Oil And Gas Security And Service Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Oil And Gas Security And Service Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The oil and gas security and service market size has grown strongly in recent years. It will grow from $29.13 billion in 2023 to $30.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to regulatory compliance, rising instances of security breaches, cyber threats awareness, geopolitical instability, oil and gas infrastructure vulnerabilities.

The oil and gas security and service market size is expected to see strong growth in the next few years. It will grow to $38.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to supply chain resilience, focus on incident response, integration of biometric solutions, regulatory changes impacting security, remote asset management. Major trends in the forecast period include incident simulation and drills, cloud security solutions, security automation, zero trust security model, rapid incident response.

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Key Market Players:

Major companies operating in the oil and gas security and service market report are Cisco Systems Inc., Honeywell International Incorporated, Siemens AG, Microsoft Corporation, Lockheed Martin Corporation, Intel Corporation, Broadcom Inc., Parsons Corporation, Asea Brown Boveri Ltd., NortonLifeLock Inc., United Technologies Corporation, Thales Group, Johnson Controls International plc, Fortinet Inc., Waterfall Security Solutions Ltd., Trend Micro Inc., Symantec Corporation, General Electric Company, Raytheon Company, BAE Systems plc, FLIR Systems Inc., Motorola Solutions Inc., Booz Allen Hamilton Inc., Northrop Grumman Corporation, Safran S.A., Leidos Holdings Inc., L3Harris Technologies Inc., plc, Conseillers en Gestion et Informatique Inc., Cognizant Technology Solutions Corporation, DXC Technology Company, Infosys Limited, Larsen & Toubro Infotech Limited, Schneider Electric, SAP SE

Market Drivers:

The rising incidence of cyber-attacks is expected to propel the growth of the oil and gas security and service market going forward. A cyberattack is a malicious and deliberate attempt by one person or organization to breach the information systems of another person or organization. Due to rising cyber-attacks, the oil and gas sector uses security and services to manage cyberattacks in operational systems, with the primary purpose of ensuring system availability and integrity through more effective measurement, control, detection, and response to cyber threats. In February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, in 2022, cybercrime reports received were 76,000, up from 13% from the previous year. Therefore, the rising incidence of cyberattacks is driving the growth of the oil and gas security and service market.

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The oil and gas security and service market covered in this report is segmented -

1) By Components: Solutions, Services
2) By Type: Physical Security, Network Security, Risk Management Service, System Design, Integration And Consulting, Managed Service
3) By Operations: Upstream, Midstream, Downstream
4) By Application: Exploration And Drilling, Refinng And Storage Area, Pipeline, Transportation And Distribution

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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