Global Cybersecurity in Energy Sector Market Size study, by Deployment Model (On-Premise, Cloud), by Enterprise Size (Small and Medium-sized Enterprises (SME), Large Enterprises), by End User (Industrial, Commercial, Residential), by Component (Solution,

Global Cybersecurity in Energy Sector Market Size study, by Deployment Model (On-Premise, Cloud), by Enterprise Size (Small and Medium-sized Enterprises (SME), Large Enterprises), by End User (Industrial, Commercial, Residential), by Component (Solution, Services) and Regional Forecasts 2022-2032

Global Cybersecurity in Energy Sector Market is valued at approximately USD 9.61 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 11.7% over the forecast period 2024-2032. Cybersecurity in the energy sector involves a broad spectrum of tools, practices, and techniques closely linked to operational and information technology security. This approach employs protective and responsive measures to safeguard networks and information against attacks and compromises. Consequently, cybersecurity plays a crucial role in energy security, ensuring the supply of power, heat, and fuel to modern societies. Given its heavy reliance on interconnected computer systems and industrial control systems, the energy sector is particularly vulnerable to cyber threats, which can lead to large-scale disruptions if security measures are inadequate.

Moreover, cybersecurity solutions in the energy sector utilize legacy malware protection, web filtering, and advanced threat defense to shield users from internet-borne threats and assist enterprises in enforcing internet policy compliance. Various cybersecurity solutions and services are also deployed to enhance the overall effectiveness of the energy supply chain.

The market growth for cybersecurity in the energy sector is driven by the digitalization of energy services, which brings numerous advantages. This shift in trends, expectations, and behavior in the energy market has led to an increased need to secure information, data, and devices, thus propelling the market forward. The rise in cyber-attacks targeting the energy industry for large-scale operations further fuels market growth. However, high acquisition costs and the complexities associated with cybersecurity hinder market expansion. Nonetheless, technological advancements in cybersecurity, including the integration of artificial intelligence (AI) and automation, are anticipated to drive market growth in the coming years. The growing adoption of digital practices for various operations in the energy sector also presents lucrative opportunities for market expansion.

The key regions considered for the global cybersecurity in energy sector market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in 2022 and is expected to retain its leading position during the forecast period due to the rising demand for cloud-enabled activities in the energy and power sector and increasing government mandates for cybersecurity practices. Meanwhile, Asia-Pacific is projected to witness significant growth owing to the need to support secure enterprise mobility practices and the surge in targeted cyberattacks in the energy sector, attributed to the use of outdated security systems within the region.

Major market players included in this report are:

Cisco (US)

IBM (US)

Siemens (Germany)

Microsoft (US)

Hitachi (Japan)

Schneider Electric (France)

Huawei (China)

Intel (US)

NEC (Japan)

ABB (Switzerland)

Ericsson (Sweden)

Oracle (US)

Fujitsu (Japan)

Honeywell (US)

Accenture (Ireland)

The detailed segments and sub-segment of the market are explained below:

By Deployment Model:
• On-Premise
• Cloud

By Enterprise Size:
• Small and Medium-sized Enterprises (SME)
• Large Enterprises

By End User:
• Industrial
• Commercial
• Residential

By Component:
• Solution
• Services

By Region:
• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC
• Latin America
• Brazil
• Mexico
• RoLA
• Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA

Years considered for the study are as follows:
• Historical year – 2022
• Base year – 2023
• Forecast period – 2024 to 2032

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.

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