Oil & Gas Security and Services Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 

Oil and gas security and services are defined as the strength of encryption and authentication capabilities by providing effective and enhanced network protections to anticipate and eliminate possible cyber-attacks on oil & gas facilities worldwide. In addition, the security of the operational technology (OT) such as supervisory control and data acquisition (SCADA) and distributed control system (DCS) of the infrastructure of the oil & gas industry from cyber-attacks and data theft is known as oil & gas security. In recent years, oil & gas security and services include physical and network defense across both projects, offshore and onshore. The demand for oil and gas security and services is due to the rise in the need for energy supply is creating pressure on governments to draw up regulatory plans for the oil & gas physical protection framework. Furthermore, the increase in cyber-attacks by oil & gas firms on operational technology (OT) raises the need for market protection. Monitoring systems have empowered issues to be identified and have helped to identify solutions in a shorter time cycle. The global oil and gas security and services market is expected to witness a CAGR of around 5% during the forecast period (2021–2027). 

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However, Covid – 19 has devasted the global economy due to which many sectors experienced a downfall as the demand for oil and gas security and services got reduced within the industries. In addition, the pandemic led organizations to go through economic turmoil and the absence of service engineers has put a lot of pressure on oil companies which are connecting Original Equipment Manufacturer Vendors (OEMs) with Operational Technology (OT) to carry out work. But due to this, their IT and OT systems are no longer segregated and are exposed to threats. Systems with no updated security patches are more prone to cyber-attacks. As the industries are in the process, many productions, supply chain power, and other industries are using security systems as a source of data maintenance within the industry. Furthermore, the concern towards data security regards the use of security and services, by which the growth of the oil and gas security and services market will be seen during the forecasted period.

According to UnivDatos Market Insights (UMI)’ research report “global oil and gas security and services market”, the market is expected to witness robust growth during the forecast period 2021-2027F. As the market is anticipated to witness an uptick in the adoption of cloud technologies in the oil and gas security market.

In addition, some of the major players operating in the market include Cisco Systems Inc., Honeywell International Inc., Siemens AG, ABB Ltd., Waterfall Security Solutions Ltd, Microsoft Corporation, General Electric, Schneider Electric SE, Lockheed Martin, and Parsons Corporation. Several M&As along with partnerships have been undertaken by these players to develop the oil and gas security and services market.

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Based on service, the market is fragmented into risk management services, system design, integration, consulting, and managed services. During the forecast period, the risk management services segment will have significant growth in the oil and gas security and services market. Due to the rise of the increasing cyber-attacks, sabotage, and terrorist attacks, globally to maintain the security of the system. In addition, many major oil and gas companies offer risk management services that help in identifying hazards and risks through quantitative risk analysis and security threat management. Furthermore, business risk management, business continuity management, competency management, fire detection and management, environmental safeguard, and functional safety come under risk management services which help in the market growth of oil and gas security and services.

Based on security type, the market is fragmented into physical security, and network security. During the forecast period, the network security segment will have significant growth in the oil and gas security and services market.  Due to the increase in the usage of Internet of Things (IoT) technologies. In addition, many refineries and storage sites for oil and gas have high-security zones that are often located in regions that are off-limits to casual visitors, and the staff in charge of the refineries' day-to-day operations are highly trained to adhere to safety standards to maintain the risk of cyber-attacks with the increased use of Internet of Things (IoT) technology. Furthermore, Firewalls, Identity Access Management (IAM) systems, Security Information and Event Management (SIEM), Unified Threat Management (UTM), and Supervisory Control and Data Acquisition (SCADA) security solutions are all used to protect networks that are driving the growth of oil and gas security and services market in the recent years.

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Based on operation, the market is fragmented into upstream, midstream, and downstream. The upstream segment is expected to grow significantly in the oil and gas security and services market during the forecasted period. As it helps in securing the stiff network and physical security measures. In addition, upstream oil and gas security and services will ensure operational efficiency and curtail losses associated with security breaches. Also, these are used to protect a natural gas refinery or oil exploration site. Furthermore, the growth of upstream oil and gas security and services is attributed to generating a humungous amount of data through pipelines.

Based on application, the market is fragmented into exploration and drilling, processing and storage, transportation, pipeline, and distribution. During the forecast period, the exploration and drilling segment will have significant growth in the oil and gas security and services market. The increase in the exploration and drilling activities with increasing demand for oil and gas have contributed to the growth of the oil and gas security and service market in the segment. In addition, many recent incidents of cyber-attacks have prompted oil and gas companies to strengthen their security infrastructure during different operations.

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North America Held Significant Share in the Market in 2020

For a better understanding of the market adoption of the oil and gas security and services, the market is analyzed based on its worldwide presence in the regions such as North America; Europe; Asia-Pacific; and the Rest of World. North America is considered to have significant growth in the market during the forecasted period. Due to the emerging advancements in technology and the rising demand for stricter safety and authentication methods to preserve sensitive data within the industries.  Since many companies are operating in the region to maintain their specific security concerns are looking for holistic frameworks which can help them to implement prescriptive process changes. Furthermore, North America is very quick in adopting the most recent technological advancements, such as integrating cloud and mobile technologies into oil and gas security solutions to produce properly secured access mechanisms and enforce a security governance framework within a secured installation. However, Countries like U.S. and Canada are likely to dominate the North American market as the presence of large oil and gas security and service vendors in the region is also expected to boost the market growth of oil and gas security and services. For instance, Apache Corporation, a Houston-based oil, and gas company, with around three billion barrels’ equivalents of oil and natural gas reserves use Microsoft’s customized and modified security framework that considers everything from physical to logical access to application security to data protection to data continuity needed in the industry.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global oil and gas security and services market are Cisco Systems Inc., Honeywell International Inc., Siemens AG, ABB Ltd., Waterfall Security Solutions Ltd, Microsoft Corporation, General Electric, Schneider Electric SE, Lockheed Martin, and Parsons Corporation. Several M&As along with partnerships have been undertaken by these players to develop the oil and gas security and services market.

“Global Oil and Gas Security and Services Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.      

Market Segmentation:

1.      By Service (Risk Management Services, System Design, Integration, Consulting, Managed Services)

2.      By Security Type (Physical Security, Network Security)

3.      By Operation (Upstream, Midstream, Downstream)

4.      By Application (Exploration and Drilling, Processing and Storage, Transportation, Pipeline, Distribution)

5.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

6.      By Company (Cisco Systems Inc., Honeywell International Inc., Siemens AG, ABB Ltd., Waterfall Security Solutions Ltd, Microsoft Corporation, General Electric, Schneider Electric SE, Lockheed Martin, and Parsons Corporation)

Key questions answered in the study:

1.      What are the current and future trends of the global oil and gas security and services industry?

2.      How the industry has been evolving in terms of service, security type, operation, application, and region?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global oil and gas security and services industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global oil and gas security and services suppliers across various region and countries?