Evolving cyber threats to critical technological infrastructures, growing government regulations, and rise within the level of sophisticated cyber-attacks drive the growth of the global oil & gas security market. However, security issues linked to cloud deployments and fluctuations in prices of oil & gas hamper the market growth.
On the contrary, rise in trend of BYOD in the oil & gas sector, surge in digitization of operational technology (OT) in the upstream segment in oil & gas, and increase in political commotion in the Middle Eastern countries are expected to create lucrative opportunities for the market players.
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The global oil & gas security market was pegged at $23.14 billion in 2016, and is expected to garner $36.01 billion by 2023, growing at a CAGR of 6.7% from 2017 to 2023.
The global oil & gas security market is segmented on the basis of component, security system, application, and geography. Based on component, the market is divided into software and service. The software segment held the largest share in 2016, and is expected to register a CAGR of 6.1% during the forecast period.
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On the basis of application, the market is divided into exploring & drilling, transportation, pipelines, distribution & retail service, and others. The exploring & drilling segment held the largest share in 2016, and is expected to dominate the market throughout the forecast period. Moreover, the segment is estimated to portray a CAGR of 8.4% during the study period.
Based on security system, the market is divided into cybersecurity, security service, command & control, screening & detection, surveillance, access control, and perimeter security. The surveillance segment held the largest share in 2016, and is expected to maintain its dominance throughout the study period. Moreover, the segment is anticipated to register a CAGR of 6.1% during the forecast period.
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The global oil & gas security market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across North America dominated the global market in 2016, owing to technological advancements and developed infrastructure coupled with advent of novel solutions.
The global oil & gas security market report includes an in-depth analysis of the prominent market players such as Siemens AG, Cisco Systems, Inc., Honeywell Corporation, Inc., Symantec Corporation, Intel Corporation, Corporation, Microsoft Corporation, General Electric, Lockheed Martin Corporation, and ABB Ltd.
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Covid-19 scenario: The advent of Covid-19 has significantly impacted the global oil & gas security industry.
- The cancellation of the Mobile World Congress has hugely affected the market revenue as at such international shows products and solutions get the biggest exposure and companies get a chance to meet new clients and seal new partnerships.
- During this pandemic, organizations are reluctant to invest big capital on new business models, hiring workforce, rather every addition expense apart from essentials, which will hamper the market growth.
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