Rise in trend of BYOD in the oil & gas sector, surge in digitization of operational technology (OT) in the upstream segment in oil & gas, and increase in political commotion in the Middle Eastern countries are expected to create lucrative opportunities for the market players. Evolving cyber threats to critical technological infrastructures, growing government regulations, and rise within the level of sophisticated cyber-attacks drive the growth of the global oil & gas security market.Â
Key market players – Siemens AG, Cisco Systems, Inc., Honeywell Corporation, Inc., Symantec Corporation, Intel Corporation, Corporation, Microsoft Corporation, General Electric, Lockheed Martin Corporation, and ABB Ltd.
The global oil & gas security market was pegged at $23.14 billion in 2016, and is expected to garner $36.01 billion by 2023, growing at a CAGR of 6.7% from 2017 to 2023.
The global oil & gas security market is segmented on the basis of component, security system, application, and geography. Based on component, the market is divided into software and service. The software segment held the largest share in 2016, and is expected to register a CAGR of 6.1% during the forecast period.
Based on security system, the market is divided into cybersecurity, security service, command & control, screening & detection, surveillance, access control, and perimeter security. The surveillance segment held the largest share in 2016, and is expected to maintain its dominance throughout the study period. Moreover, the segment is anticipated to register a CAGR of 6.1% during the forecast period.
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On the basis of application, the market is divided into exploring & drilling, transportation, pipelines, distribution & retail service, and others. The exploring & drilling segment held the largest share in 2016, and is expected to dominate the market throughout the forecast period. Moreover, the segment is estimated to portray a CAGR of 8.4% during the study period.
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