Cybersecurity in Critical Infrastructure Market By Type (Encryption, Network Access Control & Firewalls, Threat Intelligence, Other) , By Application (BFSI, Government and Defense, Transport & Logistics, Energy & Power, Commercial Sector, Telecommunications) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Cybersecurity in Critical Infrastructure Market
The cybersecurity in critical infrastructure market was valued at $21.8 billion in 2023 and is projected to reach $31.8 billion by 2032, growing at a CAGR of 3.9% from 2024 to 2032
Critical infrastructure comprises the systems and assets that are critical for the functioning of an economy. It involves electricity, transportation, water, financial systems, telecommunications, healthcare, and food supply chains. Cybersecurity safeguards these assets from malicious activities and different forms of digital threats to prevent the disruption of the economy of any nation. With increasing digitalization of different sectors, cybersecurity has become a crucial part of the critical infrastructure owing to enhanced vulnerability to cyber threats.
The assimilation of smart sensors and the Internet of Things-powered devices into diverse sectors such as energy grids, transportation, and healthcare facilities has fueled the requirement for ingenious cybersecurity measures, thereby driving the growth of the market. In addition, the financial impact due to privacy breaches and cyberattacks runs into billions of dollars, which fuels the adoption of protective measures and propels the cybersecurity in critical infrastructure market development. Currently, the deployment of zero trust architecture (ZTA) into cybersecurity measures is gaining prominence for the protection of critical infrastructure. ZTA performs recurrent authorization of users within the network before offering them access to resources, hence enhancing the visibility of digital activity and boosting the security of sensitive data.
However, the significant capital investment associated with the installation, maintenance, and upgradation of cybersecurity solutions prevents several small-scale & budget-sensitive organizations from their adoption, which restrains the development of the market. Moreover, recurrent technological obsolescence due to constantly evolving capabilities of cyber threats hamper the cybersecurity in critical infrastructure market growth. Contrarily, rise in the integration of blockchain technology into critical infrastructure cybersecurity solutions is projected to present several lucrative opportunities for the market. The distributed ledger of blockchain technology ensures the transparency, integrity, and immutability of sensitive data. For instance, a report by IBM states that blockchain reduces the time spent on incident investigation by up to 50% due to its potential to provide a transparent, auditable trail of events. Therefore, the decentralized nature of blockchain is anticipated to open new avenues for the cybersecurity in critical infrastructure market.
Segment ReviewThe cybersecurity in critical infrastructure market is segmented into type, application, and region. On the basis of type, the market is classified into encryption, network access control & firewalls, threat intelligence, and other. Depending on application, it is divided into BFSI, government & defense, transport & logistics, energy & power, commercial sector, and telecommunications. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the network access control & firewalls segment held a high share of the market in 2023.
Depending on application, the government & defense segment dominated the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players in the global cybersecurity in critical infrastructure market include Huawei, Cisco Systems, Inc., NortonLifeLock, Check Point Software Technologies Ltd., Palo Alto Networks, Inc., Fortinet, Inc., RSA Security LLC, FireEye, Inc., and Trend Micro, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeEncryption
Network Access Control Firewalls
Threat Intelligence
Other
By ApplicationBFSI
Government and Defense
Transport Logistics
Energy Power
Commercial Sector
Telecommunications
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersHuawei
Cisco Systems, Inc.
NortonLifeLock
Check Point Software Technologies Ltd.
Palo Alto Networks, Inc.
Fortinet, Inc.
RSA Security LLC
FireEye, Inc.
Trend Micro, Inc.