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Dublin, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The "Oil and Gas Security and Service Market by Component (Solution and Services), Services, Security Type (Physical Security and Network Security), Operation (Upstream, Midstream, and Downstream), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global oil and gas security and service market size is expected to grow from an estimated value from USD 25.3 billion in 2020 to USD 32.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.

The oil and gas security and service industry is driven by various factors, such as growing political instability in Middle East and need to ensure compliance with industry regulations in oil and gas security and service market. However, high reliance on existing security solutions can hinder the growth of the market.

The recent COVID-19 pandemic is expected to impact the oil and gas security and service industry. The pandemic and subsequent response is already exerting pressure on governments, economies, households, and different industries across world. The oil and gas industry, both on shore and offshore, are mostly affected by Stuxnet and Exxon's Torrance. Fluctuation in oil prices and political instability in the MEA and APAC region have set the stage for cyber disasters in the oil and gas industry.

Service segment to grow at a higher CAGR during the forecast period

According to the deputy director of GCHQ, Brian Lord, the oil and gas industry is the second most susceptible sector to cyber-attacks. The upstream, midstream, and downstream sectors are highly digitalized, which makes them more prone to cyber-attacks. Companies are focusing more on security services to prevent such attacks. Viruses and malware are evolving daily due to which it becomes very difficult for old systems and security patches to identify threats. Consequently, organizations are updating security patches and software to secure themselves from cyber-attacks. Due to the outbreak of COVID-19, companies such as NTT Security is started offering managed services to help oil and gas companies to manage their all aspects of cybersecurity. Increase in the number of connected devices, which raises the number of endpoints, has increased cyber issues recently. Moreover, lack of awareness about oil and gas security solutions and services, difficulty in the implementation of the IT technologies, and vulnerabilities associated with the cloud have also affected the oil and gas industry, which provides growth opportunities to service providers.

Solution segment to account for a higher market share during the forecast period

Oil and gas companies, which form the backbone of many regions, are facing unprecedented challenges due to various reasons, ranging from geopolitical issues to the obstacles created by the current pandemic. Onshore wells, offshore platforms, and oil and gas pipelines constitute the key assets of energy companies and ensuring the cybersecurity of these assets is critical for companies. To comply with regulations, upkeep asset performance, and utilize business resources optimally, oil and gas companies are switching to cloud technologies. Migration to the cloud makes organizations more vulnerable to cyber-attacks, which call for proper security measures. The increasing number of mobile devices, including personal and those used by field personnel, in utility companies' corporate networks has raised the chances of cyber-attacks. Consequently, the demand for security solutions has catapulted remarkably.

Middle East and Africa to grow at the highest rate during the forecast period

The oil and gas security and service market in Middle East and Africa is expected to grow at the highest CAGR during the forecast period. The rise of various terrorist groups and militias and vacuum created due to the ineffective governments in the Middle Eastern and northern African countries is propelling the need for oil and gas security solutions. In North America, there is a tremendous demand for oil and gas security and service.Key Topics Covered:

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1 Introduction

2 Research Methodology

3 Executive Summary 3.1 Market Estimates and Forecasts, 2014-2025

4 Premium Insights 4.1 Attractive Opportunities in Oil and Gas Security and Service Market4.2 North America: Market, by Component and Country, 20204.3 Market, by Component, 2020-20254.4 Market, by Operation, 2020-2025

5 Market Overview and Industry Trends5.1 Introduction5.2 Market Dynamics5.2.1 Drivers5.2.1.1 Increased Expenditure by Oil and Gas Companies on Network and Physical Security5.2.1.2 Growing Political Instability in Middle East5.2.1.3 Need to Ensure Compliance With Industry Regulations5.2.2 Restraint5.2.2.1 High Reliance on Existing Security Solutions5.2.3 Opportunity5.2.3.1 Adoption of Cloud Technologies in Oil and Gas Industry5.2.3.2 Rise in Adoption of Internet of Things (IoT)5.2.4 Challenges5.2.4.1 Lack of Awareness and Security Training Within Oil and Gas Industry5.2.4.2 Difficulty in Implementation of Comprehensive Security Solutions in Multisite Facilities5.3 Covid-19 Pandemic-Driven Market Dynamics5.3.1 Drivers and Opportunities5.3.2 Restraints and Challenges5.3.3 Cumulative Growth Analysis5.4 Use Cases5.4.1 Kaztransoil Deployed Erpscan for Its Sap System to Prevent Cyber Attacks and Keep Critical Infrastructure More Secured5.4.2 a Leading Oil and Gas Company in Us Enhanced Its Industrial Cybersecurity With Help of Moxa5.4.3 Global Offshore Oil and Gas Company Deployed Solutions Provided by Waterfall Security Solutions to Protect Offshore Exploration and Production from Evolving Cyber Threats5.5 Value Chain Analysis5.5.1 Oil and Gas Security and Service Market: Value Chain Analysis5.6 Ecosystem5.7 Technology Analysis5.7.1 Artificial Intelligence and Predictive Analytics5.7.2 Cloud and Mobility5.8 Pricing Analysis5.9 Regulatory Landscape5.9.1 Iso 29001 for Oil and Gas5.9.2 Federal Energy Regulatory Commission5.9.3 Sarbanes-Oxley Act5.1 Adjacent Markets

6 Oil and Gas Security and Service Market, by Component6.1 Introduction6.1.1 Component: Covid-19 Impact6.1.2 Market Estimates and Forecasts, by Component, 2014-20256.2 Solution6.2.1 Solution: Market Drivers6.2.2 Market Estimates and Forecasts, by Region, 2014-20256.2.3 Market Estimates and Forecasts, by North American Country, 2014-20256.2.4 Market Estimates and Forecasts, by European Country, 2014-20256.2.5 Market Estimates and Forecasts, by APAC Country, 2014-20256.2.6 Market Estimates and Forecasts, by MEA Country, 2014-20256.3 Services6.3.1 Services: Market Drivers6.3.2 Market Estimates and Forecasts, by Region, 2014-20256.3.3 Market Estimates and Forecasts, by North American Country, 2014-20256.3.4 Market Estimates and Forecasts, by European Country, 2014-20256.3.5 Market Estimates and Forecasts, by APAC Country, 2014-20256.3.6 Market Estimates and Forecasts, by MEA Country, 2014-2025

7 Oil and Gas Security and Service Market, by Service7.1 Introduction7.1.1 Services: Covid-19 Impact7.1.2 Market Estimates and Forecasts, by Services, 2014-20257.2 Risk Management Services7.2.1 Risk Management Services: Market Drivers7.2.2 Market Estimates and Forecasts, by Region, 2014-20257.2.3 Market Estimates and Forecasts, by North American Country, 2014-20257.2.4 Market Estimates and Forecasts, by European Country, 2014-20257.2.5 Market Estimates and Forecasts, by APAC Country, 2014-20257.2.6 Market Estimates and Forecasts, by MEA Country, 2014-20257.3 System Design, Integration, and Consulting7.3.1 System Design, Integration, and Consulting: Market Drivers7.3.2 Market Estimates and Forecasts, by Region, 2014-20257.3.3 Market Estimates and Forecasts, by North American Country, 2014-20257.3.4 Market Estimates and Forecasts, by European Country, 2014-20257.3.5 Market Estimates and Forecasts, by APAC Country, 2014-20257.3.6 Market Estimates and Forecasts, by MEA Country, 2014-20257.4 Managed Services7.4.1 Managed Services: Market Drivers7.4.2 Market Estimates and Forecasts, by Region, 2014-20257.4.3 Market Estimates and Forecasts, by North American Country, 2014-20257.4.4 Market Estimates and Forecasts, by European Country, 2014-20257.4.5 Market Estimates and Forecasts, by APAC Country, 2014-20257.4.6 Market Estimates and Forecasts, by MEA Country, 2014-2025

8 Oil and Gas Security and Service Market, by Security Type8.1 Introduction8.2 Physical Security8.3 Network Security

9 Oil and Gas Security and Service Market, by Operation9.1 Introduction9.2 Upstream9.3 Midstream9.4 Downstream

10 Oil and Gas Security and Service Market, by Region10.1 Introduction10.2 North America10.3 Europe10.4 Asia-Pacific10.5 Middle East and Africa10.6 Latin America

11 Competitive Landscape11.1 Introduction11.1.1 New Solution Launches/Solution Enhancements11.1.2 Partnerships11.1.3 Acquisitions11.2 Company Evaluation Matrix11.2.1 Star11.2.2 Emerging Leader11.2.3 Pervasive11.3 Start-Up Quadrant11.3.1 Progressive Companies11.3.2 Starting Blocks11.3.3 Responsive Companies11.3.4 Dynamic Companies11.4 Market Share, 2020

12 Company Profiles12.1 Introduction12.2 Cisco12.3 Honeywell12.4 Siemens12.5 Microsoft12.6 Nortonlifelock12.7 Lockheed Martin12.8 Waterfall Security Solutions12.9 ABB12.10 Parsons12.11 Fortinet12.12 Trend Micro12.13 Sophos12.14 Forescout12.15 GE12.16 Nozomi Networks12.17 Cnl Software12.18 Moxa12.19 Synectics12.20 Intel12.21 Speedcast12.22 GPS Security12.23 Athos12.24 TSN12.25 J&G Security12.26 Booz Allen12.27 Thales12.28 HCL12.29 IBM12.30 Bae Systems12.31 Xage Security12.32 Right to Win

13 Adjacent Markets

14 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/5me6of

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Global Oil and Gas Security and Service Market (2020 to 2025) - Rise in Adoption of Internet of Things Presents Opportunities - Yahoo Finance