Smart Grid Security Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2026 Learn details of the Emerging Niche Segments And Regional Markets
Global Smart Grid Security Market: Introduction
Smart Grids are an integration of traditional grid with IT systems. They offer the grid operators greater control of the utilities for improving the dependability with improved monitoring and efficiency, through information exchange.
The cloud-based smart grid applications provide organizations with several features to reduce the operational costs and also to centralize their resources. The cloud-based applications are exposed to cyber-attacks, consequential in several security firms offering security solutions to guard cloud-based applications from cyber-attacks.
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Cyber threats and their impacts are rapidly increasing across Europe. Currently, EU is working on some of the fronts to guarantee cyber security in Europe, by providing the delivery of enhanced internet for children, and implementing the international cooperation on cybersecurity and cybercrime.
Global Smart Grid Security Market: Drivers and Restraints
The primary factors driving the smart grid security market are the global development of smart grids and augmented complexity of cyber-attacks. The smart grid security market is growing rapidly due to the increasing security needs of Internet of Things (IoT) and digitalization in the energy sector and increased utilization of the web & cloud-based business application.
However, one of the greatest challenges in the smart grid security market is the long investment cycles in the energy sector that make technology assessment difficult and led to a time lag between implemented and up-to-date solutions.
Global Smart Grid Security Market: Segmentation
By service, the smart grid security market is segmented into,
- Professional services
- Education and training
- Support and maintenance
- Managed services
By security, the smart grid security market is segmented into,
- Network security
- Application security
- Database security
- Endpoint security
By deployment, the smart grid security market is segmented into,
By solution, the smart grid security market is segmented into,
- Antivirus and antimalware
- Identity and access management
- Security and vulnerability management
- Intrusion detection system
- Distributed denial of service
Global Smart Grid Security Market: Segmentation Overview
Professional services segment is anticipated to have the largest market size in 2016. The energy and utility companies lack security experts and are outsourcing these services to security vendors.
Further, the demand for professional services is high due to the need to address emerging cyber threats.
The need to secure the data, network infrastructure, and connected devices are anticipated to surge the demand for smart grid security market during the forecast period. The encryption solution is anticipated to grow at the highest grow rate during the forecast period.
Global Smart Grid Security Market: Regional Outlook
North America is anticipated to account for the largest market share in 2016 owing to the technological advancements and early adoption of cyber security and region. APEJ is expected to grow at the highest growth rate during the forecast period owing to the factors such as growth in the technological adoption and huge opportunities across emerging power industries in APEJ region.
Global Smart Grid Security Market: Key Players
The global smart grid security market is characterized by the presence of several diversified international, and regional players who provide several services to the power utilities. Key players in the market offer specialized and extremely sophisticated security products and also offer an extensive product portfolio covering numerous industries owing to intensifying vendor competition in the market during the forecast period.
The global key players in Smart Grid Security Market are BAE Systems PLC, IBM Corporation, Cisco Systems, Inc., Intel Corporation (Intel Security), Siemens AG, Symantec Corporation, N-Dimension Solutions, Elster Solutions, AlertEnterprise, and Leidos. To increase their market share vendors are adopting mergers & acquisition, collaborations & partnership, and business expansion and product developments.
Other stakeholders in the market are municipal authorities, cloud service providers, IT service providers, resellers, enterprise users, and many more.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size.
The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period
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