The global oil and gas security and service market size was estimated to reach over USD 23.8 billion in 2020 and projected to grow at a CAGR of 4.9% over the forecast period.
Oil and gas security refers to the protection of the oil and gas industry's infrastructure's operational technology (OT), such as distributed control systems (DCS) and supervisory control and data acquisition (SCADA), from data theft and cyber-attacks. Cyber-attacks on oil and gas companies' OT are increasing market demand for security. Protection from numerous data security breaches and cyber attacks is one of the main advantages.
Some of the key factors driving the growth of the oil and gas security market include the rising trend of security and vulnerability management, as well as increased expenditure by oil and gas companies on network and OT security. In addition, the growing trend of bring your own device (BYOD) is assisting in the growth of the oil and gas security and service sector. Massive capital expenses, on the other hand, as well as the constant demand for security upgrades, are two major challenges that may hinder the growth of the oil and gas security and service market. Despite this, the increased use of the Internet of Things (IoT) and demand for security-as-a-service (SaaS) has created a slew of new business opportunities.
The report also emphasizes several distinctiveness of the global oil and gas security and service industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the oil and gas security and service industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The oil and gas security and service market has tough competition among the new emerging and pre-established market vendors. Besides, the oil and gas security and service industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
Based on the security type, the market is segmented into physical security, and network security. The network security segment is anticipated grow substantially throughout the forecast period. A rise in cyber-attacks as a result of growing use of Internet of Things (IoT) technology is driving the network security market for oil and gas security and services. Oil and gas refineries and storage facilities are high-security zones that are frequently located in areas that are off-limits to casual visitors, and the personnel in charge of the refineries' day-to-day operations are highly trained to comply to safety regulations. They also have critical operational and controller applications that can be hacked, causing in major operational and financial losses. companies.
North America is likely to have the highest market size in the global oil and gas security and service industry, while the Middle East and Africa (MEA) is expected to grow at the quickest CAGR during the forecast period. North America has been in the forefront of putting oil and gas security measures in place. Furthermore, this region has been quick to integrate new technology breakthroughs, such as integrating cloud and mobile technologies with oil and gas security solutions to provide adequate protected access mechanisms and impose a security governance structure within a secured installation.
The major players of the global Oil and Gas Security and Service market are Cisco Systems, Inc., Siemens AG, Symantec Corporation, Honeywell Corporation, Inc., Parsons Corporation, Intel Corporation, General Electric, Microsoft Corporation, ABB Ltd., and Lockheed Martin Corporation, and others. Renowned companies are offering new and modern oil and gas security and service software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Oil and Gas Security and Service Market
Component Overview, 2019-2028 (USD Billion)
- Risk Management Services
- System Design, Integration, and Consulting
- Managed Services
Security Type Overview, 2019-2028 (USD Billion)
- Physical Security
- Network Security
Operation Overview, 2019-2028 (USD Billion)
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America