According to a new market research report "Oil and Gas Security and Service Market by Application (Exploration and Drilling, Refining and storage area, pipeline, transportation and distribution), Security type, Service type, Region - Global Forecast & Analysis to 2020", published by MarketsandMarkets, the oil and gas security and services market size is estimated to grow from US$26.34 Billion in 2015 to US$33.90 billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 5.2% from 2015 to 2020.
The report segments the oil and gas security and services market into various sub segments with in-depth analysis and forecasting of revenues.
Growth in high-profile cyber-attacks is driving the oil and gas security and service market.
Oil and gas security is defined as the security process in which the oil and gas operational sectors, namely, upstream, midstream, and downstream are secured with the help of stringent physical and network security measures to ensure operational efficiency and minimise losses associated with security breaches. The major forces driving this market are the increased government pressure and security compliance and regulations, threats from terrorist attacks and cyber-attacks, and lack in comprehensive solution for oil and gas security and physical attacks and insider threats.
High-profile cyber-attacks will drive the growth in the oil and gas security market. Surging cyber-attacks targeting oil and gas enterprises are driving the investments in oil and gas security solutions.
Most of the physical assets at oil and gas installations are subject to terrorist attacks, sophisticated and high-profile cyber-attacks. Various surveillance and monitoring techniques such as video surveillance, mass notification, and perimeter security can be instrumental in preventing security breaches as well as conducting effective audit trail. Presently, Workforces are increasingly using mobile devices while working on offshore rigs in remote areas, leading to investments in network security by enterprises to keep their network infrastructure and communication lines robust and secure.
The major drivers for the oil and gas security and service market are increased spending by oil and gas companies on infrastructure and network protection, growth of Bring Your Own Device (BYOD) in the oil and gas sector, growth in high-profile cyber-attacks, growing political turmoil in the Middle Eastern countries, increase in regulatory compliances, and increased traction for vulnerability assessment and management.
Latin America is expected to witness the largest traction in the oil and gas security market.
North America is anticipated to have the largest market share with Latin America seeing the highest CAGR from 2015 to 2020. North America has been at the forefront in adopting oil and gas security solutions. Furthermore, this region has been extremely responsive toward adopting the latest technological advancements such as integration with cloud and mobile technologies within oil and gas security solutions to yield proper secured access mechanism and enforcing a security governance framework within a secured installation.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/refining/10112015/oil-and-gas-security-worth-us33-billion-by-2020-1582/