NORTH AMERICA CRITICAL INFRASTRUCTURE PROTECTION MARKET 2021-2028

NORTH AMERICA CRITICAL INFRASTRUCTURE PROTECTION MARKET 2021-2028

MARKET OUTLOOK

According to Triton Market Research, the North America market for critical infrastructure protection is anticipated to grow with a CAGR of 6.40% in the estimated years from 2021 to 2028. The United States and Canada together shape the market in this region.

Several regulatory bodies and associations in Canada have been assigned the responsibility of monitoring and protecting the country’s critical infrastructure. This responsibility is being shared by the federal as well as provincial governments, along with local authorities and infrastructure owners. For instance, the Canadian Electricity Association (CEA) has been entrusted with the duty of building resilience to safeguard the electricity system from threats. This is an effort in collaboration with the United States. In addition, the National Strategy and Action Plan for Critical Infrastructure, has been implemented, which will reinforce the resiliency of Canada's vital systems and assets. This is expected to increase the demand for CIP, and thereby supplement the market’s development.

Cybercrime is also rapidly gaining traction, which is a matter of grave concern. As per estimates, Canada suffers major losses due to cybercrime, amounting to more than CAD 3.2 billion every year. This has resulted in businesses across all sectors optimizing their compliance programs in order to deal with the rising cybersecurity demands. Such moves are expected to majorly benefit the Canadian critical infrastructure protection market.

COMPETITIVE OUTLOOK

Some of the biggest names in this market include Lockheed Martin Corporation, Airbus SE, Honeywell International Inc, General Dynamics Corporation, Hexagon AB, BAE Systems Plc, Northrop Grumman Corp, and Axis Communications.