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Cyber Security In Energy Market
Technologies like machine learning, and cloud computing benefit the cyber security in energy companies as they can process huge amounts of information.
Adoption of technological advancements, such as proliferation of artificial intelligence has led to an increase in adoption of cyber security across several end-user verticals such as energy industry.” - Allied Market Research
WILMINGTON, DE, UNITED STATES, October 10, 2023 /EINPresswire / -- According to a new report published by Allied Market Research, titled,“Cyber Security In Energy Market , by Component (Solution, Service), by Deployment Model (On-premises, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by End User (Industrial, Commercial, Residential): Global Opportunity Analysis and Industry Forecast, 2022-2031".
The cyber security in energy market was valued at $8.6 billion in 2022, and is estimated to reach $21.8 billion by 2031, growing at a CAGR of 11.3% from 2023 to 2031.
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The global cyber security in energy market forecast is influenced by a number of factors such as increase in malware & phishing threats among energy & utility providers, high adoption of cyber security among energy providing organizations, and strong inclination toward cloud-based solutions. Furthermore, constant need to conform to industry standards & regulations in the device security is expected to affect the market growth. Furthermore, surge in adoption of cyber security solutions by organizations aligned to strategic business activities to minimize the damage of IT resources is the major factor expected to provide opportunities for the market growth. Thus, each of these factors is anticipated to have a definite impact on the growth of the global cyber security in energy market during the forecast period.
Moreover, as the risk of cyber threats has increased at an alarming rate, security solutions have increasingly progressed. Solutions, such as antivirus software & firewalls, have grown in complexity and have proven to be effective at preventing threats and attacks, such as malware, Trojans, and phishing. The success of these solutions has led to the rapid development of the cyber security in energy market, as implementing technical defenses has become a standard best practice in every industry vertical.
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Competitive Analysis:
The competitive environment of Cyber Security In Energy Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Cyber Security In Energy Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Top Key Players:
Accenture
IBM Corporation
General Electric
Vestas
Mitsubishi Power
Hitachi Energy Ltd
Nordex
Ansaldo Energia
Baker Hughes
Elliot Ebara and Many More
The emerging trends in cyber security in energy market are rise in awareness among organizations of all sizes in energy sector when it comes to protecting their information and increase in ransomware attacks on small businesses, nonprofits, and government agencies. Thus, organizations are observing increased investment by majority of the companies to protect their sensitive and crucial data.
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By region, the North America dominated the cyber security in energy market share in 2021. This is attributed to the increase in cloud-enabled activities and growth in cloud marketplace trends such as adoption of multi & hybrid cloud environment and private cloud repatriation in North American energy & utility sector.
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