Global Smart Grid Security Market: Snapshot
The global market for smart grid security is highly influenced by the rise in the population and the rapid pace of urbanization in emerging economies. The main factor behind this is increasing shift of energy resources companies to smart meters and smart appliances by leveraging Internet of Things (IoT) and cloud, owing to the augmenting pressure on them to meet the ever-increasing energy requirements of the urban population. With this, smart grids also become highly vulnerable to various cyber-attacks, hence creating a security market, which is meant to safeguard them. On the flip side, the long investment cycles in the energy sector, which makes technology analysis difficult and results in a time lag between implemented and up-to-date solutions may pose a big challenge to this market in the near future.
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At present, the business landscape in the global market for smart grid security is fragmented due to the presence of a number of local and international vendors who offer numerous services to the power utilities. The market is highly competitive and the competition is likely to intensify in the years ahead.
Global Smart Grid Security Market: Overview
The global market for smart grid security is highly influenced by the rise in the population and the rapid pace of urbanization in emerging economies. The main factor behind this is increasing shift of energy resources companies to smart meters and smart appliances by leveraging Internet of Things (IoT) and cloud, owing to the augmenting pressure on them to meet the ever-increasing energy requirements of the urban population. With this, smart grids also become highly vulnerable to various cyber-attacks, hence creating a security market, which is meant to safeguard them. On the flip side, the long investment cycles in the energy sector, which makes technology analysis difficult and results in a time lag between implemented and up-to-date solutions may pose a big challenge to this market in the near future.
At present, the business landscape in the global market for smart grid security is fragmented due to the presence of a number of local and international vendors who offer numerous services to the power utilities. The market is highly competitive and the competition is likely to intensify in the years ahead.
Global Smart Grid Security Market: Key Trends
Driving growth in the global market for smart grid security is the rising security needs on account of the deployment of modern sophisticated technologies such as the Internet of Things (IoT), web and cloud-based business applications and other information and communication technologies. These technologies may serve as attack entry points into the network. Besides, a large amount of data collected by smart meters and transferred to a utility company or consumer or service provider can also be breached into by hackers with ulterior motives.
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Global Smart Grid Security Market: Market Potential
Going forward, the smart grid security market holds a lot of potential on account of efforts by authorities in creating smart meter standards to thwart hacking of consumer data. This has resulted in development of technologies to protect smart meters form cyber-attackers. Additionally, increasing thrust by authorities to adopt measures for safety such as data authentication and encryption is also creating opportunities in the market. In fact, encryption solutions are slated to clock maximum growth in the upcoming years.
Further, the market is witnessing the soaring popularity of cyber-security solutions to protect data, network infrastructure, and connected devices. This is because the growing push to upgrade to smart grid has resulted in a number of connected devices and applications leveraging the internet that are highly vulnerable to advanced persistent threats (APTs).
The global market for smart grid security consists of both professional and managed services. Among them, the professional services contributes the most to the services segment. The energy and utility companies often do not have security experts and hence outsource these services to security vendors.
Global Smart Grid Security Market: Regional Outlook
Based on geography, the key regions of the global smart grid security market are Asia Pacific, North America, Europe, the Middle East and Africa, and the Rest of the World. North America, among them accounts for a leading share in the market because of swift pace of technological progress and early adoption of cyber security in the region. In the next couple of years, however, the market in Asia Pacific is slated to gain maximum share by outshining all other regions in terms of growth rate. This is primarily on account of the advancements in technology and massive opportunities across emerging power industries in developing Asia Pacific countries.
Global Smart Grid Security Market: Competitive Analysis
To assess the competition prevailing in the global market for smart grid security, the report profiles vendors such as BAE Systems PLC, IBM Corporation, Cisco Systems, Inc., Intel Corporation (Intel Security), Siemens AG, Symantec Corporation, and Elster Solutions. Other stakeholders of the smart grid security market include security service providers, cloud service providers, national/state governments, utility companies, and IT service providers, among others.
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Which Regions Covers in the Report Study?
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
What Qualitative and Quantitative Insights in the Report?
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand chain of the market
- Market valuation (revenue and/or volume)
- Key trends/opportunities/challenges
- Forces defining present and estimated future state of the competitive landscape
- Technological developments
- Value chain and stakeholder analysis
Why to Buy this Research Study?
- A detailed analysis of key segments of the market
- Recent developments in the market’s competitive landscape
- Detailed analysis of market segments up to second or third level of segmentation
- Historical, current, and projected future valuation of the market in terms of revenue and/or volume
- Key business strategies adopted by influential market vendors
- Outline of the regulatory framework surrounding and governing numerous aspects of the market
- Growth opportunities in emerging and established markets
- Recommendations to market players to stay ahead of the competition
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