Cloud Security In Energy Market Analysis 2024: Size, Share, And Growth Forecast

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Cloud Security In Energy Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $2.07 billion In 2028 At A CAGR Of 10.4% :

The cloud security in energy market size has grown rapidly in recent years. It will grow from $1.26 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to operational efficiency, integration of IoT devices, digital transformation initiatives, increased complexity of IT environments, cost reduction and scalability.

The cloud security in energy market size is expected to see rapid growth in the next few years. It will grow to $2.07 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to increasing adoption of cloud computing, rising cybersecurity threats, globalization of energy operations, regulatory compliance requirements, data sensitivity and confidentiality. Major trends in the forecast period include advanced persistent threats (APTs), adoption of edge computing, focus on zero trust security models, continued regulatory emphasis on security, rapid technological advancements.

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Cloud Security In Energy Market Major Segments
The cloud security in energy market covered in this report is segmented -

1) By Service: Infrastructure as a service (IaaS), Platform as a service (PaaS), Software as a service (SaaS)
2) By Solution Type : Identity and Access Management, Data Loss Prevention, IDS/IPS, Security Information and Event Management, Encryption
3) By Infrastructure: Servers, Storage, Networking equipment
4) By Platforms: Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform (GCP)

Key Driver - IoT Expansion Fuels Surge In Cloud Security Demand Within The Energy Sector

The rapid adoption of IoT devices is expected to propel the growth of cloud security in the energy market going forward. The Internet of Things (IoT) refers to non-traditional computing hardware, including machines, appliances, actuators, sensors, and wirelessly connected machines that are capable of transmitting data over a network. IoT devices enable the continuous monitoring of widely distributed operations, providing real-time data for energy to optimize their processes and improve efficiency. For instance, in August 2022, according to Akamai Technologies Inc., a US-based internet company, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion in 2025. Therefore, the rapid adoption of IoT devices is driving the growth of cloud security in energy.

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Prominent Trend - Strategic Partnership For Enhanced Cloud Security In The Energy Sector

Major companies operating in the cloud security in the energy market are focused on strategic partnerships to increase their profitability in the market. A strategic partnership is a collaborative agreement between two or more organizations to achieve mutually beneficial goals. For instance, in October 2023, Tenable Inc., a US-based cyber security company, partnered with Siemens Energy AG, a US-based energy company, to strengthen the security of operational technology (OT) settings in the energy industry. Through the partnership, Siemens Energy's Omnivise T3000 cybersecurity is expected to be strengthened, making easier industry standard compliance possible. Siemens Energy has leveraged Tenable OT Security for asset discovery and vulnerability management, and now, building on years of collaboration, the company will integrate Tenable OT Security as a network intrusion detection system (NIDS) into their Omnivise T3000 control system.

Cloud Security In Energy Market Players
Major companies operating in the cloud security in energy market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Siemens AG, General Electric Company,Plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., Broadcom Inc., SAP SE, ABB Ltd., Salesforce.com Inc., NTT DATA Corporation, Cognizant Technology Solutions Corporation, Infosys Limited, VMware Inc., Wipro Limited, Tech Mahindra Limited, Palo Alto Networks Inc., Fortinet Inc., Red Hat Inc., Trend Micro Incorporated, Nutanix Inc., Zscaler Inc., Sophos Ltd.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the cloud security in energy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud security in energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cloud Security In Energy Market Report Structure
3. Cloud Security In Energy Market Trends And Strategies
4. Cloud Security In Energy Market - Macro Economic Scenario
5. Cloud Security In Energy Market Size And Growth
…..
27. Cloud Security In Energy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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