Artificial Intelligence
Global Energy Security Market Report 2023: Rise in Regulations for Safeguarding Power Plants Drives Growth
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Dublin, May 09, 2023 (GLOBE NEWSWIRE) — The “Global Energy Security Market Size, Share & Industry Trends Analysis Report by Component, Technology, Power Plant, Regional Outlook and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Energy Security Market size is expected to reach $30.6 billion by 2028, rising at a market growth of 10.2% CAGR during the forecast period.
Rapid deployment of renewable energy, diversification of energy sources, enhanced energy efficiency, energy depots, and machine-usable energy types result in substantial energy security and economic benefits. Increasing pressure from the government and security compliance and regulation, as well as rising terrorism and cyber-attack threats, are driving the expansion of the energy security market.
In addition, the expansion of the energy security market is positively impacted by the rise of physical attacks and insider threats. The emergence of a new energy sector in emerging economies would create lucrative expansion prospects for the energy security market. The energy supply is vital for households and businesses. In addition, the energy supply must be inexpensive, sustainable, reliable, and secure, making energy systems a difficult task.
Digital energy systems are an evolving area that employs potent digital tools and diverse digital models to solve and manage the increasingly complex energy systems of the twenty-first century. Within the field, digital tools and models like blockchain technology and artificial intelligence are used to analyze data from various energy systems and sources to drive new control and operational strategies and business models and support critical goals such as achieving Net Zero emissions.
In addition, cloud computing enables energy applications to request access to a common pool of computing resources. It consists of social and networked enhancements to corporate intranets and other traditional software platforms large corporations use to organize communication. In contrast to conventional enterprise software, which imposes structure before encouraging usage, enterprise social software tends to encourage use before imposing structure.
Market Growth Factors
Rise in regulations for safeguarding power plants
Several government authorities and power plant owners are implementing network and physical solutions such as a perimeter, microwave intrusion detection, secured communications, surveillance systems, access control systems, and detectors. These solutions are intended to thwart potential threats. In addition, network systems such as antivirus, firewall, SCADA systems, and IPS/IDS systems are implemented to prevent cybercriminals from attacking the network power plant network. The government’s effort to implement security solutions to safeguard power plants from threats is projected to propel energy security adoption and market growth.
Accelerated threat of terrorists and cyber attacks
Security professionals view reputable energy security suppliers as important partners that can assist them with crucial energy security choices. When sensitive content is identified in or leading up to the cloud, energy security allows IT teams to manage potential violations on their local networks for more investigation. In addition, an extensive study on threat observations supports a business in recognizing and halting harmful conduct before it worsens. These reasons are driving the market for energy security forward.
Market Restraining Factor
Lack of sufficient funding among SMEs
The lack of financial resources hinders the adoption of new technologies and corporate security solutions by these organizations, resulting in an inadequate IT security architecture. In addition, small firms are burdened with the management of budgeted finances for a variety of operational issues and business continuity planning, leaving them with less time and resources to implement security solutions. Thus, due to the lack of capital among SMBs and startups, the market for security solutions in the energy sector may suffer slowed growth throughout the projected period.
Component Outlook
Based on component, the energy security market is segmented into solution and service. The solution segment held the highest revenue share in the energy security market in 2021. This is because preserving and enhancing the energy sector’s resilience in the face of both man-made and natural disasters is an ongoing process that involves continued vigilance, contingency planning, and training which can be attained with an energy security solution. Many programs funded by governmental and private groups support the energy sector’s security vision and objectives.
Technology Outlook
On the basis of technology, the energy security market is divided into physical security and network security. The network security segment procured a significant revenue share in the energy security market in 2021. This is owing to the weaknesses in the IT systems, OT infrastructure, and supply chain partners, which exposes energy firms to cyber risk. IT systems consist of the software, hardware, and technologies used to collect and process data for the enterprise’s business operations. OT infrastructure comprises the software, hardware, and technologies necessary to control physical equipment like pumps, motors, valves, and switches.
Power Plant Outlook
By power plant, the energy security market is classified into thermal & hydro, nuclear, oil & gas and renewable energy. The thermal & hydro segment registered the highest revenue share in the energy security market in 2021. This is due to the fact that hydropower plays a crucial role in the transition to clean energy, not just because it generates vast quantities of low-carbon electricity. Also, it has unparalleled flexibility and storage capacity. Compared to nuclear, coal, and natural gas power plants, many hydropower plants can quickly scale up and down their electricity production.
Regional Outlook
Region-wise, the energy security market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region led the energy security market by generating the maximum revenue share in 2021. This is due to the rising industrialization and urbanization, which are anticipated to fuel the North American power industry. In addition, throughout North America, the installation of renewable energy facilities has increased as a result of the rules for reducing countries’ carbon footprints. This element will give rise to the more renewable energy sources which in turn will increase the demand for energy security solutions, providing future prospects for the energy security market in North America in the projected period.
Scope of the Study
By Component
- Solution
- Services
By Technology
- Physical Security
- Network Security
By Power Plant
- Thermal & Hydro
- Renewable Energy
- Oil & Gas
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Siemens AG
- Teledyne FLIR LLC (Teledyne Technologies Incorporated)
- ABB Ltd.
- Honeywell International, Inc.
- BAE Systems PLC
- Elbit Sytems Ltd.
- Thales Group S.A.
- Hexagon AB
- Lockheed Martin Corporation
- AEGIS Security & Investigations Inc.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Strategies Deployed in Energy Security market
Chapter 4. Global Energy Security Market by Component
Chapter 5. Global Energy Security Market by Technology
Chapter 6. Global Energy Security Market by Power Plant
Chapter 7. Global Energy Security Market by Region
Chapter 8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/g0xtu2
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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Artificial Intelligence
Add Value Machine, ADCB and Amazon Web Services (AWS) Successfully Conclude UAE’s First-Ever Generative AI Hackathon in the Banking Sector
ABU DHABI, UAE, June 17, 2024 /PRNewswire/ — Add Value Machine (AVM), a leading provider of secure generative AI platforms, and Abu Dhabi Commercial Bank (ADCB), one of the largest banks in the UAE, have successfully concluded the groundbreaking ADCB Generative AI Hackathon. The event, which took place in Abu Dhabi, marked the first time a UAE bank has conducted a hackathon focused on exploring the potential of generative AI in the banking sector.
“We are thrilled to have partnered with ADCB and AWS to host this groundbreaking hackathon,” said John Shaw, CEO of Add Value Machine. “Our secure generative AI platform has enabled ADCB to explore innovative solutions that can drive meaningful business impact across the bank. This event showcases the immense potential of generative AI in the banking sector, and we look forward to working with ADCB to bring the most impactful use cases into production.”
The hackathon brought together nearly 120 participants from ADCB, AVM and Amazon Web Services (AWS) collaborated to structure the event around key business outcomes, focusing on the most relevant ROI generative AI use cases in procurement, engineering, retail banking, and treasury.
Sean Langton, ADCB’s CIO, reflected on the event’s success, stating, “Generative AI is the perfect technology for a hackathon – it has unlimited opportunity to improve our business and customer experience but also presents emerging risks we need to be mindful of. Thanks to our partnerships with Added Value Machine and AWS, we’ve been able to build several AI ‘bots’ in a safe way in just a day. I can’t wait to see the first of these up and running in production in the coming days.”
All use cases developed during the hackathon were built on AVM’s observability, governance and compliance generative AI platform. AVM and AWS are now working closely with ADCB to accelerate the most impactful use cases into production, ensuring that the bank can quickly realize the benefits of generative AI technology.
Ravi Singh, President and CTO of Add Value Machine, expressed his enthusiasm for the collaboration, stating, “It’s inspiring to witness the passion and unity of purpose at ADCB. The combination of visionary leadership and technical expertise has resulted in a thoughtful, measured approach to generative AI adoption. We are proud to be part of this transformative journey.”
ADCB plans to conduct regular hackathons to foster a culture of innovation and explore new applications of generative AI technology across its business operations.
About Add Value Machine:AVM is a leading Generative AI security company that provides 360-degree observability, enabling enterprises to monitor all of the Generative AI usage no matter where it happens. The accelerated use of generative AI at large corporations has also accelerated customer data leakage and presents new challenges for companies looking to maintain security compliance. At AVM, we believe that the accelerated adoption of Generative AI needs the strict adoption of advanced security protocols.
Contact:Julie [email protected]
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Artificial Intelligence
Altair One® Cloud Innovation Gateway Now Available on Google Cloud Marketplace
Addition will expand access to Altair’s digital engineering experience
TROY, Mich., June 17, 2024 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, announced that Altair One®, Altair’s cloud innovation gateway, is now available on Google Cloud Marketplace, opening up a world of possibilities for users seeking seamless access to powerful simulation, data analytics, and high-performance computing (HPC) capabilities.
Altair One is designed for collaborative engineering, data engineering, and analytical application development. Built on a robust HPC backbone, Altair One provides seamless, unified access to tools, data, and computing resources while unleashing the power of artificial intelligence (AI) across every step of the product development life cycle.
Google Cloud Marketplace customers can now leverage Bring Your Own Cloud (BYOC) functionality to run Altair simulation, AI, and data analytics applications.
“The integration of Altair One with the Google Cloud Marketplace empowers Google Cloud users to effortlessly unlock a world of innovative solutions. This collaboration will fuel engineering breakthroughs with the power of Google Cloud’s adaptable, flexible, and scalable cloud infrastructure,” said Sam Mahalingam, chief technology officer, Altair. “This integration aligns perfectly with our core mission of equipping businesses for digital success and making powerful software solutions readily accessible to users.”
“Bringing Altair One to Google Cloud Marketplace will help customers quickly deploy, manage, and grow the platform on Google Cloud’s trusted, global infrastructure,” said Dai Vu, managing director, Marketplace and ISV GTM Programs, Google Cloud. “Altair can continue to securely scale and support customers on their digital transformation journeys.”
Altair One is the gateway that empowers organizations to mature into digital enterprises by breaking down data silos, connecting virtual models, optimizing their compute infrastructure, and digitizing key processes. It provides all the tools to create a “One Total Twin” of a product throughout its lifecycle, “One Traceable Thread” connecting all data stages, and a “Single Source of Truth” for all models and data. This all-in-one platform automates data capture, empowers better decision-making, enhances performance management, and ultimately accelerates engineering processes for a seamless digital experience.
To learn more, visit https://console.cloud.google.com/marketplace/product/altair/altair-one-private?hl=en&project=altair-public.
About Altair
Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.
Media contacts
Altair Corporate
Altair Investor Relations
Bridget Hagan
Stephen Palmtag
+1.216.769.2658
+1.669.328.9111
[email protected]
[email protected]
Altair Europe/The Middle East/Africa
Charlotte Hartmann
+49 7031 6208 0
[email protected]
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Artificial Intelligence
IBS Software Announces Appointment of New Chief Executive Officer Somit Goyal
DUBAI, UAE, June 17, 2024 /PRNewswire/ — IBS Software, a leading SaaS solutions provider to the travel industry globally, has appointed Somit Goyal as its new Chief Executive Officer (CEO), effective immediately. Somit succeeds Anand Krishnan, who served as CEO of IBS Software since 2018.
Somit Goyal brings a wealth of experience in the enterprise software sector, having held leadership roles at globally renowned companies such as Microsoft, SAP, Oracle and AOL.
During his 11-year tenure at Microsoft, Somit held several leadership roles across strategy, operations, sales and customer success. In his last role, he managed the global sales of Microsoft’s Modern Work cloud business, and before that, Somit served as the Chief Operating Officer of Microsoft’s Public Sector business worldwide. Somit also conceived and established the Customer Success function at Microsoft, an area of growing importance for IBS Software as it continues to expand globally.
Most recently, Somit served as President and COO of Pluralsight, a SaaS company, where he oversaw product, engineering and GTM functions.
“Somit’s impressive experience in operating global SaaS businesses, leading diverse teams, and managing all facets of enterprise software make him exceptionally well-suited to lead IBS Software during this exciting phase of growth,” said V K Mathews, Executive Chairman of IBS Software. “IBS Software is at a pivotal point in its trajectory as we continue to innovate to better serve our customers. I am confident Somit will help unlock our full potential.”
With a comprehensive portfolio of modular, cloud-based solutions purpose-built for the travel industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a broad set of core business processes, including passenger services, flight operations, cargo and logistics, loyalty management, cruise operations, energy & resource logistics and hospitality businesses.
“With a broad portfolio of industry leading products, marquee customers and a talented team, with deep domain expertise IBS Software stands at the forefront of travel industry innovation. I couldn’t be more excited to join IBS Software and help lead it through its next exciting chapter.” said Somit Goyal, who holds an electrical engineering degree from the Indian Institute of Technology (IIT) in New Delhi, India and an MBA from INSEAD, France.
Somit will report directly to IBS Software Executive Chairman V K Mathews.
ABOUT IBS SOFTWARE
IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise, hospitality, and energy resources industries. IBS Software’s solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air cargo management. Across the hospitality sector, IBS Software offers a cloud-native, unified platform for hotels and travel sellers, including central reservation (CRS), property management (PMS), revenue management (RMS), call centre, booking engine, loyalty and distribution. For the tour & cruise industry, IBS provides a comprehensive, customer-centric, digital platform that covers onshore, online and on-board solutions. Across the energy & resources industry, we provide logistics management solutions that cover logistics planning, operations & accommodation management. The Consulting and Digital Transformation (CDx) business focuses on driving digital transformation initiatives of its customers, leveraging its domain knowledge, digital technologies and engineering excellence. IBS Software operates from 17 offices across the world.
Further information can be found at www.ibsplc.com Follow us: Blog | Twitter | LinkedIn | Facebook | Instagram
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