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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