According to a research report "Oil and Gas Security and Service Market by Component (Solution and Services), Services, Security Type (Physical Security and Network Security), Operation (Upstream, Midstream, and Downstream), and Region - Global Forecast to 2025" published by MarketsandMarkets, the global oil and gas security and service market size is expected to grow from USD 25.3 billion in 2020 to USD 32.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period. Increased expenditure by oil and gas companies on network and physical security is one of the major factors driving the growth of the market.
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Market Size Estimation
·
The key players in the
industry and markets were identified through extensive secondary research.
·
The aggregate of all
companies’ revenues were extrapolated to estimate the overall market size.
·
All percentage shares and
breakups were determined using secondary sources and verified through primary
sources.
Managed services to account for the highest
market share during the forecast period
Rising levels of
cyber-attacks and terrorist activities have made it difficult for most of the
oil and gas companies to manage the security of their infrastructure. Thus, it
empowers the oil and gas companies to implement managed security services.
These managed services provide end-to-end security solutions which include
managed threat monitoring and vulnerability assessment, managed network
security services, and SCADA security. Moreover, managed services help
organizations to focus more on their core objectives of the oil and gas
business.
Midstream segment to grow at a higher CAGR
during the forecast period
The midstream operation segment in the
oil and gas sector includes shipping and storage of oil retrieved from the
upstream sector. Logistics and transportation are the main facets of the
midstream operation. The midstream segment generates a humungous amount of data
through pipelines and other storage facilities. Supervisory Control and Data
Acquisition (SCADA) system play a key role in digitizing and streamlining the
midstream sector. Moreover, midstream operators use SCADA system to monitor and
manage all field instruments utilized across the entire oil or gas flow in the
pipes. Thus, the target of hackers are the SCADA systems, which are directly
connected to the control networks that govern mission-critical oil and gas
processes. To prevent these systems, many oil and gas companies are updating
and boosting their cybersecurity capabilities.
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North
America to lead the oil and gas security and service market during the forecast
period
North
America is expected to account for the highest share of the oil and gas
security and service market in 2020. The region comprises developed countries,
such as the US and Canada, and is considered the most oil producing region and
also early adopter of advanced technologies. The North American region exhibits
a wide presence of key industry players offering oil and gas security solutions
and service, and its financial position enables the region to invest majorly in
leading tools and technologies for effective business operations.
Cisco
(US), NortonLifeLock (US), Honeywell (US), Siemens (Germany), Microsoft (US),
Lockheed Martin (US), ABB (Switzerland), Parsons (US), Fortinet (US), Trend
Micro (Japan), Forescout (US), GE (US), Synectics (UK), Intel (US), Speedcast
(Australia), Booz Allen (US), Thales (France), HCL (India), IBM (US), BAE
Systems (UK), Sophos (UK), Xage Security (US), Waterfall Security Solutions
(Israel), Nozomi Networks (US), CNL Software (UK), Moxa (Taiwan), GPS Security
(Canada), Athos (US), TSN (US), and J&G Security (US) are some of the major
companies operating in this market.
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