Research and Markets have completed a new report, ‘Oil and Gas Security and Service Market by Application, Security type, Service type, Region - Global Forecast & Analysis to 2020’ estimating the oil and gas security and service market will grow from US$26.34 billion in 2015 to US$33.90 billion by 2020, at a compound annual growth rate (CAGR) of 5.2%.
The major drivers of the market include the increased penetration of bring your own device (BYOD), data sharing among various oil and gas installations and the need to assess the vulnerabilities of a variety of oil and gas installations.
The exploration and drilling security market is expected to have the largest market share and dominate the oil and gas security market from 2015 - 2020 as data driven security fuels market growth. Incident response and disaster management is expected to play a key role in changing the oil and gas security landscape and will grow at the highest growth rate during the forecast period as there is an increased need among oil and gas installations to deploy tools to conduct vulnerability assessment and management.
Risk management services are the fastest growing service type in the oil and gas security and service market because it benefits organisations with a foolproof roadmap to conduct the risk assessment of vital capital projects and deploy effective counter measures in case of an emergency situation. Since, most of the oil and gas installations are located on geographically diverse locations, it is necessary to ensure the integrity and confidentiality of the flow of operational data, and it is also necessary to deploy a robust network security system. Therefore, the network security for oil and gas installations is growing at a remarkable rate.
North America accounts for the largest market share of 35.29% of the overall oil and gas security market in 2015, followed by Europe. This is due to the faster adoption rates of oil and gas security solutions by organisations in the region in order to streamline business operations, vulnerability management, privacy risk management and improve business continuity management. Emerging advancements in technology and the increasing demand for stricter security and authentication processes to protect sensitive data are the major factors driving the market in North America.
Companies such as Intel Security, Symantec Corporation, Honeywell International, Inc., Microsoft Corporation, Siemens AG, and UTC are upgrading legacy systems of enterprises with new innovative oil and gas security solutions in the Asia Pacific region.
Some of the crucial factors that restrain the oil and gas security and service market are the existing base of oil and gas security solutions and the risk associated with the shadow IT infrastructure. Most of the oil and gas enterprises are slowly moving toward the deployment of physical and network security solutions, whereas a major chunk of enterprises relies on the existing security solutions involving simple biometrics or a username and password. Most of the enterprises are concerned with the handling of sensitive organisational content and are very serious regarding the data access policies.
The threat of shadow IT is growing due to the increasing usage of smartphones at work.The significant adoption of BYOD has increased the vulnerability of the sensitive data in an enterprise and concerns of identity theft. The oil and gas security and service market consists of major players such as ABB, Intel Security, Symantec Corporation, Cisco Systems, Inc., Honeywell International, Inc., Lockheed Martin Corporation, Microsoft Corporation, Siemens AG, UTC, and Waterfall Security Solutions. Most of these companies are striving to provide highly sophisticated surveillance and security products tailor made for the oil and gas enterprises and the demand for oil and gas security products is going to witness traction in the coming period.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/refining/08122015/oil-and-gas-security-and-service-market-to-grow-1908/