Energy News

Oil and Gas Security and Service Market Growth in Business Future Scenarios and Brief Analysis by 2027

The security concerns of the operational technology (OT) such as distributed control system (DCS) and supervisory control and data acquisition (SCADA) of the infrastructure of the oil & gas industry from data theft and cyber-attacks are known as oil & gas security. The increase in cyber-attacks on the OT of oil & gas companies increases the demand for safety in the market. The protection from different data security breaches and cyber threats are the major advantages.

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Some of the main market participants are:

ABB
Al Safina Security
Athos Group, LLC
Cisco Systems, Inc
Honeywell International Inc.
Intel Corporation
Microsoft Corporation
Schneider Electric
Siemens AG
Waterfall Security Solutions Ltd

The increase in expenditure by the oil & gas companies on network & OT security and increasing trend of security & vulnerability management are some of the major factors driving the growth of the oil & gas security market. Additionally, the growing trend of bring your own device (BYOD) is also fueling the oil and gas Security and service market growth. However, massive capital cost and the constant demand for security upgrade are some of the major factors which may restrain the growth of the oil and gas Security and service market. Nevertheless, the rise in adoption of the Internet of Things (IoT) and demand for security-as-a-service (SaaS) create plenty of opportunities in the market.

The global oil and gas security and service market is segmented on the basis of Security type, service type, application. On the basis of security type, the market is segmented as physical security, network security. On the basis of service type, the market is segmented as risk management service, system design, integration, and consulting, managed service. On the basis of application, the market is segmented as exploration and drilling, refining and storage area, pipeline, transportation, and distribution.

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The report analyzes factors affecting oil and gas security and service market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the oil and gas security and service market in these regions.