IMARC Group’s latest report, titled “Oil and Gas Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global oil and gas security market reached a value of US$ 27.3 Billion in 2021. Oil and gas are among the most critical energy sources throughout the world. Oil and gas security refers to the process of securing the operational sectors of the oil and gas industry, namely upstream, midstream, and downstream, by using stringent physical and network security measures. These measures ensure operational efficiency and minimize losses associated with security breaches. In recent years, oil and gas security has gained prominence as it plays a crucial role in simplifying operations even during extreme temperatures, harsh climatic conditions and hazardous processes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Oil and Gas Security Market Trends:
With rapid digitization, there have been evolving security threats and cyber-attacks in the oil and gas sector. They have caused significant disruptions to the entire network, including web application attacks, malware, phishing and physical risk/loss of property. Due to this, several companies are implementing effective cybersecurity solutions by increasing their expenditure on network and operational technology security and vulnerability management to combat them. Besides this, governments of various nations are also undertaking several initiatives to improve the aging infrastructure. They are also promoting the adoption of new technologies to significantly enhance efficiency. Moreover, the rising adoption of the Internet of Things (IoT), the growing trend of bring your own devices (BYOD) and increasing investments in the oil and gas sector are some of the other factors bolstering the market growth. Looking forward, the market is expected to grow at a CAGR of 6.2% during the forecast period (2022-2027).
- Based on the component, the market has been bifurcated into software and services.
- On the basis of the security type, the market has been segregated into cyber security, operational security, command and control, screening and detection, surveillance, access control, perimeter security and others.
- The market has been classified based on the application into exploring and drilling, transportation, pipelines, distribution and retail services and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, India, Japan, Australia, Indonesia, South Korea and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being ABB Ltd., Cisco Systems Inc., General Electric Company, Honeywell International Inc., Intel Corporation, Lockheed Martin Corporation, Microsoft Corporation, Parsons Corporation, Siemens Aktiengesellschaft and Waterfall Security Solutions.
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