Outlook of the utilities security market
Technavio’s market research analysts have predicted the global utilities security market to grow steadily at a CAGR of more than 4% over the estimated period. Cloud-based enterprises are widely adopted by large companies and government organizations to ensure a safe and easy-to-access centralized system for data storage. Also, employees around the world can use cloud-based services to access large volumes of data without time and location constraints. Moreover, cloud-based services ensure lower cost of ownership along with easier and improved methods of managing the complexities involved with large data volumes. Therefore, the growing adoption of cloud-based services will propel the growth prospects of the utilities security market until the end of 2020.
In this industry research report, the analysts have estimated factors such as the shift from analog to IP cameras will spur the growth prospects of this market in the coming years. IP cameras are flexible, scalable, and easy to install, so they are slowly replacing analog cameras. Moreover, IP cameras have much lower installation, maintenance, and labor costs than that of analog cameras. These cameras can be easily integrated with the existing security devices and produces high-quality, sharp image. Also, IP cameras have the capability of image encryption as they have built-in servers or encoders which enable multi-level user access control, thereby preventing third-party manipulation. Therefore, the increasing adoption of IP cameras in utilities sector as they are cost-effective and have large area coverage will propel this market’s growth until the end of 2020.
Segmentation by end user and analysis of the utilities security market
During 2015, the oil and gas sector dominated the market and accounted for more than 82% of the market share. Since the oil and gas sector is the major source of revenue for many countries like Saudi Arabia, the US, China, and Malaysia, it has high chances of a physical and cyber attack. So, the requirement for security solutions is high for oil and gas facilities, thereby the propelling the growth of this market segment until the end of 2020.
Geographical segmentation and analysis of the utilities security market
In 2015, the Americas held the largest share of the market with more than 41% share owing to the high rate of adoption of security devices. Factors such as the early adoption of advanced technologies and availability of adequate infrastructure and the presence of numerous global vendors will spur this market’s growth prospects in the Americas in the coming years.
Competitive landscape and key vendors
The global utilities security market is highly fragmented with intense competition between the existing vendors and new vendors. With increased competition, the market consolidation is increasing, and small entities are being acquired by or merged with major players.
The key leading vendors are -
- Axis Communications
- Bosch Security Systems
- Honeywell Security
- Qognify
- Tyco International
Other prominent vendors analyzed in this market research are AlienVault, Anixter, Cisco Systems, Computer Sciences Corporation, G4S, General Dynamics, General Electric, McAfee, Northrop Grumman, Siemens, and Symantec.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global utilities security market?
- What are the key market trends impacting the growth of the global utilities security market?
- What are the challenges to market growth?
- Who are the key vendors in the global utilities security market?
- What are the market opportunities and threats faced by the vendors in the global utilities security market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global utilities security market?
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