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Rising Cybercrime Threats Fuel Growth In Oil And Gas Security Market: Powering Innovation and Expansion in the Oil And Gas Security And Service Market by 2025
Oil And Gas Security And Service Market
What Is the Expected CAGR for the Oil And Gas Security And Service Market Through 2025?
There has been a consistent expansion in the oil and gas security and service market over the past few years. The market is expected to increase from $29.92 billion in 2024 to $31.12 billion in 2025, with a compound annual growth rate (CAGR) of 4.0%. Its growth during the historical period can be traced back to factors such as regulatory compliance, an increase in security breaches, awareness of cyber threats, geopolitical volatility, and vulnerabilities in the oil and gas infrastructure.
What's the Projected Size of the Global Oil And Gas Security And Service Market by 2029?
The market size for security and services in the oil and gas sector is forecasted to experience robust expansion in the upcoming years. The market value is predicted to reach $41.73 billion in 2029, increasing at a compound annual growth rate (CAGR) of 7.6%. Factors such as supply chain resilience, increased emphasis on incident response, incorporation of biometric systems, regulatory alterations affecting security, and remote asset management can be credited for this growth in the predicted period. Key trends expected to prevail in the forecasted period include performing incident simulation and drills, providing cloud security solutions, automating security measures, implementing the zero trust security model, and enhancing rapid incident response.
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Top Growth Drivers in the Oil And Gas Security And Service Industry: What's Accelerating the Market?
The increasing number of cyber-attacks is anticipated to boost the expansion of the oil and gas security and service market in the future. A cyberattack refers to an intentional harmful attempt by an individual or organization to break into the information systems of another party. As a result of escalating cyber-attacks, the oil and gas industry utilizes security and services to handle these threats in their operational systems. The main goal is to guarantee the system's continuity and integrity by implementing efficient measurement, control, detection, and responses to these cyber threats. The Australian Cyber Security Centre, a cyber security agency based in Australia, reported in February 2023 that the number of cybercrime reports received in 2022 had risen to 76,000, a 13% increase compared to the previous year. Therefore, the escalation in cyber-attacks is serving as a driving force for the growth of the oil and gas security and service market.
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What Trends Will Shape the Oil And Gas Security And Service Market Through 2029 and Beyond?
The rise of cutting-edge technology is a notable trend becoming increasingly prevalent in the oil and gas security and service sector. Leading corporations in this domain are dedicated to crafting technologically superior solutions to fortify their standing in the market. For example, Mine Safety Appliances, an American firm specializing in the manufacture and supply of safety gear, launched the HazardWatch FX-12 fire and gas system in August 2022. This inventive, modular system melds the firm's avant-garde gas and flame field devices with highly reliable programmable logic controller (PLC) technology. Its tremendous scalability allows it to fulfill requirements of applications, from small systems to large-scale plant-wide ones. The hardware configuration and the software of the HazardWatch System have been reviewed by Factory Mutual to verify compliance with NFPA 72, ensuring intelligence, flexibility, and reliability.
What Are the Main Segments in the Oil And Gas Security And Service Market?
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, Refining And Storage Area, Pipeline, Transportation And Distribution
Subsegments:
1) By Solutions: Physical Security Solutions, Cybersecurity Solutions, Risk Management Solutions, Incident Management Solutions, Compliance And Regulatory Solutions
2) By Services: Security Consulting Services, Security Training And Awareness Programs, Managed Security Services, Incident Response Services, Risk Assessment Services
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Which Top Companies are Driving Growth in the Oil And Gas Security And Service Market?
Major companies operating in the oil and gas security and service market 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., accenture* PLC, Conseillers en Gestion et Informatique Inc., Cognizant Technology Solutions Corporation, DXC Technology Company, Infosys Limited, Larsen & Toubro Infotech Limited, Schneider Electric, SAP SE
Which Regions Will Dominate the Oil And Gas Security And Service Market Through 2029?
North America was the largest region in the oil and gas security and service market share in 2024. The regions covered in the oil and gas security and service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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