Underwater Security Market - Global Segments and Forecast up to 2020

2024-11-08 01:23:44 News & Society

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Global energy demand is expected to rise by as much as 50 percent over the next 25 years. This combined with depletion of existing fossil fuel reserves will mean extensive exploration and production activities by the offshore oil and gas industry in the years to come. 75 percent of this increased requirement is expected to come from the developing world. Security provides industries the freedom to find, develop and manage assets and to deliver services and supplies without interference. Being secure is a result of having the correct strategy through innovative technology, supported by rigorous systems management. Even a simple standalone offshore well site?s risk assessment must consider type of fluids produced, well pressure, directional configuration, measured depth and vertical depth, water access, location, sub-surface safety valve, well maturity and reserves, damage containment, and possible collateral damage. There is a growing trend towards the use of remote control centers. These require continuous monitoring, with the concept of the digital field wholly dependent on guaranteed secure communications. Solution providers are expected to provide innovative cyber solutions at competitive prices by unifying the portfolios against bundled attacks.

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Some of the major forces driving this market are the rapid adoption of cloud-based services, wireless communication along with strict government mandates and increasing cyber crime threats across all industries. Hence, the implementation of cyber security solutions is increasing to combat the advanced and sophisticated threats created by professional adversaries. Also, cloud service providers and verticals such as aerospace and defense, energy, banking, financial services and insurance (BFSI), and utilities have adopted solutions for cyber security more readily because of growing cyber crimes which may cause the loss of intellectual and financial assets and may tarnish the national infrastructure and economy. On the other hand, establishing and maintaining such a wide network requires constant diligence as well as time, effort and investment which can be cumbersome and can divert the market from its core competencies, which is provision of products and services. However, since these measures are imperative in such volatile times, no leniency can be shown, which acts as a positive catalyst for the market.

The underwater security market can be segmented based on the solution provided viz. security analytics; and by services: consulting, system design and integration, risk and threat assessment, managed security services, and training and education. End users in this industry are corporations and Small and Medium Enterprises (SME) mainly based in industries such as aerospace and defense, agriculture, BFSI, education, energy and utilities, government, healthcare and life science, information technology, manufacturing, telecommunication and logistics.

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Geographically, the demand market for underwater security solutions is concentrated in areas that account for the most production and supply of products and services as well as the level of threat experienced. Major demand is being seen from the Middle Eastern and African oil producing countries along with many others, such as Malaysia, China and Australia in the Asia Pacific region. Increase in cyber systems integration is also being seen in the Gulf of Mexico and West Africa. European regions have tightened security mostly at their North Sea pipelines as well as drilling positions. The demand from U.S. and Canada has experienced a steady rise owing to their extensive civil and defense installations offshore, mostly oil wells and telecommunication equipment.

Some of the market players involved in the underwater security (systems and services) market are Cisco Systems, Inc., Computer Sciences Corporation, International Business Machines (IBM) Corporation, Booz Allen Hamilton Inc., Lockheed Martin Corporation and Thales Group.

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