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Global Cyber Security In Energy Market Report to 2028: Increased Risk of Cyberattacks in Energy Sector Drives Growth

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Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Global Cyber Security In Energy Market Size, Share & Industry Trends Analysis Report by End User, Organization Size, Deployment Type, Component, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Cyber Security In Energy Market size is expected to reach $15.8 billion by 2028, rising at a market growth of 10.8% CAGR during the forecast period.

Key Market Players

  • Accenture PLC

  • IBM Corporation

  • General Electric Company

  • Ansaldo Energia S.p. A.

  • Baker Hughes Company

  • Hitachi, Ltd. (Hitachi Energy Ltd.)

  • Mitsubishi Heavy Industries Ltd. (Mitsubishi Power, Ltd.)

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Cybersecurity encompasses many operational and information technology security-related tools, procedures, and approaches. This strategy employs preventative and reactive measures to defend data and networks against attack and compromise. In addition, cybersecurity employs web filtering, legacy malware protection, and advanced threat defenses to protect the user from internet-borne risks and assist companies in enforcing internet policy compliance.

Several cybersecurity solutions & services are utilized to provide security services to prevent risks and enhance the firm's overall effectiveness. Cyber security in energy market has increased due to shifting patterns, expectations, and behavior in the energy sector as a result of the digitization of energy & utility services. In addition, the growing demand and requirement to safeguard information, data, and gadgets in the energy industry drive cyber security in energy market.

In addition, the rise in the likelihood of cyberattacks on the energy sector for the execution of mass operations contributes to the expansion of cyber security in energy market. This is because technological improvements in cyber security in energy market, such as the incorporation of artificial intelligence (AI) and automation, are anticipated to fuel the market expansion in the approaching years. As a result, the use of digital methods for various energy sector operations is anticipated to increase in the coming years.

In tandem with the modernization of power generation, transmission, and distribution systems, cyber threats are also increasing. To manage risks and extend their offers, market players are increasingly concentrating on the development of cybersecurity technology. The rise of cyber security in energy market is anticipated to be aided by these factors.

Market Growth Factors

Increased risk of cyberattacks in energy sector

The rise in malware and phishing risks is a critical element that significantly contributes to expanding the cyber security in energy market. Moreover, during the COVID-19 outbreak, the frequency of malware attacks on the databases of big businesses grew, necessitating the need to tighten the security of databases, hence accelerating the expansion of cyber security in energy market. In addition, market participants are developing creative ways to combat such malware & phishing assaults, fueling the expansion of cyber security in energy market.

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.

Enhanced efficiency and productivity

The ability of employees to remain productive can be all but impossible when viruses and other intrusions paralyze networks and smart devices. By implementing a range of cyber security measures, including improved firewalls, virus scanning, and automatic backups, organizations can drastically reduce violations and the amount of downtime necessary to remedy the breach.

In addition, employees can learn how to spot possible email phishing scams, suspicious links, and other malicious criminal activities with education and training. As a result, this element stimulates market expansion.

Market Restraining Factors

Budget constrains among the start-ups and SMEs

The lack of financial resources impedes these businesses' adoption of new technologies and corporate security solutions, resulting in an inadequate IT security architecture.

Moreover, small businesses are burdened with the administration of budgeted funds for various operational difficulties and business continuity planning, leaving them with less time and resources to embrace cybersecurity solutions. Hence, cyber security in energy market may experience slower growth throughout the forecast period due to the shortage of funds among SMBs and startups.

Scope of the Study

By End-user

  • Commercial

  • Industrial

  • Residential

By Organization Size

  • Large Enterprises

  • SMEs

By Deployment Type

  • On-premise

  • Cloud

By Component

  • Solution

    • Identity & Access Management

    • Infrastructure Security, Governance Risk & Compliance

    • Unified Vulnerability Management Service Offering

    • Data Security & Privacy Service Offering

    • Others

  • Service

For more information about this report visit https://www.researchandmarkets.com/r/3u5yjd

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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