Oil & Gas Security Market 2020: Recent Industry Trends and Projected Industry Growth, 2016-2023
North America generated the highest revenue in the global oil & gas security market in 2016 due to its technological advancements and developed infrastructure, and introduction of innovative solutions by the key players in the region. The Asia-Pacific oil & gas security market is expected to grow at the highest rate of 8.8% during the forecast period.
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The report features a competitive scenario of the oil & gas security industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key 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. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the oil & gas security market.
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Exploring & drilling segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 7.2%. Among services, managed services segment is expected to witness highest CAGR of 8.4% during the forecast period.
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The oil & gas security market is in its maturity phase and is expected to grow at a CAGR of 6.7% during the forecast period. Growth in cyber-attacks in critical technological infrastructure of oil & gas domain, stringent government regulations in oil & gas sector, and growth in trend of bring your own devices (BYOD) drive the growth in the oil & gas security market.
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