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Oil And Gas Security And Service Market Outlook Report 2024-2033: Trends, Analysis, Insights, Overview
Oil And Gas Security And Service Market Outlook
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According to The Business Research Company's, 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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Market Drivers and Trends:
The rising adoption of cloud computing is expected to propel the growth of the oil and gas security and service market going forward. Cloud computing is a technology that enables the delivery of various computing services over the internet and is used by organizations and individuals to invest in and manage physical hardware and software infrastructure. Cloud computing is used for oil and gas security and service by providing a scalable, flexible, and technologically advanced framework for data management, analytics, collaboration, and automated threat response. For instance, in January 2023, according to Google LLC, a US-based technology company, 76% of people used the public cloud in 2022, an increase of 56% from 2021. Therefore, the rising adoption of cloud computing is driving the growth of the oil and gas security and service market.
Technological advancement is a key trend gaining popularity in the oil and gas security and service market. Major companies operating in the oil and gas security and services market are focused on developing technologically advanced solutions to strengthen their market position. For instance, in August 2022, Mine Safety Appliances, a US-based manufacturer and supplier of safety equipment launched HazardWatch FX-12 fire and gas system, a creative, modular system that integrates company's cutting-edge gas and flame field devices with extremely dependable programmable logic controller (PLC) technology. It is extremely scalable, making it appropriate for applications ranging from small systems to huge plant-wide ones. The controller hardware configuration and software of the HazardWatch System have been evaluated by Factory Mutual to confirm NFPA 72 compliance and offer intelligence, flexibility, and dependability.
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Major Key Players of the Market:
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., Accentur*e plc, Conseillers en Gestion et Informatique Inc., Cognizant Technology Solutions Corporation, DXC Technology Company, Infosys Limited, Larsen & Toubro Infotech Limited, Schneider Electric, SAP SE
Oil And Gas Security And Service Market 2024 Key Insights:
• 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%.
• Rising Cybercrime Threats Fuel Growth In Oil And Gas Security Market
• Oil And Gas Security Market Advances With Cutting-Edge Solutions
• North America was the largest region in the oil and gas security and service market share in 2023
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