Global Utilities Security Market Valued at $7.3 Billion in 2022, Set to Hit $31.2 Billion by 2032
Drivers, Restraints, and Opportunities
Surge in evolving cyber threat drive the market growth. In addition, advancements and modernization of technology primarily drive the growth of the market. However financial limitations and integration issues are primarily is expected to hamper the growth of the market. Furthermore, operational resilience is expected to create lucrative growth opportunities for the market.
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COVID-19 scenario-
Utilities are struggling to maintain physical security measures in the face of lockdowns and social distancing measures. The need for remote monitoring tools that enable utilities to carry on with operations while lowering the danger of exposure has therefore increased. This entails putting in place remote-managed alarm monitoring systems, access control systems, and video surveillance systems.
During the outbreak, the utilities industry emerged as a top target for hackers. More than ever, it is necessary to safeguard vital infrastructure from any attacks. For instance, in order to protect their systems and data from any breaches, utility firms are making significant investments in cybersecurity solutions. Implementing established strong firewalls, intrusion detection systems, and security information and event management (SIEM) systems.
In the utilities security sector, artificial intelligence (AI) and automation technologies are getting more popular. By boosting threat detection, automating response mechanisms, and analyzing massive volumes of data for proactive risk management, these technologies help utilities improve their security capabilities. For instance, utilities using AI-powered video analytics instantly identify suspect activity and notify security staff.
The cyber security segment to rule the market-
By security type, the cyber security segment held the major share in 2022, garnering more than two-fifths of the global utilities security market revenue and is expected to showcase the fastest CAGR of 17.9% during the forecast period, owing to the growing digitalization and interconnectedness of utility infrastructure, which has increased the attack surface for cyber-attacks propels the market growth significantly.
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The Cloud segment to dominate by 2032
By deployment mode, the on-premise segment accounted for more than half of the global utilities security market share in 2022, and is expected to rule the market by 2032, owing to the need to safeguard vital infrastructure and the ever-growing threat landscape that have forced utilities to implement on-premise security measures, which propels the market growth significantly. The Cloud segment is projected to display the fastest CAGR of 17.2% throughout the forecast period, owing to organization to quickly adjust to evolving security requirements owing to the scalability and flexibility of cloud-based solutions.
The Electricity segment to dominate by 2032
By end user, the oil and gas segment accounted for more than half of the global utilities security market share in 2022, and is expected to dominate the market by 2032. With reduced risks and guaranteed timely and efficient reaction in case of a crisis, thorough risk assessments and emergency response plans are created, which propels the market growth significantly. The electricity segment would also display the fastest CAGR of 18.0% throughout the forecast period, owing to necessity for strong security measures to safeguard vital infrastructure and guarantee a consistent and dependable supply of energy.
Asia-Pacific garnered the major share in 2032
By region, North America garnered the highest share in 2022, holding more than one-third of the global utilities security market revenue in 2022, and is projected to retain its dominance by 2032, owing to the growing demand for strong security measures to safeguard vital infrastructure and assets in the utilities sector, such as power plants, substations, transmission lines, and distribution networks aiding the growth of the utilities security market. The Asia-Pacific region would also portray the fastest CAGR of 48.0% during the forecast period, owing to the growing use of smart grid technology and the incorporation of renewable energy sources which is expected to fuel the market growth in Asia-Pacific.
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Leading Market Players-
Honeywell International Inc.
IBM
Siemens
Cisco Systems, Inc.
Thales
Bosch Sicherheitssysteme Gmbh
Mcafee, Llc
Fortinet, Inc.
Schneider Electric
Johnson Controls
The report analyzes these key players in the global utilities security market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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