“Global Cybersecurity in Critical Infrastructure Market to reach a market value of USD 29.5 Billion by 2031 growing at a CAGR of 4.1%”
The Global Cybersecurity in Critical Infrastructure Market size is expected to reach $29.5 billion by 2031, rising at a market growth of 4.1% CAGR during the forecast period.
The North America segment garnered 38% revenue share in this market in 2023. The market is driven by the region's advanced technological infrastructure, high adoption of digital transformation initiatives, and the increasing prevalence of cyberattacks. Governments and private entities within the region have undertaken substantial investments in cybersecurity measures to protect essential infrastructure, encompassing energy infrastructures, financial systems, and public safety networks.
The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In August, 2020, Schneider Electric has partnered with Fortinet, a global cybersecurity leader, to enhance cybersecurity solutions for operational technology (OT) networks. This partnership integrates Fortinet’s security products, including firewalls and secure access solutions, into Schneider Electric's cybersecurity offerings, providing tailored protection for increasingly digital operations. Together, they aim to secure critical infrastructure by offering dynamic, customizable cybersecurity solutions to manage risks and protect businesses throughout their digital transformation. Moreover, In October, 2024, Palo Alto Networks, Inc. teamed up with Deloitte to enhance clients' access to AI-powered cybersecurity solutions. This collaboration aims to streamline cybersecurity through platformization, address complex challenges, and improve security outcomes by integrating advanced technologies and industry insights for enhanced operational efficiency.
Based on the Analysis presented in the KBV Cardinal matrix; Broadcom, Inc., Huawei Technologies Co., Ltd., Cisco Systems, Inc. and IBM Corporation are the forerunners in the Cybersecurity in Critical Infrastructure Market. In September, 2024, Huawei Technologies formed a partnership with Huanghe Lab, a prominent network security research institute in China, to launch a security foundation model aimed at enhancing enterprise security frameworks globally. This model, developed using Huawei's expertise in network security and their PanguLM technology, focuses on intelligent security operations and advanced threat detection, improving operational efficiency tenfold. The partnership aims to bolster network security product evaluation and support enterprises in identifying and addressing potential vulnerabilities effectively.
Cybersecurity threats targeting critical infrastructure have become increasingly frequent and sophisticated, posing significant risks to essential sectors like energy, transportation, and healthcare. Ransomware, phishing, and Distributed Denial-of-Service (DDoS) attacks are among the most common threats capable of disrupting operations and endangering public safety. Hence, nations and industries aim to mitigate risks and protect their most vital assets by prioritizing cybersecurity, driving the market's expansion.
Additionally, The rapid adoption of the Internet of Things (IoT) and Industrial IoT (IIoT) devices in critical infrastructure sectors has significantly transformed how these systems operate. IoT and IIoT devices have enabled real-time monitoring, predictive maintenance, and enhanced operational efficiency in energy, healthcare, transportation, and manufacturing sectors. However, this increased connectivity also comes with a substantial rise in cyber risks. Thus, these factors will drive the expansion of the market.
However, Implementing advanced cybersecurity measures for critical infrastructure often demands substantial financial investment, making it a significant barrier for many organizations. This investment typically includes procuring specialized hardware such as firewalls, intrusion detection systems, and secure communication devices, all essential for robust protection. Additionally, organizations must purchase sophisticated software solutions, including threat detection algorithms, encryption tools, and compliance management systems, further increasing the financial burden. Hence, these factors may hamper the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
On the basis of application, the cybersecurity in critical infrastructure market is divided into government & defense, BFSI, energy & power, transport & logistics, commercial sector, and others. The BFSI segment recorded 23% revenue share in this market in 2023. This segment emerged as a key contributor as it remains one of the most targeted industries by cybercriminals. The sector represents a highly attractive target owing to its management of confidential customer information, financial transactions, and the growing prevalence of digital banking services.
Based on type, the cybersecurity in critical infrastructure market is classified into network access control & firewalls, encryption, threat intelligence, and others. The encryption segment procured 28% revenue share in this market in 2023. In light of the increasing prevalence of cyberattacks aimed at sensitive information, encryption has emerged as an essential measure for safeguarding data against unauthorized access and for ensuring adherence to regulatory standards.
Free Valuable Insights: Global Cybersecurity in Critical Infrastructure Market size to reach USD 29.5 Billion by 2031
The Cybersecurity in Critical Infrastructure Market exhibits intense competition even without top players, driven by smaller firms, niche solution providers, and regional specialists. These companies focus on innovative technologies like AI-driven threat detection and IoT security to address evolving risks. Market fragmentation fosters collaboration with governments and industries, enhancing resilience while increasing opportunities for agile competitors to gain market share.
Region-wise, the cybersecurity in critical infrastructure market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment procured 29% revenue share in this market in 2023. The implementation of regulations such as the General Data Protection Regulation (GDPR) has compelled organizations to enhance their cybersecurity frameworks. Additionally, the rise in cyberattacks targeting sectors such as energy, transportation, and finance has driven European governments and businesses to invest heavily in advanced security technologies, making the region a significant contributor to the market.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 21.6 Billion |
| Market size forecast in 2031 | USD 29.5 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.1% from 2024 to 2031 |
| Number of Pages | 247 |
| Number of Tables | 303 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, Region |
| Country scope |
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| Companies Included | Cisco Systems, Inc., IBM Corporation, Fortinet, Inc., Palo Alto Networks, Inc., Check Point Software Technologies Ltd., Trend Micro, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Broadcom, Inc., Schneider Electric SE, and Honeywell International, Inc. |
By Type
By Application
By Geography
This Market size is expected to reach $29.5 billion by 2031.
Rising Cybersecurity Threats And Attacks are driving the Market in coming years, however, Substantially High Implementation Costs restraints the growth of the Market.
Cisco Systems, Inc., IBM Corporation, Fortinet, Inc., Palo Alto Networks, Inc., Check Point Software Technologies Ltd., Trend Micro, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Broadcom, Inc., Schneider Electric SE, and Honeywell International, Inc.
The expected CAGR of this Market is 4.1% from 2024 to 2031.
The Network Access Control & Firewalls segment led the maximum revenue in the Market by Type in 2023, thereby, achieving a market value of $12.2 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $10.9 billion by 2031.
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