Cyber Security for Oil & Gas Market Scope
Cyber Security for Oil & Gas helps in managing, monitoring and are connected centrally thereby operates by machines like robotics, power plants, and other energy-related systems.cyberattack on oil and gas can result in severe consequences to human safety and the environment in the form of ruptures, explosions, fires, releases, and spills. The dependence on IT technology has grown, so has the vulnerability to cyberattacks which leads to increased risk of threats to the ICS and SCADA networks. With the sector facing such a high cyber risk, it’s more crucial than ever for oil and gas organizations to inhabit a cybersecurity culture and move from reactionary to proactive. To protect data in ICS/SCADA environments is boosting the demand for cybersecurity for oil & gas.
The global cyber Security for Oil & Gas market is fragmented with several players who are involved in new product launch and strategic collaborations. Some of the prominent vendors are adopting some organic and inorganic strategies such as a merger, acquisition, partnership, product launches in order to gain a competitive advantage. Moreover, some of the leading vendors are focusing on technological advancements in order to offer products as per the market necessities. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Cyber Security for Oil & Gas market throughout the predicted period.
Honeywell (United States), McAfee Corp. (United States), NortonLifeLock Inc (United States), Hewlett-Packard Enterprise (United States), IBM (United States), Cisco Systems Inc. (United States), Microsoft (United States), Siemens AG (Germany), BMC Software (United States), CA Technologies (United States), Dell (United States) and Waterfall Security Solutions (Israel) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Rapid7 Inc. (United States), FireEye Inc. (United States) and Trend Micro, Inc. (Japan).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Cyber Security for Oil & Gas market by Type (Physical Security and Network Security), by Application (Onshore Groups and Offshore Groups) and Region with country level break-up.
On the basis of geography, the market of Cyber Security for Oil & Gas has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In July 2019, Cisco acquired Sentryo, a provider of visibility and security solutions for Industrial Control Systems (ICS) networks. By combining Sentryo’s capabilities with its network architecture, Cisco can provide IoT benefits to the oil and gas sector., and In April 2019, Waterfall Security Solutions, a global leader in cybersecurity technologies for critical infrastructure and industrial control systems, announced a global partnership with Dragos, provider of the industrial industry’s most trusted asset identification, threat detection and response platform and services, to protect critical industrial control systems (ICS) from the most advanced cyber threats
In Oct 2020, ABB and IBM announced a collaboration focused on connecting cybersecurity and operational technology (OT). As the first result of this collaboration, ABB has developed a new OT Security Event Monitoring Service1 that combines ABB’s process control system domain expertise with IBM’s security event monitoring portfolio to help improve security for industrial operators.
- Early Adoption of Innovative Technologies
- Adoption of More Sophisticated Security Technologies and Operationalizing GDPR
- Increased Adoption of Cloud-based Solutions
- Rising Number of Cyber Crime Related Incidents in Oil-Gas Sector
- Rising Internet Penetration Globally
- Increasing Investment in Cloud-Based Services and Solutions
- Demand For AI, Machine Learning, and BlockChain Technologies
- High Cost Associated with Cyber Security Tools
- Data Privacy Concerns Coupled with Rising Cyber attacks such as DragonFly and Energetic Bear on Industries
- Lack of Awareness and Professional Person
Key Target AudienceGovernment Agencies, Cybersecurity Vendors, Network Solution Providers, Independent Software Vendors, Consulting Firms, System Integrators, Value-Added Resellers, IT Security Agencies and Managed Security Service Providers (MSSPs)