Increased expenditure by oil and gas companies on network and physical security is one of the major factors expected to drive the growth of this market.
Raised expenditure by oil and gas companies on the network and physical security is one of the major factors expected to drive the growth of this market.
The oil & gas security market was valued at $ 23,141 million in 2016, and is projected to reach $36,012 million by 2023, growing at a CAGR of 6.7% from 2017 to 2023. The command & control segment is anticipated to grow at the highest rate during the forecast period.
Exploring & drilling segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 7.2%. Among services, managed services segment is expected to witness highest CAGR of 8.4% during the forecast period.
North America generated the highest revenue in the global oil & gas security market in 2016 due to its technological advancements and developed infrastructure, and introduction of innovative solutions by the key players in the region. The Asia-Pacific oil & gas security market is expected to grow at the highest rate of 8.8% during the forecast period.
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Profiling Key Players: Cisco Systems, Inc., Siemens AG, Symantec Corporation, Honeywell Corporation, Inc., Corporation, Intel Corporation, General Electric, Microsoft Corporation, ABB Ltd., and Lockheed Martin Corporation.
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