise in the adoption of cloud technology and IoT devices is expected to propel the growth of the critical infrastructure protection market going forward. The Internet of Things (IoT) is a system of physical items that uses software and other technologies to connect to devices and systems over the web for transferring data and using cloud technology for storing and accessing data over the internet instead of a computer hard drive. In critical infrastructure, cloud computing provides confidentiality, integrity, and availability of data and compliance with applicable standards. For instance, in December 2021, according to an article published by Eurostat, a Luxembourg-based statistics body for the European Union, 41% of organizations reported using cloud computing services in 2021, a 5.0 percentage-point (pp) rise from 36% in 2020. Therefore, the increase in the adoption of cloud technology and IoT is driving the demand for critical infrastructure protection market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
BAE Systems plc, Lockheed Martin Corporation, Northrop Grumman Corporation, Honeywell International Inc., Airbus SE, Raytheon Technologies Corporation, Thales Group, Hexagon AB, Johnson Controls International plc, Teltronic S. A., General Dynamics Corporation, Optasense Limited, Waterfall Security Solutions Ltd., Rolta India Limited, SCADAfence Ltd., Huawei Technologies Co. Ltd., Confluera Inc., Erkios Systems Inc., McAfee Corp., Kaspersky Lab Inc., Telefonaktiebolaget LM Ericsson, Fortinet Inc., Cisco Systems Inc., Symantec Corporation, International Business Machines Corporation, Microsoft Corporation, NICE Ltd., SAP SE, Verint Systems Inc., Pointillist Inc., ClickFox Inc., Kitewheel LLC, Servion Global Solutions Limited
Critical Infrastructure Protection Market 2024 Key Insights:
• The critical infrastructure protection market size is expected to see strong growth in the next few years. It will grow to $184.22 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Cloud Technology And IOT Adoption Fuel Growth In Critical Infrastructure Protection Market
• Technological Advancements Drive Innovation In The Critical Infrastructure Protection Market
• North America was the largest region in the critical infrastructure protection market in 2023
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