Oil & Gas Security Market by Component, Security System and Application - Global Opportunity Analysis and Industry Forecast, 2016-2023

Oil & Gas Security Market Overview: The Oil & Gas Security Market was valued at $ 23,141 million in 2016, and is projected to reach $36,012 million by 2023, growing at a CAGR of 6.7% from 2017 to 2023.

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The security of the operational technology (OT) such as supervisory control and data acquisition (SCADA) and distributed control system (DCS) of the infrastructure of the oil & gas industry from cyber-attacks and data theft is known as oil & gas security. The increase in cyber-attacks on the OT of oil & gas companies increases the requirement for security in the market. The protection from various cyber threats and data security breaches are the major advantages. However, huge capital cost and the constant demand for security upgrade are the disadvantages of the system.

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The increased expenditure by the oil & gas companies on network & OT security and increased trend of security & vulnerability management boosts the growth of the oil & gas security market.

The Key Players Profiled in the Report are as follows:
• Cisco Systems, Inc.
• Siemens AG
• Symantec Corporation
• Honeywell Corporation, Inc.
• Parsons Corporation
• Intel Corporation
• General Electric
• Microsoft Corporation
• ABB Ltd.
• Lockheed Martin Corporation

In addition, growth in trend of bring your own device (BYOD) and political chaos in the Middle East also fuels the market growth. Increase in regulatory compliances, which challenges the technical implementation restrains the market growth.

Top Winning Strategies: Oil & Gas Security Market:
Top winning strategies are analyzed by performing a thorough study of the leading players in the oil & gas security market. Comprehensive analysis of recent developments and growth curves of various companies have helped understand the growth strategies adopted by them and their potential effect on the market.

Rise in adoption of Internet of Things (IoT) and demand for security-as-a-service (SaaS) create ample opportunities in the market. Lack of awareness about oil & gas security, difficulties in implementation of cyber security for complicated OT, and the vulnerabilities associated with cloud technologies

challenge the growth of the oil & gas security market:

Prominent players profiled in the study are Cisco Systems, Inc., Siemens AG, Symantec Corporation, Honeywell Corporation, Inc., Corporation, Intel Corporation, General Electric, Microsoft Corporation, ABB Ltd., and Lockheed Martin Corporation. Company overview, business performance, strategic moves and developments, and other key points are provided for the aforementioned companies. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.

Segment Review: Oil & Gas Security Market:

The global oil & gas security market is segmented based on component, security system, application, and region. Based on component, the market is bifurcated into software and services. Services segment is further studied across professional and managed services. Based on security system, the market is divided into cyber security, security services, command & control, screening & detection, surveillance, access control, and perimeter security. By application, it is segmented into exploring and drilling, transportation, pipelines, distribution and retail services, and others. Further, the oil & gas security market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Drivers, Restraints, & Opportunities: Oil & Gas Security Market:

Increase in Trend Toward Enterprise Mobility
The rise in trend toward enterprise mobility in the oil & gas sector increases the vulnerability of sensitive information and concerns of identity theft. Further, enterprises are facing huge challenges owing to the large amount of data generated on a daily basis. The need to efficiently manage critical data in the oil & gas sector encourages the enterprises to adopt effective security solutions. Further, the proliferation of mobile devices and smartphones within the oil & gas sector has increased as it helps improve operational efficiency as well as real-time decision-making capabilities. However, managing several devices in this environment is quite challenging for enterprises, and hence there is a need for an efficient security solution such as video surveillance, access control, and intrusion detection solutions.

Oil & Gas Security Market Key Segments:

Oil & Gas Security Market by Component
• Software
• Services

Oil & Gas Security Market by Security Systems
• Cyber Security
• Security Services
• Command & Control
• Screening & Detection
• Surveillance
• Access Control
• Perimeter Security

Oil & Gas Security Market by Application
• Exploring and Drilling
• Transportation
• Pipelines
• Distribution and Retail services
• Others (Engineering, Refining, and Storage)

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Security Issues Linked to Cloud Software Deployment
Most enterprises are deploying software on cloud, which poses a high risk to the data stored in the oil & gas industry. Even though the benefits of deploying the software on cloud is high, there are security issues linked to this deployment model. Cloud model is entirely dependent on the internet and therefore is prone to outages and service interruptions at any time. In a Software-as-a-Service (SaaS) model of a cloud environment, the end users use the services provided by the cloud providers without knowing accurately where the resources for such services are located.

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