The North America Cyber Security In Energy Market would witness market growth of 9.5% CAGR during the forecast period (2022-2028).
The applications in the energy industry use operational technology to monitor & control the physical processes in the oil & gas industry by obtaining process variable data, like temperatures, levels, pressures, and valve positions, and analyzing this data to automate processes. Unfortunately, their implementation has simplified facility management, making process control systems susceptible to cyber threats. Utilities and energy companies are crucial to every nation's key infrastructure, making them a prime target for cyber terrorists and hackers.
Due to the increasing sophistication of power grids, cyberattacks have the potential to have devastating effects on them, making multilayered protection essential for safeguarding the smart grid end-to-end. Compliance with requirements such as NERC CIP, standards like NIST, IEC, and ISO, and preparation for security audits necessitate major modifications to the utility security framework. IT security specialists are devoting additional time and resources to the energy and utilities industry due to an increase in public security breaches. As a result, cyber security in energy market is gaining commercial relevance.
Canada's provinces and territories are responsible for their own electrical power networks, and they are all investigating alternative energy sources. For example, Quebec generates 98% of its electricity through hydropower, while Manitoba, Newfoundland and Labrador, Prince Edward Island, British Columbia, and the Yukon rely on 89% to 95% hydropower. The Energy Sector is acutely aware of its risks and makes a substantial voluntary effort to enhance its planning and readiness. Furthermore, collaboration through industry associations has resulted in extensive knowledge sharing regarding best practices within the industry. These factors will fuel the expansion of cyber security in energy market.
The US market dominated the North America 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 $3,897.4 million by 2028. The Canada market is poised to grow at a CAGR of 12% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 11% 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 U.S., Mexico, Canada, and Rest of North America.
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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