Cyber Security In Energy Market Size by Type, Application, and Regional Outlook 2022-2031

The global Cyber Security In Energy Market was valued at $8.6 billion in 2022, and is projected to reach $21.8 billion by 2031, growing at a CAGR of 11.3% from 2023 to 2031. Moreover, as the risk of cyber threats has increased at an alarming rate, security solutions have increasingly progressed. Solutions, such as antivirus software & firewalls, have grown in complexity and have proven to be effective at preventing threats and attacks, such as malware, Trojans, and phishing. The success of these solutions has led to the rapid development of the cyber security in energy industry, as implementing technical defenses has become a standard best practice in every industry vertical.

Download Sample Report (Get Full Insights in PDF - 330 Pages) at: https://www.alliedmarketresearch.com/request-sample/A53491

The global cyber security in energy market forecast is influenced by a number of factors such as increase in malware & phishing threats among energy & utility providers, high adoption of cyber security among energy providing organizations, and strong inclination toward cloud-based solutions. Furthermore, constant need to conform to industry standards & regulations in the device security is expected to affect the market growth. Furthermore, surge in adoption of cyber security solutions by organizations aligned to strategic business activities to minimize the damage of IT resources is the major factor expected to provide opportunities for the market growth. Thus, each of these factors is anticipated to have a definite impact on the growth of the global cyber security in energy market during the forecast period.

Based on end user, the industrial segment accounted for the largest share in 2021, contributing to nearly half of the global cyber security in energy market. The need to implement cost-effective cybersecurity solutions drives the adoption of cybersecurity in the industrial sector. However, the residential segment is expected to portray the largest CAGR of 14.2% from 2022 to 2031. The need to provide network security for residential homes and home offices, the adoption of cyber security in the residential sector is increasing.

Buy Now & Get Exclusive Discount on this Report : https://www.alliedmarketresearch.com/cyber-security-in-energy-market/purchase-options

Based on component, the solution segment held the highest market share in 2021, accounting for more than two-thirds of the global cyber security in energy market, and is estimated to maintain its leadership status throughout the forecast period. Increase in need for vulnerability assessment, penetration testing, and ensuring compliance with the leading federal, defense, and industry security standards is the major reason for the adoption of cyber security solutions. However, the service segment is projected to manifest the highest CAGR of 13.6% from 2022 to 2031. The cyber security services help organizations in threat detection and risk management, which drives the market growth for cyber security services.

The key players profiled in this report include

IBM Corporation,
General Electric,
Nordex SE,
Ansaldo Energia,
Baker Hughes,
Hitachi Energy Ltd.,
Elliot Ebara,
Vestas,
Mitsubishi Power

Get Customized Reports with you're Requirements: https://www.alliedmarketresearch.com/request-for-customization/A53491

By enterprise size, the large enterprises segment acquired the major cyber security in energy market size in 2021. This is attributed to the fact that large enterprises in energy & utility sector focused on implementing effective security solutions such as user access management, identity & access management, and security incident management due to increase in instances of cyberattacks in recent years.

The rise in need and requirement to keep information, data, and devices secure in the energy sector and surge in risks of cyber-attacks on energy industry for execution of mass operations drive the growth of the global cyber security in energy market. However, high acquisition costs and complexities of cyber security restrict the market growth. Moreover, technological advancements in cyber security in energy, such as inclusion of artificial intelligence (AI) and automations and the rise in adoption of digital practices for various operations in energy sector present new opportunities in the coming years.

Based on deployment mode, the on-premise segment held the highest market share in 2021, accounting for nearly three-fifths of the global cyber security in energy market. Increase in need to secure critical data from cyberattacks and monitor the influx of data within the organization is fueling the market growth for on-premises-based security solutions. However, the cloud segment is projected to manifest the highest CAGR of 14.5% from 2022 to 2031, and is estimated to maintain its leadership status throughout the forecast period. Increase in usage of mobile devices and surge in demand for scalable, agile solutions drive the demand for cloud-based cybersecurity solutions.

Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A53491

The global cyber security in energy market has witnessed growth but it was moderate in early forecast period till 2021-2022 and exhibited growing trend in the following years. Further, rise in COVID-19-related phishing and ransomware attacks as attackers were using COVID-19 as bait to impersonate brands, which mislead employees and customers, has proliferated the demand for cyber security, thus supporting the growth of the market. This, in turn, boosted the growth of cyber security in energy industry during the pandemic.

Regional Analysis:

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global cyber security in energy market. The major factors that contributes toward the growth of cybersecurity in North America are increase in usage of mobile & web in energy sector. In addition, increase in dependency on internet and digital platforms is another major factor fueling the market growth in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.1% from 2022 to 2031, and is likely to dominate the market during the forecast period. The major factor contributing toward the adoption of cybersecurity solutions in Asia-Pacific is increase in usage of mobile data for various applications such as mobile banking and social media.

Other Trending Reports:

Endpoint Security Market - https://www.globenewswire.com/news-release/2023/04/19/2650020/0/en/Endpoint-Security-Market-to-reach-31-9-Billion-Globally-by-2031-at-8-4-CAGR-Allied-Market-Research.html

Public Safety and Security Market - https://www.alliedmarketresearch.com/public-safety-and-security-market-A18443

Cyber Security in Energy Sector Market - https://www.prnewswire.com/news-releases/cyber-security-in-energy-sector-market-to-reach-25-billion-by-2032-at-11-7-cagr-allied-market-research-302013472.html

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.