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.
According to the new market research 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”, published by Markets and Markets, 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%.
Some of the Prominent Key Players in the Smart Grid Security Market are: BAE Systems PLC, IBM Corporation, Cisco Systems, Inc o Intel Security (McAfee).
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.
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 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.
