According to a new report published by UnivDatos Markets Insights the Oil and Gas Security and Services Market is expected to grow at a CAGR of around 5% from 2021-2027. The analysis has been segmented into Service (Risk Management Services, System Design, Integration, Consulting, Managed Services); Security Type (Physical Security, Network Security); Operation (Upstream, Midstream, Downstream); Application (Exploration and Drilling, Processing and Storage, Transportation, Pipeline, Distribution); and Region/Country.The oil and gas security and services market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the oil and gas security and services market. The oil and gas security and services market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the oil and gas security and services market at the global and regional levels.
Market Overview
The demand for the oil and gas security and services market is anticipated to witness an uptick in the adoption of cloud technologies in the oil and gas security market.
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 5.11% during the forecast period (2021–2027).
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the oil and gas industry and has transformed the way the oil and gas industry is delivered. The COVID-19 pandemic has significantly affected the oil and gas security and services market as there has led organizations to go through economic turmoil and the absence of service engineers has put a lot of pressure on oil companies that 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.
The global oil and gas security and services market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
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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.
· 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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Oil and Gas Security and Services Market Geographical Segmentation Includes:
· North America (U.S., Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Italy, France, Spain, and the Rest of Europe)
· Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
· Rest of the World
For a better understanding of the market dynamics of the oil and gas security and services market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. Geographically, the North American region dominated the oil and gas security and services market owing to the growing adoption of cloud technologies in the oil and gas security market.
The major players targeting 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
· Parsons Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the oil and gas security and services market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the oil and gas security and services market?
• Which factors are influencing the oil and gas security and services market over the forecast period?
• What are the global challenges, threats, and risks in the oil and gas security and services market?
• Which factors are propelling and restraining the oil and gas security and services market?
• What are the demanding global regions of the oil and gas security and services market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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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.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1183Managed services to account for the highest market share during the forecast periodRising 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.
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 periodThe midstream operation segment in the oil and gas sector includes shipping and storage of oil retrieved from the upstream sector.
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.
