The Cloud Security Market in Energy is expected to grow from USD 1.36 billion in 2024 to USD 2.19 billion by 2029, at a CAGR of 10% during the forecast period (2024-2029).
Considering that nations want to reduce their carbon impact and switch to renewable energy sources, the energy sector is in the midst of a major transformation. The need to reduce greenhouse gas emissions, the falling cost of renewables, and the adoption of new technologies, such as smart grids, have increased the demand for storing, managing, and analyzing data. Energy firms have greatly benefited from using cloud technology to collect and utilize this data. Utility companies are collaborating with various cloud computing firms to provide security for this important data.
There is intense competition with several providers of Cloud Security. The major players include IBM Corporation, Intel Security- McAfee, Symantec Corporation, Cisco Systems, Inc., CA Technologies, CA Technologies, Nutanix, Netskope, Inc., and ProtectWise. Due to high competency, the market concentration will be low.
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