Portland, OR -- (SBWire) -- 05/18/2018 --The increased expenditure by the oil & gas companies on network & OT security and increased trend of security & vulnerability management boosts the growth of the oil & gas security market. In addition, growth in trend of bring your own device (BYOD) and political chaos in the Middle East also fuels the market growth. Increase in regulatory compliances, which challenges the technical implementation restrains the market growth. Rise in adoption of Internet of Things (IoT) and demand for security-as-a-service (SaaS) create ample opportunities in the market. Lack of awareness about oil & gas security, difficulties in implementation of cyber security for complicated OT, and the vulnerabilities associated with cloud technologies challenge the growth of the oil & gas security market.
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Prominent players profiled in the study are Cisco Systems, Inc., Siemens AG, Symantec Corporation, Honeywell Corporation, Inc., Corporation, Intel Corporation, General Electric, Microsoft Corporation, ABB Ltd., and Lockheed Martin Corporation. Company overview, business performance, strategic moves and developments, and other key points are provided for the aforementioned companies. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
Segment Review: Oil & Gas Security Market
The global oil & gas security market is segmented based on component, security system, application, and region. Based on component, the market is bifurcated into software and services. Services segment is further studied across professional and managed services. Based on security system, the market is divided into cyber security, security services, command & control, screening & detection, surveillance, access control, and perimeter security. By application, it is segmented into exploring and drilling, transportation, pipelines, distribution and retail services, and others. Further, the oil & gas security market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Winning Strategies: Oil & Gas Security Market
Top winning strategies are analyzed by performing a thorough study of the leading players in the oil & gas security market. Comprehensive analysis of recent developments and growth curves of various companies have helped understand the growth strategies adopted by them and their potential effect on the market. The companies are evaluated based on annual reports, SEC filings, and press releases. The key strategies traced from the analysis of recent developments of the key players in the oil & gas security market are as follows:
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Agreement: This strategy enhances the capabilities of the market players and improves market outreach
Acquisition: This move is adopted by companies to take ownership stakes of other companies and control it. It also expands the geographical presence.
Product Launch: This includes introduction of new and unique rental plans in the market
Partnership: This strategy is adopted when two or more companies agree to cooperate to advance their mutual interests
Expansion: This strategy is adopted to enhance product portfolios, effective operations, expand geographical reach, and increase customer base
Collaboration: This strategy is adopted when companies agree to cooperate with each other for a specific purpose or achieving a common goal
Oil & Gas Security Market - Global Opportunity Analysis and Industry Forecast, 2016-2023