The oil and gas cyber security market is estimated to observe stable growth across the assessment period of 2016-2024. Digitization has penetrated numerous sectors, and the oil and gas industry is no exception. The expansive utilization of cyber security in the oil and gas industry will serve as a prominent growth generator.
Global Oil and Gas Cyber Security Market: Overview
Today’s hyper-connected world is highly prone to cyber-attacks and industries are increasingly taking measures to bulwark their systems and data. The oil and gas industry is no exception. To increase efficiency of operations, they are digitally connected these days. While this has its obvious advantages, it also has its ill-effects – heightened risk of cyber-attacks. This has necessitated the need for proper cyber-security measures and has, in turn, spawned an entire market altogether – oil and gas cyber security market.
A report by Transparency Market Research studies the global market for oil and gas cyber security by factoring in various crucial aspects. It takes into consideration both historical and current data to gauge the size of the market. It sheds light on the growth drivers and restraints to understand the future trajectory of the market. The report also leverages market-leading analytical tools to fathom the current competitive dynamics and profiles leading players along with their strategies.
Global Oil and Gas Cyber Security Market: Trends and Opportunities
Insider misuse, crime ware, miscellaneous errors, cyber espionage, web application attacks, denial of service, physical threat/loss of property, and payment skimmers are to name a few common cyber-attack threats in the oil and gas industries. To counter them, cyber security systems are deployed in oil and gas operational sites. They monitor the processes during plant shutdown and help uncover utilities interruption, facilities terrorism, production disruption, undetected spills, and hydrocarbon installation terrorism. Effective cyber security systems in place ensure seamless operations right from exploration and production of oil and gas to their delivery to end-users sans mishap or other hitches.
The global market for oil and gas cyber security can be split broadly into physical security and network security. Sector-wise, upstream, midstream, and downstream are the three primary segments in the market. Depending upon application again, the market can be bifurcated into the onshore and offshore groups.
The different types of cyber security challenges in the upstream sector include breach of confidential information or data pertaining to drilling operations, planned projects, production sharing contracts (PSC), block diagrams, tenders, field production information, and drilling methodologies. The upstream segment is considered most prone to cyber-attacks. Cyber-threats in the midstream oil and gas sector is mostly related to supply chain logistics, distribution networks, storage information, pipeline data, and pipeline and transportation information. In the downstream, major cyber-security challenges pertain to refinery information, consumer data, end-user distribution, retail data, and industrial plants and manufacturing data.
Global Oil and Gas Cyber Security Market: Regional Outlook
From a geographic standpoint, North America and Europe are key markets in the global market for oil and gas cyber security. This is because the two continents are home to advanced countries that invest heavily in sophisticated cyber security systems to avoid breaches. The U.S. and Canada, for instance, are pulling out every stop to ensure cyber security in the development and production of shale gas. Europe and North America are also home to numerous key manufacturers of cyber security components such as hardware and software to ensure safety of different operational processes in the entire oil and gas value chain. These players are now making efforts to tap into the promising China and India markets in Asia Pacific in order to up their revenues and profit margins.
Companies Mentioned in the Report
Some of the key players operating in the global market for oil and gas cyber security, listed in the report are Siemens AG, Lockheed Martin Corporation, Parsons, Microsoft Corporation, Cisco Systems, Inc., Symantec Corporation, Intel Corporation, and Accenture.