Supply Security Industry Research Report 2024: Global

Dublin, Oct. 7, 2024 (GLOBE NEWSWIRE) — The “Utilities Security – Global Strategic Business Report” report has been updated ResearchAndMarkets.com Offer.

The global security of supply market was valued at $9.9 billion in 2023 and is expected to reach $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 to help you make informed business decisions.

Security in the utility sector is of paramount importance as utilities play a critical role in ensuring the continued supply of vital 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.

Growth in the utility security market is driven by several factors, including the increasing threat of cyberattacks, increasing adoption of advanced security technologies, and 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 and driving demand for more sophisticated cybersecurity solutions.

Additionally, growing awareness of the risks posed by both physical and cyber threats is driving 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 forcing utilities to improve their security measures, resulting in increased spending on security technologies and services. Additionally, 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 and further driving the growth of the market.

How does technology improve security in the utility sector?

Technological advances play a critical role in improving safety across the utility sector. Integrating advanced surveillance systems, biometric access controls and perimeter intrusion detection systems (PIDS) improves physical security in utility facilities. Meanwhile, adopting state-of-the-art cybersecurity measures such as intrusion detection systems (IDS), firewalls and encryption technologies are helping protect utilities’ digital infrastructure from increasingly sophisticated cyber threats.

The rise of the Industrial Internet of Things (IIoT) has brought 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 increasingly common, allowing utilities to predict and mitigate security risks before they can cause significant damage.

Why do utilities rely on comprehensive security solutions?

Utilities are increasingly turning to comprehensive security solutions to address the diverse threats they face. The growing recognition of the interconnectedness of physical and cybersecurity has led to a more integrated approach, with utilities implementing unified security strategies that span both areas. The regulatory environment is also driving the adoption of advanced security measures, with governments and industry associations imposing stricter security requirements on utilities to protect critical infrastructure.

Additionally, the financial and reputational risks associated with security breaches are forcing utilities to invest in more robust security solutions. The increasing digitalization of utility operations, including the introduction of smart grids and automated systems, has expanded the attack surface for cyber threats and makes it essential for utilities to adopt comprehensive security frameworks that can protect both their physical and digital assets.

Key Takeaways:

• Market Growth: Understand the significant growth trajectory of the physical security segment, which is expected to reach $17.8 billion by 2030 at a compound annual growth rate of 14.9%. The cyber security segment is also expected to grow at a CAGR of 22.6% during the analysis period.
• Regional Analysis: Get insights into the US market, estimated at $2.7 billion in 2023, and China, which will see impressive annual growth of 16.6% to $4.6 billion by 2030. Dollar is forecast. Discover growth trends in other key regions including Japan, Canada, Germany, and Asia Pacific.

Reporting features:

• Comprehensive market data: Independent analysis of annual sales and market forecasts in millions of US dollars from 2023 to 2030.
• Detailed Regional Analysis: Detailed insights into key markets including the US, China, Japan, Canada, Europe, Asia Pacific, Latin America, the Middle East and Africa.
• Company Profiles: Coverage of key players such as Alien Vault, Inc., Anixter International, Inc., Axis Communications AB and more.

Key attributes:

Main topics covered:

MARKET OVERVIEW

• Insights into the influencer market
• World market trends
• Security of supply – Percentage market share of major global competitors in 2024 (E)
• Competitive market presence – strong/active/niche/trivial for players worldwide in 2024 (E)
• Global economic update

Market trends and drivers

• Rising cybersecurity threats are driving investments in security of supply
• Introduction of advanced surveillance and surveillance technologies
• Growth in smart grid deployments increases vulnerability to cyberattacks
• Integrating AI and machine learning into security solutions
• Increasing demand for physical security solutions in utility infrastructure
• Developing unified security platforms for utilities
• Increasing risk of insider attacks in utility operations
• Role of IoT in expanding security vulnerabilities
• Investing in safety training and awareness programs

Focus on selected players(42 featured in total)

• Alien Vault, Inc.
• Anixter International, Inc.
• Axis Communications AB
• Bosch Security Systems GmbH
• Cisco Systems, Inc.
• Computer Science Society
• 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, see

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• Market for security of supply