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.
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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
Consulting
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,
Cloud
On-Premises
By solution, the
smart grid security market is segmented into,
Firewall
Antivirus and
antimalware
Identity and access
management
Encryptions
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.
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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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