Smart Grid Security Market: Advanced technologies & growth opportunities in global Industry by 2026

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. The target audience for smart grid security market are, national/state governments, utility companies, IT solutions provider, smart grid security companies, cloud service providers, system integrators, information security consulting firms, IT security agencies, and municipal authorities. 

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.

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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 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.

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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.

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