Rise in demand for cloud-based cybersecurity solutions and the surge in the occurrence of cyberattacks across the energy sector drive the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATE, April 2, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Cyber Security in Energy Sector Market," The cyber security in energy sector market size was valued at $8.6 billion in 2022, and is estimated to reach $25 billion by 2032, growing at a CAGR of 11.7% from 2023 to 2032.
The "Cyber Security in Energy Sector" market refers to the industry segment that focuses on protecting the digital infrastructure, assets, and operations of organizations within the energy sector from cyber threats. This sector encompasses various types of energy companies, including oil and gas, electric utilities, renewable energy providers, and other related entities.
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The energy industry plays a decisive role in modern society, offering essential services that power economies, infrastructure, and homes. In this scenario, the expansion of intelligent networked devices has been witnessed throughout the energy distribution system, together with the supportive integrated communications networks, creating an imperative need for a coordinated energy cyber security strategy. The range of potential attacks (or threat vectors) is multiplied, both by the increasing sophistication of cyber attackers and by the growing number of accessible targets within the smart energy ecosystem. Hence, these key trends are expected to support the adoption of robust cybersecurity measures, which in turn, drive the growth of cybersecurity in energy sector market analysis.
Internet security in energy sector market has witnessed significant growth in the past few years, and even in the wake of the pandemic, the demand for cybersecurity solutions increased dramatically. This is attributed to the fact that with the emergence of COVID-19, the use of cybersecurity enables enterprises to address security issues and facilitate secured information access while remote working. In addition, the risk of cyberattacks has increased at a considerable rate in various organizations, owing to rise in internet trafficking and the growing trend of industrial automation, which propels the need for cybersecurity solutions. Innovations and advancements in cybersecurity solutions with features such as cloud security.
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AI-integrated solutions, and others, along with the rise in incidents of cyberattacks post the emergence of this pandemic had further contributed to growth of the cyber security in energy sector industry. For instance, as per a survey by the Information Systems Security Association (ISSA) & ESG conducted in April 2020, the cybersecurity industry witnessed almost 63% increase in cyberattacks related to the pandemic. Thus, increase in risk of cyberattacks augments the demand for cybersecurity solutions & services, thereby fueling the growth of global cybersecurity in energy sector industry.
Furthermore, cyber security in energy sector market forecast has grown due to several factors such as the increase in malware & phishing threats among energy providers, the high adoption of cyber security among energy-providing organizations, and a robust inclination toward cloud-based solutions worldwide. In addition, the constant need to conform to industry standards & regulations in device security is expected to affect the market growth. On the other hand, the surge in adoption of cyber security solutions by organizations aligned to strategic business activities to curtail the damage of IT resources is the major factor anticipated to provide opportunities for market growth.
Thus, each of these factors is anticipated to have a definite impact on the growth of global cyber security in the energy market during the forecast period. Moreover, as the risk of cyber threats has increased at an alarming rate, the adoption of security solutions has increasingly progressed. Solutions, such as antivirus software & firewalls, have gained considerable popularity and have proven to be effective at inhibiting threats and attacks, such as malware, Trojans, and phishing. The success of these solutions has often led to the rapid development of cyber security in energy industry, as implementing technical defenses has become a standard practice in each industry vertical.
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Depending on the end-user segment, the industrial segment dominated the market in 2022 and is expected to continue this trend during the forecast period, owing to the growing need for cybersecurity measures across the power transmission and distribution facilities and the rising investments in security solutions by the leading energy providers, which helps in expanding the growth outlook of the market. However, the residential segment is expected to witness considerable growth in the upcoming years, owing to the need to promote the adoption of smart home technology, as well as the rise in awareness towards cyber threats among users, which foster the adoption of the cyber security in energy sector market in the residential segment.
Region-wise, the cyber security in energy sector market was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to the high cost of healthcare, which drives the demand for efficient healthcare claims processing and administration in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to fast growth in the economy in the region and a growing middle-class population, thus resulting in increased demand for insurance goods and services. Thus, these factors are expected to drive the growth of the global internet security in energy sector market during the forecast period.
Leading Market Players: -
• Accenture
• IBM Corporation
• General Electric
• Hitachi Energy Ltd.
• Schneider Electric
• ABB
• Schweitzer Engineering Laboratories, Inc.
• Siemens
• AT&T
• Eaton Corporation Plc.
The report provides a detailed analysis of these key players in the global cyber security in energy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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