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Cloud Security in Energy Sector Market 2019 Upcoming Opportunities, Growth, Scope Analysis By CA TECHNOLOGIES, IBM CORPORATION, VMWARE, MICROSOFT, DELL, HEWLETT PACKARD ENTERPRISE, CISCO SOLUTIONS

05-21-2019 05:50 PM CET | IT, New Media & Software

Press release from: Market Prognosis

"The global cloud security market in energy sector is projected to register a CAGR of 9.68% over the forecast period (2018 - 2023). The scope of the report constitutes of solutions offered by major players, including providers of hardware, software, customized products professional services, and integration solutions, either in security-based segments (application, database, etc.), or the on-the-service model type (IaaS, PaaS, and SaaS). The study offers the market insights on the regions considered in the scope of the report (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The study also emphasizes on various deployment channels of the security classified as private, public, or hybrid clouds.

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Innovation, Equipment Connectivity, and Malware Emergence in the Energy Sector
The energy sector has undergone a wave of innovation and the application of electronic and digital equipment and information technology has allowed it to bring parts of the system together. This synchronization and simulation have allowed the energy sector to use some of the ground-breaking technologies. PLC, SCADA, and DCS have made the operations of collecting data, moving, and controlling machines, valves, actuators, etc. by programs, logical, simple, and something that can be done on a continuous basis. With these devices, interconnectivity has evolved the threats of a security breach. Incidents like the Shamoon malware attacks in November 2016 and January 2017 against Gulf state organizations have made security imperative for the energy sector. The upstream, midstream, and downstream of all the levels in the energy sector have become prone to cyber-attacks and security is the utmost need to avoid any downtime. Any stopping or destruction of the energy sector services can prove catastrophic, as many other industries (chemical and power) are directly or indirectly dependent for their operations on them.
Alongside the increasing connectivity, the number of electronic control units and codes length aligning the processes have increased the complexity of the products. Thus, the concerns for cyber security are on the rise. Furthermore, in the energy sector market, it is difficult to monitor the security policies at every stage as the industry operates on a large scale to reduce the operating cost to revenue ratio. To counter these security risks, cloud security has become an indispensable aspect of the energy sector. Also, the government regulations and evolving industry standards of operations have been instrumental in driving the adoption of cloud security in energy sector market.

Key Developments in the Market
• May 2017 - For the IBM Corporation, the technology solutions & cloud platforms segment accounted for around 44% of the total revenue in 2016. The company continues to capitalize on acquisitions, to broaden, complement, and enhance its product and service offerings, and expand their technology capabilities.
• November 2016 - The Company integrated with complementary businesses, which often contributed entirely new products and services that added to its revenues and profitability. The company focuses on investing in R&D for artificial intelligence, analytics, nanotechnology, secure cloud computing, the blockchain, and advanced computer architectures. It invested close to 7% in R&D.

Major Players:
CA TECHNOLOGIES, IBM CORPORATION, VMWARE, MICROSOFT, DELL, HEWLETT PACKARD ENTERPRISE, CISCO SOLUTIONS, AND INTEL SECURITY GROUP, amongst others.

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Application-related Threats and Security in the Energy Sector
To monitor and control the physical processes across the oil & gas segment, the energy sector applications use operational technology. This is done by acquiring process variable data, such as temperatures, pressures, levels, and valve positions, and further analyzing this data, to automate processes.
This automation of processes or parts becomes possible by means of electric, mechanical, hydraulic, pneumatic actuators, and control valves, getting handled and operated by industrial automation and control systems, such as SCADA, distributed control systems (DCS), programmable logic controllers (PLCs), open platform communication (OPC) servers, and field devices. The applications that control these systems are known to be the most targeted areas, since they are used to control and automate all the operations of factories. Industry 4.0 developments, the pressure to reduce operational expenditure to net sales, coupled with the increased demand for transparency through all the operations of the industry supply chain, industrial automation, and control systems have witnessed robust adoption. This has boosted the security approach, due to the participation of all the stakeholders in the supply chain to safeguard it from any security breach-associated vulnerabilities.
Since these systems control various vital operation and process-related equipment and machinery, from sensors to data acquisition systems, there is a need for resilient security applications to prevent intrusions and breaches. Thus, the need contributes positively to the growth of the application security segment.

Growing Concerns over Cloud Security
The demand for greater accessibility and visibility of products and services used for end users, like apps, creates a range of new vulnerabilities that were previously never faced. Furthermore, the increased collection of customer information (personal and financial) is increasing the susceptibility to a data breach from the attack and thefts in this domain. As the access to internet increases, energy companies are required to effectively manage the security for mobile devices and apps used by workers in the field. Also, with the IoT rise, the data generated from these sensor-driven devices needs be protected as it can also cause the loss of intellectual property. The systematic integration of IT eases the work process load, although it increases the risk to the critical infrastructure. The present aging infrastructure may present compatibility and various other integration issues. Furthermore, this will require improved workforce, trained to recognize and avoid breaches.

Software-based Solutions to Witness the Greatest Adoption
The technology solutions & cloud platforms segment has witnessed substantial growth over the years. It becomes clearer with the perspective of the market players as the cloud segment of the company, IBM Corporation, provides a set of hybrid cloud services, which include assisting clients with building their clouds, like private clouds, thus allowing clients to utilize cloud infrastructure services and create environments linking their private and public workloads together.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

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Email: sales@marketprognosis.com

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