Dublin, Oct. 07, 2024 (GLOBE NEWSWIRE) -- The "Utilities Security - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Utilities Security was estimated at US$9.9 Billion in 2023 and is projected to reach US$30.7 Billion by 2030, growing at a CAGR of 17.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Security in the utilities sector is of paramount importance, given the critical role that utilities play in ensuring the continuous supply of essential services such as electricity, water, and natural gas. The increasing complexity of utility infrastructure, coupled with the growing threat of cyberattacks, makes the need for robust security measures more urgent than ever.
The growth in the Utilities Security market is driven by several factors, including the rising threat of cyberattacks, the increasing adoption of advanced security technologies, and the growing regulatory pressure to protect critical infrastructure. The expansion of smart grid technologies and the integration of IIoT devices into utility operations are creating new security challenges, driving the demand for more sophisticated cybersecurity solutions.
Additionally, the growing awareness of the risks posed by both physical and cyber threats is prompting utilities to invest in integrated security systems that can provide comprehensive protection. The introduction of stricter regulations and standards for critical infrastructure security is also pushing utilities to enhance their security measures, leading to increased spending on security technologies and services. Furthermore, the increasing complexity of utility infrastructure and the need for real-time monitoring and threat detection are driving the adoption of AI and ML-based security solutions, further fueling the growth of the market.
How Is Technology Enhancing Security in the Utilities Sector?
Technological advancements are playing a critical role in enhancing security across the utilities sector. The integration of advanced surveillance systems, biometric access controls, and perimeter intrusion detection systems (PIDS) are improving physical security at utility facilities. Meanwhile, the adoption of cutting-edge cybersecurity measures, such as intrusion detection systems (IDS), firewalls, and encryption technologies, is helping to protect the digital infrastructure of utilities from increasingly sophisticated cyber threats.
The rise of the Industrial Internet of Things (IIoT) has introduced new vulnerabilities, but it has also enabled utilities to deploy smart sensors and monitoring systems that provide real-time data on potential security breaches. Additionally, the use of artificial intelligence (AI) and machine learning (ML) in threat detection and response is becoming more prevalent, allowing utilities to predict and mitigate security risks before they can cause significant harm.
Why Are Utilities Embracing Comprehensive Security Solutions?
Utilities are increasingly adopting comprehensive security solutions to address the wide range of threats they face. The growing recognition of the interconnectedness of physical and cyber security has led to a more integrated approach, where utilities implement unified security strategies that encompass both domains. The regulatory environment is also driving the adoption of advanced security measures, with governments and industry bodies imposing stricter security requirements on utilities to protect critical infrastructure.
In addition, the financial and reputational risks associated with security breaches are compelling utilities to invest in more robust security solutions. The increasing digitization of utility operations, including the deployment of smart grids and automated systems, has expanded the attack surface for cyber threats, making it essential for utilities to adopt comprehensive security frameworks that can protect both their physical and digital assets.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Physical Security segment, which is expected to reach US$17.8 Billion by 2030 with a CAGR of a 14.9%. The Cyber Security segment is also set to grow at 22.6% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $2.7 Billion in 2023, and China, forecasted to grow at an impressive 16.6% CAGR to reach $4.6 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Alien Vault, Inc., Anixter International, Inc., Axis Communications AB, and more.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $9.9 Billion |
| Forecasted Market Value (USD) by 2030 | $30.7 Billion |
| Compound Annual Growth Rate | 17.6% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Utilities Security - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Global Economic Update
MARKET TRENDS & DRIVERS
- Rising Cybersecurity Threats Driving Investment in Utility Security
- Adoption of Advanced Monitoring and Surveillance Technologies
- Growth in Smart Grid Deployments Increasing Vulnerability to Cyber Attacks
- Integration of AI and Machine Learning in Security Solutions
- Rising Demand for Physical Security Solutions in Utility Infrastructure
- Development of Unified Security Platforms for Utilities
- Increasing Threat of Insider Attacks in Utility Operations
- Role of IoT in Expanding Security Vulnerabilities
- Investment in Security Training and Awareness Programs
FOCUS ON SELECT PLAYERS(Total 42 Featured)
- Alien Vault, Inc.
- Anixter International, Inc.
- Axis Communications AB
- Bosch Sicherheitssysteme GmbH
- Cisco Systems, Inc.
- Computer Science Corporation
- G4S PLC
- General Dynamics Corporation
- General Electric Company
- Honeywell Security Group
- Johnson Controls International PLC
- Northrop Grumman Corporation
- Qognify
- Siemens AG
- Symantec Corporation
For more information about this report visit https://www.researchandmarkets.com/r/6slqmo
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