The Latin America, Middle East and Africa Cyber Security In Energy Market would witness market growth of 17.1% CAGR during the forecast period (2022-2028).
The modernization of power generation, transmission, and distribution systems is advancing while cyber dangers are rising. Electricity and gas firms face the same cyber threats as other industries, such as data theft, fraudulent billing, and ransomware. Nonetheless, certain characteristics of the energy industry raise the risk and effect of cyberattacks against utilities. Moreover, fraudsters target utilities and other participants in the essential infrastructure for financial gain.
A government body recently warned that ransomware had been used to obstruct a gas company's insight into pipeline operations, resulting in lost productivity and income until the ransomware was removed. Hacktivists may pose risks that are often less advanced but have the potential to disrupt electric and gas operations.
Many of these factors increase the need for cyber security in energy market. Protecting the industrial network perimeter against malicious traffic from less-trusted external networks is essential to power plant cybersecurity. Cyber security in energy market permits secure IT/OT integration, continuous real-time monitoring, and disciplined control for energy sites while avoiding all remote cyber security threats against plant equipment.
Abu Dhabi is one of the world's leading energy producers. There are several business opportunities available in this lucrative industry. The UAE's oil & gas companies require several services, like logistics, equipment, oil rigs, and transportation. Moreover, the nations of this region are gradually transitioning to economic growth and the use of cutting-edge technologies. It is anticipated that the expansion of the region's oil & gas industry and the sector's use of modern technologies will foster the expansion of regional cyber security in energy market.
The Brazil market dominated the LAMEA Cyber Security In Energy Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $351.9 million by 2028. The Argentina market is experiencing a CAGR of 17.7% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 16.7% during (2022 - 2028).
Based on End User, the market is segmented into Commercial, Industrial and Residential. Based on Organization Size, the market is segmented into Large Enterprises and SMEs. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Component, the market is segmented into Solution and Service. Based on Solution Type, the market is segmented into Identity & Access Management, Infrastructure Security, Governance Risk & Compliance, Unified Vulnerability Management Service Offering, Data Security & Privacy Service Offering and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Cyber Security In Energy Market is Projected to reach USD 15.8 Billion by 2028, at a CAGR of 10.8%
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 Country
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