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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Driver: Increased expenditure by oil and gas
companies on network and physical security
Recent incidents of
cyber-attacks have prompted oil and gas companies to strengthen their security
infrastructure. Most of the oil and gas companies have gone through numerous cyberattacks
in the recent years, which has led to huge losses. For instance, disruptions
created by the attack in Saudi Aramco echoed for months describing the
importance of cyber security to prevent such attacks. Countries such as Iraq
and others in the MEA region, which are major oil producing countries, have
gone through such circumstances earlier, which encouraged investment on network
and physical security. In addition, in the light of the COVID-19 pandemic, the
trend of Bring Your Own Device (BYOD) is consolidating, which can further
expose oil and companies to the risk of phishing attacks. Thus, the usage of
network security and firewall for protection is anticipated to surge in the
coming years. A joint effort by Cisco and BT to survey approximately 2,200
office workers, businesses, and IT decision makers across 13 countries and 9
business verticals found out that 82% of companies supported BYOD.
Opportunity: Adoption of cloud technologies
in oil and gas security market
Increase in the adoption of cloud
technologies in the oil and gas industry has made it more vulnerable to the
cyber-attacks. Data protection and privacy being one of the key concerns in oil
and gas industry has been achieved so far by isolating networks and
strengthening perimeter defenses. The advent of cloud technology in oil and gas
industry is an opportunity for companies to revitalize and improve their
defense mechanism by adopting cyber security. Many companies lack expertise,
capital, and on-premise servers due to which they need to adopt cloud
technologies to secure data. Traditional network models mainly used to focus on
the perimeter security; however, traditional strategies of perimeter security
are no longer reliable as cyber attackers have already mastered the art of
invading them. The most common types of cyber-attacks that have been witnessed
in the COVID-19 period are malware, ransomware, and phishing, which take place
through cloud ecosystem loopholes. Companies such as Hess and GRTgaz are moving
to cloud as their digital strategy and have planned to majorly focus on cyber
security
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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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