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 according to report published by
MarketsandMarkets.
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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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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