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Utilities Security Market Expected to Reach $31.2 Billion by 2032—Allied Market Research

 
2022
Utilities Security Market

Report Code : A02454

quote Electricity segment is expected to experience significant growth in the coming years, owing to necessity for strong security measures to safeguard vital infrastructure and guarantee a consistent and dependable supply of energy. quote

Akanksha Pandey - Lead Analyst
ICT and Media at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Utilities Security Market," The utilities security market was valued at $7.3 billion in 2022, and is estimated to reach $31.2 billion by 2032, growing at a CAGR of 15.9% from 2023 to 2032.

The industry specialized in offering technologies and security solutions to safeguard utility infrastructure is known as the Utilities Security Market. This covers physical security systems, integrated technologies, and cybersecurity solutions designed to stop, identify, and react to different attacks that led to risk utility safety and functionality. The utilities security market is made up of a wide range of products and services that are intended to protect vital infrastructure against physical invasions, cyberattacks, and disruptions in business operations. This market is focused on protecting utilities such as water supply systems, electricity grids, and other vital services from an ever-changing array of security threats while maintaining their resilience and dependability.

Moreover, the need to defend vital infrastructure against changing threats is what propels the utilities security market. While integration issues and financial limitations present obstacles, technological breakthroughs, and cooperative efforts present opportunity. In addition, strong security measures are anticipated to be in high demand as the utilities industry develops since they are necessary to protect vital services and sustain operational resilience.

Furthermore, surge in evolving cyber threat and advancements and modernization of technology primarily drive the growth of the utilities security market. However, financial limitations and integration issues hamper market growth to some extent. Moreover, operational resilience is expected to provide lucrative opportunities for market growth during the forecast period.

On the basis of end user, oil and gas segment dominated the utilities security market in 2022 and is expected to maintain its dominance in the upcoming years owing to offer reduce risks and guarantee a timely and efficient reaction in the case of a crisis, thorough risk assessments and emergency response plans are created which propels the market growth significantly. However, the electricity segment is expected to witness the highest growth, owing to necessity for strong security measures to safeguard vital infrastructure and guarantee a consistent and dependable supply of energy.

Region-wise, the utilities security market size was dominated by North America in 2022 and is expected to retain its position during the utilities security market forecast period, 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. However, Asia Pacific is expected to witness significant growth 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 this region.

The utilities security market is significantly impacted by the COVID-19 pandemic in a various way. The rapid transformation to remote work and greater dependence on digital technologies expanded the scope of potential targets for cyber criminals. Utility companies are bound to quickly modify their security protocols to safeguard sensitive data and vital infrastructure against the increasing frequency of cyberattacks. The number of cyberattacks aimed at vital infrastructure and utilities increased as an outcome of the pandemic. Cybercriminals exploited voids in utilities' security systems by taking advantage of the disruption created by the pandemic. These assaults had the potential to risk important data, interfere with operations, and threaten public safety. Utilities companies are therefore required to make investments in improved security systems to guard against these constantly changing dangers. 

Technological Trends

Technological developments that address the changing threat landscape and the growing demand for strong protection of important infrastructure are driving major changes in the utilities security market. The use of machine learning (ML) and artificial intelligence (AI) into security systems is one popular trend. AI-powered solutions improve utilities' capacity to proactively mitigate possible security breaches by improving their ability to recognize and respond to anomalies in real-time. With the use of these technologies, utilities can better distinguish between suspicious activity and regular operations, analyze enormous volumes of data, and spot patterns. This increases the overall resilience of their security architecture.

Additionally, the use of Internet of Things (IoT) and sophisticated sensor technologies to build a more responsive and networked security ecosystem is another significant trend. Power grids and water treatment facilities are examples of vital infrastructure components with smart sensors integrated in them that offer real-time data on operating status and potential hazards. Utility company are able to monitor and operate their systems remotely due to internet connectivity, which improves situational awareness and speeds up response times for security incidents. Utility companies also implement predictive maintenance methods due to IoT connectivity, which guarantees the ongoing operation of security measures.

The utilities security market is witnessing a surge in blockchain adoption due to its potential to improve data security and mitigate cyberattacks. Utilities industry are using blockchain solutions to create secure, tamper-resistant records of their network transactions and communications. This technology increases trust between stakeholders and guarantees the security of data, which is essential for safeguarding utility operations. 

Key Findings of the Study

  • By security type, the cyber security segment accounted for the utilities security market share in 2022.
  • By deployment mode, the on-premise segment accounted for the utilities security market share in 2022.
  • On the basis of end user, oil and gas segment generated the highest revenue in 2022.
  • According to the utilities security market analysis region-wise, North America generated the highest revenue in 2022. 

The key players profiled in the utilities security industry are as Honeywell International Inc., Cisco Systems, Inc., Thales, Bosch Sicherheitssysteme GmbH, McAfee, LLC, Fortinet, Inc., Schneider Electric, Johnson Controls, IBM, Siemens. These players have adopted various strategies to increase their market penetration and strengthen their position in the utilities security industry.

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quote Utilities Security Market by Security Type (Physical Security, Cyber Security, Others), by Deployment Mode (On-premise, Cloud), by End User (Oil and Gas, Electricity, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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