LONDON--(BUSINESS WIRE)--Technavio’s latest global utilities security market report highlights four key emerging trends predicted to impact market growth through 2020. Technavio defines an emerging trend as something that has potential for significant impact on the market and contributes to its growth or decline.
“An increasing number of unauthorized access to secure areas have increased the threat to critical business data of large organizations. This threat aversely impacts financial data, customer information, and new strategies that the company plans to implement in the future,” said Amrita Choudhury, one of Technavio’s lead industry analysts for IT security.
“In order to maintain security, end-users in the utilities sector are therefore increasing their security spending budgets. Their major focus is on monitoring solutions for the oil and gas, electricity, nuclear, and water sectors. Hence, increased expenditure on monitoring solutions will likely become a major driver for the global utilities security market during the forecast period,” added Amrita.
Technavio’s market research study identifies the following four emerging trends expected to propel the global utilities security market:
- Increased demand for vulnerability management and compliance
- Consolidation of security solutions
- Shift from analog to IP cameras
- Evolution of advanced security solutions
Increased demand for vulnerability management and compliance
Vendors offer simple security solutions that detect, identify, and mitigate attacks. However, increased demand for advanced solutions and a growing preference for outsourcing network security has laid the emphasis on sophisticated and advanced security services. The need to handle complex services involving vulnerability management and compliance-related solutions is also on the rise. Some of these solutions offer vulnerability scanning, patching, upgrades, configuration enforcements, and change control. To meet this demand, vendors are expected to introduce customized and advanced utility security products and contribute to the growth of this market.
Consolidation of security solutions
The availability of numerous security solutions in the market makes it difficult for organizations to choose the appropriate vendor. This increases the need for consolidation of multiple security solutions into a single window. Utilities security solutions combine multiple technologies into a single entity, providing companies with multiple advantages such as the ability to deploy and manage multiple network security devices. The consolidation of security technologies such as intrusion prevention, firewalls, and web filtering helps address multiple security attack vectors generated by cyber criminals.
Shift from analog to IP cameras
A number of enterprises are shifting to IP cameras because of the advantages offered. The TCO of IP cameras, which includes installation and maintenance costs along with labor costs, is much lower than that of analog cameras. IP cameras are flexible, scalable, and can be installed easily and can be adapted as per changing customer needs. These are easily integrated with existing security devices. Furthermore, the images produced by these cameras are of high quality. IP cameras also have the capability of image encryption as they have built-in servers or encoders. This enables multilevel user access control, which prevents third-party manipulation. The use of IP cameras has therefore increased in the utilities sector, and this trend will likely augment market growth during the forecast period.
Evolution of advanced security solutions
In 2015, the market witnessed rapid advances in technology with the introduction of new products to help organizations track intruders and hackers. In addition, the market also witnessed high adoption of converged monitoring solutions. Convergence enables video surveillance on existing corporate IP networks without the need of dedicated cables, switches, and recording infrastructure. Utilities infrastructure security devices are scalable, and enable their use even when bandwidth requirements grow and physical workspaces are rearranged. Hence, advances in technology and products are expected to propel the growth of the global utilities security market during the forecast period.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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