OIL AND GAS SECURITY AND SERVICE MARKET TO REACH USD 38.2 BILLION BY 2027 | CAGR 5.1% – FORENCIS RESEARCH

Global Oil and Gas Security and Service Market: Key Highlights

• According to the new market research report “Oil and Gas Security and Service Market by Component (Solution, Services), by Security Type (Surveillance, Cyber Security, Screening & Detection, Access Control, Security Services, Command & Control, Perimeter Security and Others), by Operation (UPSTREAM, MIDSTREAM and DOWNSTREAM), by Application (Transportation, Pipelines, Exploring and Drilling, Distribution and Retail services and Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)”, the global Oil and Gas Security and Service Market is estimated to reach USD 38.2 Billion by 2027 at a CAGR of around 5.1% during the review period.
• Managing security risks is one of the major business activity to upstream the oil and gas industry. Also, the security system helps the companies to enhance and to manage assets as well as to deliver supplier without any interference.
• Moreover, due to COVID-19 pandemic the increasing demand for Bring Your Own Device (BYOD) may also lead to create a risk phishing attacks for the industries.

Global Oil and Gas Security and Service Market: Key Market Dynamics

• With the growing demand for the cloud-based technologies is witness to increase the demand of the market in the forecast period. Whereas, the cloud technologies in the industries is play a significant role for the companies to enhance and improve the defense tools by adoption cyber security.
• One of the major key concern of the oil and gas security and service market is the lack of awareness which may hinder the growth of the market. Whereas, in the globalization and networking period more than 70% of the offshore cyber threat is being recorded due to the human error.
• The shortage of professional, capital as well as on premise servers create an opportunities for the adoption of cloud-based technologies to the data security deployment and managing public access small cells will also increase risk in the security platform.
• Most of the small and large oil and gas industries has adopted physical and cyber security solution but largely the business are still depend on the existing security solution. These may hinder the growth of the oil and gas security and services market in the projected period.

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Global Oil and Gas Security and Service Market: Regional Overview

• North America:

The region is witness to be one of the leading in the adoption of advance technologies...  Whereas, the technological growth such as developments of products has also contributed an opportunity for the market growth in the region. Also the region has known as a major player in adoption of oil and gas security solution. The region is anticipating to be a leading player for the adopting of new emerging technologies which includes cloud and mobile technologies for the oil and gas security.

Hence, US and Canada is projected to plays a major contribution for the growth of the market in the region. These trend will lead to enhance the growth of the oil and gas security and service market in the projected period.

• Asia-Pacific:

The Asia-Pacific is witness to be one of the major player for the adoption of new technologies for the growth of financial sector as well as the government services. Whereas, Japan, China and India has also taking initiatives for the technological advancement such as cloud, Artificial Intelligence and Internet of thing for the growth of economic development of the region. Hence the initiative taken by the Chinese government, of Made in China 2025 will also lead to boost the market in the projected period.

Hence, these may lead to increase the demand of the market in the forecast period.

Global Oil and Gas Security and Service Market: Key Players Overview

• Cisco Systems, Inc.:

Cisco is American multinational technology company which develop and sells software, networking hardware as well as telecommunication equipment. The company helps to enhance and optimize oil and gas assets and production from the business. Whereas, 2019, the company had acquired Sentryo, which is a provider of visibility and security solutions for Industrial Control Systems (ICS) networks. However, with combining Sentryo’s capabilities with its network architecture the Cisco can provide IoT advantages to the oil and gas sector.

• Honeywell:

Honeywell is a multinational conglomerate, which mainly operate in Aerospace, Building technologies, performance Materials & Technologies, and Safety & Productivity Solutions. In 2018, the company had introduce a new connected gas detector which listens for leaks ultrasonically, complementing fixed gas detectors to better protect workers as well as helps to facilities against deadly toxic and explosive gas leaks. However, the company provides enhance services for the oil and gas customers.

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