The growth in high-profile and sophisticated cyber-attacks on oil and gas installations is fueling the growth of oil and gas security solutions.
The oil and gas security and service market size is estimated to grow from USD 26.34 billion in 2015 to USD 33.90 billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 5.2% from 2015 to 2020. The oil and gas security and service market is driven by factors such as rise in the sophistication level of security breaches, growing government regulations and standards for cyber security.
The exploration and drilling applications in the oil and gas sector are witnessing remarkable growth attributed to the increased need for network security solutions.
The exploration and drilling applications are estimated to contribute the largest market share duing the forecast period. Greater investment of IT security infrastructure by oil and gas enterprises, pipeline, transportation, and distribution is expected to gain traction and grow at the highest CAGR in the next 5 years. Risk management services are expected to grow with the highest rate from 2015 to 2020. However, managed services are expected to contribute the largest market share during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
Break-up of profile of primary participants for the report is as given below:
- By Company Type: Tier 1?30 %, Tier 2?40%, and Tier 3?30%
- By Designation: C level?74%, Director level?12%, and Others?14%
- By Region: North America?47%, Europe?29%, APAC?14%, and RoW?10%
As there is an increase in the Bring Your Own Device (BYOD) penetration in the oil and gas sector as well as there is a growth in online data sharing, the security market in oil and gas sector offers tremendous upcoming growth opportunites during the next 5 years. Furthermore, the organizations are also turning toward managed services to ensure a balanced and proactive security standpoint.
The key oil and gas security vendors profiled in the report are:
1. Honeywell International
2. Intel Security
3. Microsoft Corporation
4. Siemens AG
5. Symantec Corporation
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the oil and gas security and service market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.