A new Mordor Intelligence report has projected the global critical infrastructure protection market to reach $131.33 billion by 2020 from $87.34 billion in 2015 at a compound annual growth rate of 8.50 percent.
The report forecasts North America will dominate the market as regulatory standards and high levels of market penetration spurred the growth of CIP services in the region, Mordor Intelligence said Monday.
Mordor Intelligence projects the Asia-Pacific to achieve a CAGR growth of 9.02 percent over the forecast period, with China and Japan representing a large market share.
The report indicates that physical security represents more than 60 percent of the CIP security technology market, followed by SCADA security at 10 percent, network security at 8 percent and CBRNE at 5 percent.
Mordor Intelligence also predicted that Honeywell International, BAE Systems, General Dynamics and Lockheed Martin will acquire smaller companies to combine their market position.