The Global Cyber Security In Energy Market size is expected to reach $15.8 billion by 2028, rising at a market growth of 10.8% CAGR during the forecast period.
Cybersecurity encompasses many operational and information technology security-related tools, procedures, and approaches. This strategy employs preventative and reactive measures to defend data and networks against attack and compromise. In addition, cybersecurity employs web filtering,legacy malware protection,and advanced threat defenses to protect the user from internet-borne risks and assist companies in enforcing internet policy compliance.
Several cybersecurity solutions & services are utilized to provide security services to prevent risks and enhance the firm's overall effectiveness. Cyber security in energy market has increased due to shifting patterns, expectations, and behavior in the energy sector as a result of the digitization of energy & utility services. In addition, the growing demand and requirement to safeguard information, data, and gadgets in the energy industry drive cyber security in energy market.
In addition, the rise in the likelihood of cyberattacks on the energy sector for the execution of mass operations contributes to the expansion of cyber security in energy market. This is because technological improvements in cyber security in energy market, such as the incorporation of artificial intelligence (AI) and automation, are anticipated to fuel the market expansion in the approaching years. As a result, the useof digital methods for various energy sector operations is anticipated to increasein the coming years.
In tandem with the modernization of power generation, transmission, and distribution systems, cyber threats are also increasing. To manage risks and extend their offers, market players are increasingly concentrating on the development of cybersecurity technology. The rise of cyber security in energy market is anticipated to be aided by these factors.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Accenture PLC and Hitachi, Ltd. are the forerunners in the Cyber Security In Energy Market. Companies such as IBM Corporation, Baker Hughes Company, Ansaldo Energia S.p. A. are some of the key innovators in Cyber Security In Energy Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, IBM Corporation, General Electric Company, Ansaldo Energia S.p. A., Baker Hughes Company, Hitachi, Ltd. (Hitachi Energy Ltd.), and Mitsubishi Heavy Industries Ltd. (Mitsubishi Power, Ltd.)
Cybersecurity encompasses many operational and information technology security-related tools, procedures, and approaches. This strategy employs preventative and reactive measures to defend data and networks against attack and compromise. In addition, cybersecurity employs web filtering,legacy malware protection,and advanced threat defenses to protect the user from internet-borne risks and assist companies in enforcing internet policy compliance.
Several cybersecurity solutions & services are utilized to provide security services to prevent risks and enhance the firm's overall effectiveness. Cyber security in energy market has increased due to shifting patterns, expectations, and behavior in the energy sector as a result of the digitization of energy & utility services. In addition, the growing demand and requirement to safeguard information, data, and gadgets in the energy industry drive cyber security in energy market.
In addition, the rise in the likelihood of cyberattacks on the energy sector for the execution of mass operations contributes to the expansion of cyber security in energy market. This is because technological improvements in cyber security in energy market, such as the incorporation of artificial intelligence (AI) and automation, are anticipated to fuel the market expansion in the approaching years. As a result, the useof digital methods for various energy sector operations is anticipated to increasein the coming years.
In tandem with the modernization of power generation, transmission, and distribution systems, cyber threats are also increasing. To manage risks and extend their offers, market players are increasingly concentrating on the development of cybersecurity technology. The rise of cyber security in energy market is anticipated to be aided by these factors.
COVID-19 Impact Analysis
During the pandemic, IoT devices enabled remote monitoring of room temperatures and remote management of energy use, which was incredibly advantageous for the energy industry. Cyber security has allowed the energy industry to deal with security concerns and facilitate secure information access while working remotely. Furthermore, the risk of cyberattacks has increased significantly in numerous firms during the pandemic because of the increased internet traffic, which drives the demand for cybersecurity solutions in the energy industry. So, the pandemic had a positive impact on the market.Market Growth Factors
Increased risk of cyberattacks in energy sector
The rise in malware and phishing risks is a critical element that significantly contributes to expanding the cyber security in energy market. Moreover, during the COVID-19 outbreak, the frequency of malware attacks on the databases of big businesses grew, necessitating the need to tighten the security of databases, hence accelerating the expansion of cyber security in energy market. In addition, market participants are developing creative ways to combat such malware & phishing assaults, fueling the expansion of cyber security in energy market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
Enhanced efficiency and productivity
The ability of employees to remain productive can be all but impossible when viruses and other intrusions paralyze networks and smart devices. By implementing a range of cyber security measures, including improved firewalls, virus scanning, and automatic backups, organizations can drastically reduce violations and the amount of downtime necessary to remedy the breach. In addition, employees can learn how to spot possible email phishing scams, suspicious links, and other malicious criminal activities with education and training. As a result, this element stimulates market expansion.Market Restraining Factors
Budget constrains among the start-ups and SMEs
The lack of financial resources impedes these businesses' adoption of new technologies and corporate security solutions, resulting in an inadequate IT security architecture. Moreover, small businesses are burdened with the administration of budgeted funds for various operational difficulties and business continuity planning, leaving them with less time and resources to embrace cybersecurity solutions. Hence, cyber security in energy market may experience slower growth throughout the forecast period due to the shortage of funds among SMBs and startups.Component Outlook
Based on component, the cyber security in energy market is segmented into solution, and services. In 2021, the solution segment dominated the cyber security in energy market with maximum revenue share. This is due to the growing demand for penetration testing, vulnerability assessment, and assuring compliance with the most stringent federal, defense, and industry security regulations.
Deployment Mode Outlook
On the basis of deployment mode, the cyber security in energy market is classified into on-premise, and cloud. In 2021, the cloud segment garnered a significant revenue share in cyber security in energy market. The rapid expansion can be due to the increasing deployment of cloud computing infrastructure and organizations' migration of on-premises solutions to the cloud. Moreover, cloud-based security systems are simple and inexpensive to adopt, administer, and upgrade, which is predicted to be one of the primary factors driving market expansion.Organization Size Outlook
By Organization size, the cybersecurity in energy market is categorized into large enterprise and small & medium sized enterprise. Since they provide essential goods and services, energy businesses are an obvious target. Due to the lack of technical expertise and corresponding specifics of this cyber world at the board level, their work is restricted to a black box in most large firms that currently employ cybersecurity officers. Large enterprises are increasingly adopting cyber security solutions as a consequence.End-user Outlook
Based on end user, the cybersecurity in energy market is bifurcated into industrial, commercial and residential. The industrial segment projected a prominent revenue share in the cyber security in energy market in 2021. Identifying vulnerabilities or opportunities within the energy sector is crucially dependent on cybersecurity experts. The industrial sector's adoption of cybersecurity is driven by the necessity to install affordable cybersecurity solutions.Regional Outlook
Region wise, the cybersecurity in energy market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the cyber security in energy market by generating maximum revenue share. Increased mobile and web usage in the energy sector is the primary factor contributing to the expansion of cybersecurity in North America. In addition, the increasing reliance on the internet and digital platforms is a significant driver driving market expansion in this region.The Cardinal Matrix - Cyber Security In Energy Market Competition Analysis
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Accenture PLC and Hitachi, Ltd. are the forerunners in the Cyber Security In Energy Market. Companies such as IBM Corporation, Baker Hughes Company, Ansaldo Energia S.p. A. are some of the key innovators in Cyber Security In Energy Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, IBM Corporation, General Electric Company, Ansaldo Energia S.p. A., Baker Hughes Company, Hitachi, Ltd. (Hitachi Energy Ltd.), and Mitsubishi Heavy Industries Ltd. (Mitsubishi Power, Ltd.)
Strategies Deployed in Cyber Security In Energy Market
Partnerships, Collaborations and Agreements:
- Oct-2022: Accenture expanded its partnership with Google Cloud, a suite of cloud computing services providers. The partnership addresses the need of clients to build a strong digital core by using Google Cloud infrastructure in various areas like cybersecurity, data analytics, etc.
Product Launches and Product Expansions:
- May-2022: GE unveiled Lifespan, a digital product suite that helps customers to optimize renewable asset performance and operations. Lifespan provides real-time command and control, and deep insights into fleet and site performance. The launch is aimed to drive improved operations and optimizing energy production.
Acquisition and Mergers:
- Feb-2023: Accenture took over Morphus, a cyber defense, risk management, and cyber threat intelligence services provider. The acquisition enables the company to expand its portfolio its practice capabilities in Brazil and Latin America.
- Dec-2022: IBM signed an agreement to acquire Octo, an IT modernization and digital transformation services provider. Octo complements the company's existing strengths in IT modernization and digital transformation, enhancing the ability to support federal agencies with a flexible, modern approach to digital transformation.
- Aug-2022: Baker Hughes signed an agreement to acquire Quest Integrity, which delivers asset integrity and reliability management solutions. The acquisition complements the company's existing capability to help customers ensure the safety of their asset infrastructure.
- Mar-2022: Baker Hughes has announced the acquisition of Qi2 Elements, an advanced robotic sensor systems designer and manufacturer. The acquisition of Qi2 Elements complements the company's existing capability in gas pipeline inspection and also offers new technology to support storage tank inspection.
- Jan-2022: Accenture acquired XtremeEDA, an Ottawa-headquartered silicon design services leader. The acquisition brings the expertise of XtremeEDA to the company's Cloud First.
- Nov-2021: IBM completed the acquisition of SXiQ, an Australian digital transformation services company. This acquisition aimed to bring additional hybrid and multi-cloud expertise that is at the core of open innovation for clients. SXiQ would improve IBM Consulting's abilities in Australia and New Zealand to modernize applications and technology infrastructure in the cloud.
- Jun-2021: Accenture acquired Sentor, a Sweden-based independent provider of cyber defense and managed security services. This acquisition aimed to expand its ability to assist customers to match this challenging cybersecurity environment.
- Apr-2021: Hitachi, Ltd., took over GlobalLogic, an American digital services company providing software product design and development services. Through this acquisition, Hitachi, Ltd. would be able to expand its delivery footprints in India with the help and support of GlobalLogic. Moreover, Hitachi, Ltd would be able to grow its customer base in the Europe and US.
- Jan-2021: Accenture took over Real Protect, a Brazil-based Information Security Company. This acquisition aimed to expand its cybersecurity presence and capabilities in Latin America. In addition, Real Protect would support the prevailing managed security services business of Accenture.
- Apr-2020: Accenture completed the acquisition of Revolutionary Security, which focuses on providing enterprise cybersecurity for information technology and operational technology (OT) environments. Through this acquisition, the company aimed to enhance its critical infrastructure protection capabilities to offer cyber defense management.
Geographical Expansions:
- Feb-2022: IBM expanded its footprint in India by opening a cyber-security center to help businesses manage the growing danger of cyberattacks. The new cyber-security center offers security response services to customers all across the world.
Scope of the Study
By End-user
- Commercial
- Industrial
- Residential
By Organization Size
- Large Enterprises
- SMEs
By Deployment Type
- On-premise
- Cloud
By Component
- Solution
- Identity & Access Management
- Infrastructure Security, Governance Risk & Compliance
- Unified Vulnerability Management Service Offering
- Data Security & Privacy Service Offering
- Others
- Service
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Accenture PLC
- IBM Corporation
- General Electric Company
- Ansaldo Energia S.p. A.
- Baker Hughes Company
- Hitachi, Ltd. (Hitachi Energy Ltd.)
- Mitsubishi Heavy Industries Ltd. (Mitsubishi Power, Ltd.)
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Cyber Security In Energy Market by End-user
Chapter 5. Global Cyber Security In Energy Market by Organization Size
Chapter 6. Global Cyber Security In Energy Market by Deployment Type
Chapter 7. Global Cyber Security In Energy Market by Component
Chapter 8. Global Cyber Security In Energy Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- Accenture PLC
- IBM Corporation
- General Electric Company
- Ansaldo Energia S.p.A.
- Baker Hughes Company
- Hitachi, Ltd. (Hitachi Energy Ltd.)
- Mitsubishi Heavy Industries Ltd. (Mitsubishi Power, Ltd.)
Methodology
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