Global Cloud Security in Energy Sector Market (2018 – 2023) research report is expected to register a CAGR of 9.68% over a five years forecast period. Additionally, Cloud Security in Energy Sector market report also examines the market by discussing market dynamics such as opportunities, threats, challenges, drivers, restrictions, and other trends of market. The growing adoption of multi-factor techniques is expected to aid the growth to Cloud Security in Energy Sector market, during the forecast period.
List of Key players operating in the Global Cloud Security in Energy Sector Market are –
- Symplified Inc. (Parent RSA : Parent Dell Technologies)
- CA Technologies
- Cipher Cloud
- Hewlett Packard Enterprise
- Cisco Solutions
- Panda Security
- Forcepoint (Previously Known as Websence : Parent firm Raytheon)
- Intel Security Group
- Porticor Ltd. (Acquired by Intuit
- New Name: Intuit Data Protection Services)
- NetLib Security
- Limelight Networks
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The global cloud security market in energy sector is projected to register a CAGR of 9.68% over the forecast period (2018 - 2023). The scope of the report constitutes of solutions offered by major players, including providers of hardware, software, customized products professional services, and integration solutions, either in security-based segments (application, database, etc.), or the on-the-service model type (IaaS, PaaS, and SaaS). The study offers the market insights on the regions considered in the scope of the report (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The study also emphasizes on various deployment channels of the security classified as private, public, or hybrid clouds.
Innovation, Equipment Connectivity, and Malware Emergence in the Energy Sector
The energy sector has undergone a wave of innovation and the application of electronic and digital equipment and information technology has allowed it to bring parts of the system together. This synchronization and simulation have allowed the energy sector to use some of the ground-breaking technologies. PLC, SCADA, and DCS have made the operations of collecting data, moving, and controlling machines, valves, actuators, etc. by programs, logical, simple, and something that can be done on a continuous basis. With these devices, interconnectivity has evolved the threats of a security breach. Incidents like the Shamoon malware attacks in November 2016 and January 2017 against Gulf state organizations have made security imperative for the energy sector. The upstream, midstream, and downstream of all the levels in the energy sector have become prone to cyber-attacks and security is the utmost need to avoid any downtime. Any stopping or destruction of the energy sector services can prove catastrophic, as many other industries (chemical and power) are directly or indirectly dependent for their operations on them.
Alongside the increasing connectivity, the number of electronic control units and codes length aligning the processes have increased the complexity of the products. Thus, the concerns for cyber security are on the rise. Furthermore, in the energy sector market, it is difficult to monitor the security policies at every stage as the industry operates on a large scale to reduce the operating cost to revenue ratio. To counter these security risks, cloud security has become an indispensable aspect of the energy sector. Also, the government regulations and evolving industry standards of operations have been instrumental in driving the adoption of cloud security in energy sector market.
Application-related Threats and Security in the Energy Sector
To monitor and control the physical processes across the oil & gas segment, the energy sector applications use operational technology. This is done by acquiring process variable data, such as temperatures, pressures, levels, and valve positions, and further analyzing this data, to automate processes.
This automation of processes or parts becomes possible by means of electric, mechanical, hydraulic, pneumatic actuators, and control valves, getting handled and operated by industrial automation and control systems, such as SCADA, distributed control systems (DCS), programmable logic controllers (PLCs), open platform communication (OPC) servers, and field devices. The applications that control these systems are known to be the most targeted areas, since they are used to control and automate all the operations of factories. Industry 4.0 developments, the pressure to reduce operational expenditure to net sales, coupled with the increased demand for transparency through all the operations of the industry supply chain, industrial automation, and control systems have witnessed robust adoption. This has boosted the security approach, due to the participation of all the stakeholders in the supply chain to safeguard it from any security breach-associated vulnerabilities.
Since these systems control various vital operation and process-related equipment and machinery, from sensors to data acquisition systems, there is a need for resilient security applications to prevent intrusions and breaches. Thus, the need contributes positively to the growth of the application security segment.
Growing Concerns over Cloud Security
The demand for greater accessibility and visibility of products and services used for end users, like apps, creates a range of new vulnerabilities that were previously never faced. Furthermore, the increased collection of customer information (personal and financial) is increasing the susceptibility to a data breach from the attack and thefts in this domain. As the access to internet increases, energy companies are required to effectively manage the security for mobile devices and apps used by workers in the field. Also, with the IoT rise, the data generated from these sensor-driven devices needs be protected as it can also cause the loss of intellectual property. The systematic integration of IT eases the work process load, although it increases the risk to the critical infrastructure. The present aging infrastructure may present compatibility and various other integration issues. Furthermore, this will require improved workforce, trained to recognize and avoid breaches.
Software-based Solutions to Witness the Greatest Adoption
The technology solutions & cloud platforms segment has witnessed substantial growth over the years. It becomes clearer with the perspective of the market players as the cloud segment of the company, IBM Corporation, provides a set of hybrid cloud services, which include assisting clients with building their clouds, like private clouds, thus allowing clients to utilize cloud infrastructure services and create environments linking their private and public workloads together.
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Key Answers Catch in Analysis are:
– Which geographical region would have more demand for Cloud Security in Energy Sector product/services?
– What are the business strategies accepted by leading players in the Cloud Security in Energy Sector region-wise market?
– Which country would see the precipitous rise in CAGR & annual Cloud Security in Energy Sector growth?
– What is the ongoing & estimated Cloud Security in Energy Sector market size in the upcoming years?
– What is the Cloud Security in Energy Sector market possibility for long-term investment?
– What type of opportunity would the country provide for current and Cloud Security in Energy Sector market new players?
– What are the risk and challenges involved in Cloud Security in Energy Sector suppliers?
– What are the factors which would propel the demand for the Cloud Security in Energy Sector product in coming years?
– What is the impact study of numerous factors in the growth of the Global Cloud Security in Energy Sector market?
– What are the latest trends in the regional Cloud Security in Energy Sector market and how prosperous they are?
Reasons to Purchase Cloud Security in Energy Sector Market Report:
- The report analyses how stringent emission control norms will drive the global Cloud Security in Energy Sector market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Cloud Security in Energy Sector market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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Cloud Security in Energy Sector Market Report TOC Includes:
- Overview of Cloud Security in Energy Sector market, scope of report and include research phases
- Cloud Security in Energy Sector market insight based on industry analysis and forecast analysis
- Covers market drivers, restraints and opportunity faced by market
- Market segmentation and analysis by product types and applications
- Regional market analysis based on market size, growth rate and forecast year
- Competitive analysis based on mergers and joint ventures
- Share recent development and strategies of current Cloud Security in Energy Sector market
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