Utilities Security Market was valued at USD 30 Billion in 2022 and is projected to reach USD 55 Billion by 2030, growing at a CAGR of 8% from 2024 to 2030.
The Utilities Security Market has undergone significant shifts between 2018 and 2022, driven by increasing cyber threats and the rapid adoption of digital technologies across the energy sector. As utilities worldwide expanded their digital infrastructure, new vulnerabilities emerged, prompting heightened demand for robust security solutions. According to industry reports, the global utilities security market saw steady growth during this period, with a 9.5% annual increase in the deployment of cybersecurity tools and strategies. These solutions encompassed everything from advanced threat detection systems to comprehensive risk management platforms. Moreover, increasing government regulations, such as the U.S. NERC CIP (North American Electric Reliability Corporation Critical Infrastructure Protection) standards, amplified the need for utilities to invest in more secure systems to protect against potential attacks on critical infrastructure.
Despite these developments, the utilities sector faced several challenges in ensuring comprehensive security measures were in place. Legacy infrastructure and a lack of cybersecurity talent were major barriers that slowed the pace of security implementation. In particular, small to medium-sized utilities often struggled to keep up with the increasing sophistication of cyberattacks. With the rise of ransomware and state-sponsored cyber espionage targeting energy grids, utilities had no choice but to accelerate their security measures, requiring investment in both advanced technologies and specialized workforce training. As a result, the market saw a noticeable surge in demand for cybersecurity services like managed detection and response (MDR) and threat intelligence analysis.
Looking ahead to the period between 2023 and 2033, the demand for utilities security is expected to grow at an even faster rate. As energy grids evolve to incorporate more decentralized systems, including renewable energy sources, the complexity of securing these assets will increase. The rapid development of smart grids, IoT devices, and AI technologies will create new attack surfaces, further propelling the need for robust security solutions. Cybersecurity in utilities will not only focus on protecting critical infrastructure but also ensuring the resilience of supply chains and communication networks. The growing emphasis on sustainability and carbon-neutral energy sources will demand solutions that not only safeguard data but also comply with environmental and regulatory standards.
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Axis Communications
Bosch Security Systems
Honeywell Security
Qognify
Tyco International
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Utilities Security Market
Oil and Gas
Electricity
Others
Based on Types the Market is categorized into Below types that held the largest Utilities Security market share In 2023.
Physical Security
Cyber Security
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Utilities Security Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Utilities Security Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Utilities Security Market, By Type
6. Global Utilities Security Market, By Application
7. Global Utilities Security Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Utilities Security Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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