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 use of digital methods for various energy sector operations is anticipated to increase in 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.
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.
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.
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.
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.
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.
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.
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.
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.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 7.8 Billion |
| Market size forecast in 2028 | USD 15.8 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 10.8% from 2022 to 2028 |
| Number of Pages | 305 |
| Number of Table | 521 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Deployment Type, Organization Size, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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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.
Free Valuable Insights: Global Cyber Security In Energy Market size to reach USD 15.8 Billion by 2028
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.)
By End User
By Organization Size
By Deployment Type
By Component
By Geography
The global Cyber Security In Energy Market size is expected to reach $15.8 billion by 2028.
Enhanced efficiency and productivity are driving the market in coming years, however, Budget constrains among the start-ups and SMEs restraints the growth of the market.
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.)
The On-premise segment acquired maximum revenue share in the Global Cyber Security In Energy Market by Deployment Type in 2021 thereby, achieving a market value of $9.1 billion by 2028.
The Commercial segment is leading the Global Cyber Security In Energy Market by End User in 2021 thereby, achieving a market value of $8.9 billion by 2028.
The North America market dominated the Global Cyber Security In Energy Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5.4 billion by 2028.
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