According to a new report published by UnivDatos Markets Insights, the energy cyber security market was valued at approximately USD 9.5 Billion in 2023 and is expected to grow at a robust CAGR of around 10.5% during the forecast period (2024-2032). The analysis has been segmented into Component (Solutions and Services), Deployment (Cloud and on-premises), and Security Type (Endpoint Security, Network Security, Application Security, Database Security, Others) Region/Country.The energy cyber security market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the energy cyber security market. The energy cyber security market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the energy cyber security market at the global and regional levels.
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Key Market Opportunities
Energy cyber security is a critical concern for governments around the world. The increasing digitization of energy infrastructure has made it vulnerable to cyber-attacks, which can result in power outages, damage to equipment, and loss of sensitive information. Governments play a crucial role in ensuring the security of energy systems by implementing regulations and policies that require energy companies to adopt robust cybersecurity measures, conducting audits and inspections to monitor compliance, and investing in research and development to improve the resilience of energy systems to cyber threats. Additionally, governments work closely with energy companies to share threat intelligence and coordinate responses to cyber incidents, which can help mitigate the impact of attacks and prevent them from spreading. Overall, effective government action is essential to safeguarding energy infrastructure and ensuring a reliable and secure supply of energy to citizens and businesses. For instance, in 2021, the ministry of power made guidelines that cover the mandates and standards that must be followed for protection from potential cyber-attacks. Overall, effective government action is essential to safeguarding energy infrastructure and ensuring a reliable and secure supply of energy to citizens and businesses.
COVID-19 Impact
The Covid-19 pandemic has had a significant impact on the energy cyber security market. As countries have implemented social distancing measures and moved towards remote working, the demand for secure and reliable digital infrastructure has increased. This has led to a growing need for energy companies to invest in cybersecurity solutions to protect their operations from cyber-attacks. One example of this is the increased use of remote access tools by energy companies to allow their employees to work from home. While these tools provide greater flexibility, they also introduce new security risks, as remote access can be vulnerable to cyber-attacks. To address this, energy companies have been investing in solutions such as virtual private networks (VPNs) and multi-factor authentication to ensure secure access to their networks.
Segmentation Details:
· By component, the market is segmented into solutions and services. Among these solutions held the dominant share in the market in 2021.
· By deployment, the market is categorized into cloud and on-premises. The cloud category is expected to grow with a high CAGR during the forecast period.
· Based on security type, the market is segmented into endpoint security, network security, application security, database security, and others. The application security segment held the dominant share of the market in 2021.
Energy Cyber Security Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, Rest of Europe)
· Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
· Rest of the World
North America held a dominant share in the market in 2021 owing to increasing cyber threats to critical infrastructure. For instance, In March 2022, the United States Department of Justice unsealed indictments detailing alleged Russian government hackers’ efforts to compromise and control critical infrastructure across the globe via supply chain attacks. Furthermore, the US government has established several regulatory compliance requirements that energy companies must adhere to, such as the North American Electric Reliability Corporation (NERC) Critical Infrastructure Protection (CIP) standards. These standards require companies to implement robust cybersecurity measures to protect critical infrastructure and maintain the reliability of the energy grid. The Canadian energy generation industry is substantial and rapidly adopting digital technology, which exposes the energy sector to potential cyber threats. As a result, the demand for cybersecurity solutions in the energy sector is projected to increase. Furthermore, the Canadian government has recognized the importance of cyber security in the energy sector and has implemented several initiatives to improve the sector's resilience to cyber threats. For example, the Canadian Centre for Cyber Security provides guidance and support to critical infrastructure organizations, including those in the energy sector, to enhance their cybersecurity capabilities.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the energy cyber security market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· In December 2021 AWS announced the general availability of AWS Lambda Extensions, which enables customers to easily integrate Lambda functions with their preferred observability, security, and governance tools.
· In October 2022 BAE Systems has released the Viper Memory Loader Verifier II (MLV II), a new version of a world-leading maintenance capability that will reduce vulnerability to cyber-attacks for F-16 aircraft.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the energy cyber security market?
• Which factors are influencing the energy cyber security market over the forecast period?
• What are the global challenges, threats, and risks in the energy cyber security market?
• Which factors are propelling and restraining the energy cyber security market?
• What are the demanding global regions of the energy cyber security market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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