According to the research report titled ‘Global Oil and Gas Security and Service Market Size study, by Component (Solutions, Services), by Services (Risk Management Services, System Design, Integration, and Consulting, Managed Services), by Security Type ( Physical Security, Network Security), by Operation ( Upstream, Midstream, Downstream) and Regional Forecasts 2020-2027‘, available with Market Study Report, global oil and gas security and service market accounted for USD 24.1 billion in 2019 and is expected to witness a CAGR of 5.2% during 2020-2027.
 

Rising government initiatives to ensure security of all the phases of oil and gas sector like exploration, storage, transport, and processing is a major factor propelling the global oil and gas security and service market. Moreover, government has come up with various cyber security strategies, frameworks, and policies to ensure the security in oil and gas industry, which contributes to the market growth.
 

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Adoption of different strategies by companies such as product launch, mergers and partnerships, acquisition, investment, agreements, and others to gain competitive advantage are accelerating the global oil and gas security and service market expansion.
 

Also, massive expenditure of oil and gas players towards network and physical security is also creating growth opportunities for global oil and gas security and service industry outlook. However, high reliance on the presently deployed security solutions is a major factor hampering the market growth.  
 

Based on operation, global oil and gas security and service market is segmented into downstream, midstream, and upstream. With regards to security type, the industry is bifurcated into network security, and physical security. Considering the services, the industry is classified into risk management services, managed services, and system design, integration, & consulting. Speaking of component terrain, the industry is bifurcated into services and solutions.
 

From geographic point of view, North America market is witnessing significant returns presently mainly due to high adoption of oil and gas security solutions in the region. Meanwhile, Asia Pacific industry is expected to accrue the highest growth rate over 2020-2027 owing to flourishing oil and gas sector.  
 

Major players operating in global oil and gas security and service market sphere include Siemens AG, Microsoft Corporation, Parsons Oil Co., Honeywell International Inc., Waterfall Security Solutions Ltd., Cisco Systems, Nortonlifelock Inc., Fortinet Corporation, Lockheed Martin Corporation, and ABB Group.