Information Communications Media Technology Market News

Explore the smart grid security market size that is expected to grow to USD 7.00 billion by 2021, at a CAGR of 10.3%

The smart grid security market size is expected to grow from USD 4.29 Billion in 2016 to USD 7.00 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period. The major growth drivers of the market include the global development of smart grids and increased sophistication of cyber-attacks.

- Advertising -

The report "Smart Grid Security Market by Solution, Service, Deployment Mode (Cloud, On-premises), Subsystem (SCADA/ICS, AMI, Demand Response, and Home Energy Management), Security Type (Endpoint, Network, Application, Database), and Region - Global Forecast to 2021", The smart grid security market is estimated to grow from USD 4.29 Billion in 2016 to USD 7.00 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.3%.

Browse 72 market data tables and 54 figures spread through 158 pages and in-depth TOC on “Smart Grid Security Market by Solution, Service, Deployment Mode (Cloud, On-premises), Subsystem (SCADA/ICS, AMI, Demand Response, and Home Energy Management), Security Type (Endpoint, Network, Application, Database), and Region - Global Forecast to 2021"

www.marketsandmarkets.com/Market-Reports/smart-grid-security-market-112912959.html

The major forces driving the smart grid security market are global development of smart grids and increased sophistication of cyber-attacks. The smart grid security market is growing rapidly because of the growing security needs of Internet of Things (IoT) and digitization in energy sector and increased deployment of web & cloud-based business applications.

- Advertising -

Download PDF Brochure @ tinyurl.com/y9kavy5j

Encryption solution to grow at the highest CAGR from 2016 to 2021

Cyber security solutions are used to secure the data, network infrastructure, and connected devices. The increasing adoption of smart grid has connected number of devices and applications through internet, which are susceptible to Advanced Persistent Threats (APTs).

The encryption solution is expected to witness the highest CAGR in the global smart grid security market during the period 2016–2021. North America is expected to account for the largest market share in 2016, due to the greater awareness of cyber security and early adoption of smart grid security in the region.

Download Sample pages @ tinyurl.com/yboul4mf

 

Professional services segment to have the largest market size in 2016

The smart grid security market is also segmented by professional and managed services, out of which the professional services segment is the largest contributor in the services segment. The energy and utility companies lack security experts and are outsourcing these services to security vendors.

The demand for professional services is high due to the need to address emerging cyber threats.

North America is expected to dominate the smart grid security market in 2016

North America is expected to hold the largest share of the smart grid security market in 2016, due to the technological advancements and early adoption of cyber security in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021.

The primary driving forces for this growth are increasing technological adoption and huge opportunities across emerging power industries in APAC countries.

The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, business expansions, and product developments, adopted by major players to increase their market share. Some of the major technology vendors include BAE Systems PLC (U.K.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Intel Corporation (Intel Security) (U.S.), Siemens AG (Germany), Symantec Corporation (U.S.), N-Dimension Solutions (Canada), Elster Solutions (U.S.), AlertEnterprise (U.S.), and Leidos (U.S.).

News From

MarketsandMarkets™ - Business ResearchMarketsandMarkets™
Category: Market Research Publishers and RetailersCompany profile: MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth ...