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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.