What Has Been the Progress and Growth of the Cloud Security In Energy Market in Recent Years?
The cloud security in energy market has seen considerable growth due to a variety of factors.
• The market size of cloud security in the energy sector has experienced rapid expansion in the past few years. The growth is expected to surge from $1.39 billion in 2024 to $1.54 billion in 2025, with an impressive compound annual growth rate (CAGR) of 10.6%.
The substantial growth observed in the historical period can be credited to factors such as operational efficiency, the incorporation of IoT devices, initiatives towards digital transformation, augmented complexity of IT settings, cost-efficiency, and scalability.
What Is The Expected Growth In The Cloud Security In Energy Market Size Evolve over the Forecast Period?
The cloud security in energy market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for cloud security in the energy sector is predicted to experience a swift expansion. It's anticipated to reach $2.29 billion by 2029, with a compound annual growth rate (CAGR) of 10.4%.
A surge in the cloud computing adoption, enhanced cybersecurity risks, worldwide expansion of energy operations, regulatory compliance demands, and heightened data sensitivity and confidentiality are the key contributing factors to the growth in the forecast period. The forecast period is also likely to witness major trends such as advanced persistent threats (APTs), the growing adoption of edge computing, emphasis on zero-trust security models, maintained regulatory focus on security measures, and rapid advancements in technology.
What Main Forces Are Fueling Expansion In The Cloud Security In Energy Market?
The swift uptake of Internet of Things (IoT) devices is anticipated to stimulate the advancement of cloud security within the energy sector. IoT encompasses non-traditional computing hardware such as machines, appliances, actuating devices, sensors, and machines connected wirelessly that can transfer information over a network. These devices facilitate the constant observation of expansive operations, offering real-time data exemplifying energy optimization, augmenting their practices and bettering efficiency. For example, Uswitch Limited, a financial conduct authority based in the UK, reported in February 2023 that as of 2022, the UK housed 71.8 million smartphones, equating to a 3.8% increase (approximately 2.6 million) from 2021. Additionally, predictions for 2025 suggest that out of the 68.3 million UK residents, 95% (nearly 65 million residents) will possess smartphones. This surging adoption of IoT devices, thus, is bolstering the expansion of cloud security in the energy sector.
What Are The Primary Segments In The Global Cloud Security In Energy Market?
The cloud security in energy market covered in this report is segmented –
1) By Service: Infrastructure as a service (IaaS), Platform as a service (PaaS), Software as a service (SaaS)
2) By Solution Type: Identity and Access Management, Data Loss Prevention, IDS/IPS, Security Information and Event Management, Encryption
3) By Infrastructure: Servers, Storage, Networking equipment
4) By Platforms: Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform (GCP)
Subsegments:
1) By Infrastructure As A Service (IaaS): Virtual Private Cloud (VPC), Public Cloud Infrastructure, Private Cloud Infrastructure, Hybrid Cloud Infrastructure, Disaster Recovery Solutions
2) By Platform As A Service (PaaS): Application Development Platforms, Data Management Platforms, Integration Platforms, Middleware Solutions, Security Platforms
3) By Software As A Service (SaaS): Security Information And Event Management (SIEM), Identity And Access Management (IAM), Threat Detection And Response, Compliance Management Solutions, Endpoint Security Solutions
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What Trends Are Shaping The Cloud Security In Energy Market?
Leading organizations involved in cloud security within the energy market are channeling their efforts into forming strategic partnerships to boost their profitability. A strategic partnership represents a cooperative agreement amongst two or more entities aiming to achieve shared objectives. For example, in October 2023, Tenable Inc., a cybersecurity firm based in the US, entered a partnership with Siemens Energy AG, another US-based energy company, to bolster the security of operational technology (OT) within the energy sector. This partnership is projected to enhance the cybersecurity of Siemens Energy's Omnivise T3000, thereby simplifying compliance with industry standards. Siemens Energy has taken advantage of Tenable OT Security for asset tracking and vulnerability management, and will now incorporate Tenable OT Security as a network intrusion detection system (NIDS) in their Omnivise T3000 control system as a result of years of cooperation.
Who Are the Key Players In The Cloud Security In Energy Market?
Major companies operating in the cloud security in energy market report are:
• Amazon.com Inc.
• Alphabet Inc.
• Microsoft Corporation
• Dell Technologies Inc.
• Huawei Technologies Co. Ltd.
• Siemens AG
• General Electric Company
• Accenture Plc
• International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• Schneider Electric SE
• Honeywell International Inc.
• Broadcom Inc.
• SAP SE
• ABB Ltd.
• Salesforce.com Inc.
• NTT DATA Corporation
• Cognizant Technology Solutions Corporation
• Infosys Limited
• VMware Inc.
• Wipro Limited
• Tech Mahindra Limited
• Palo Alto Networks Inc.
• Fortinet Inc.
• Red Hat Inc.
• Trend Micro Incorporated
• Nutanix Inc.
• Zscaler Inc.
• Sophos Ltd.
What Is The Most Dominant Region In The Cloud Security In Energy Market?
North America was the largest region in the cloud security in energy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud security in energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
