Smart Grid Security Market Size, Historical Analysis, Emerging Technologies, Global Trends and Industry Set For Rapid Growth with Great CAGR by Forecast 2023

Market synopsis
Global smart grid security market is expected to grow from USD 405.37 million in 2017 to USD 747.07 million by 2023, at a CAGR of 10.73% during the forecast period.
Smart grid is the integration of traditional power grid with the information technologies such as cloud computing, IoT, connected utilities, smart utilizes among others. This integration has resulted in benefits such as improved availability & distribution of the power across region. Furthermore, it helps achieve an efficient, economical, and clean power distribution. The key drivers for the smart grid security market are increasingly investments to shift country utility infrastructure to smart grid, increased sophistication of cyber-attacks, and growing need to comply with energy generation and consumption regulations and standards. Furthermore, the rise in adoption of Internet of Things (IoT) and digitization in energy sector that has led to increased deployment of web & cloud-based business applications has resulted in the demand for smart grid security solutions.

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Smart grid security market, by security type, is segmented into endpoint, network, application, and database. The application security is expected to register the highest CAGR during the forecast period owing to the growing application of IoT and adoption of connected devices in the utility sector. Whereas, network security holds the largest market share in the smart grid security market owing to the increased sophistication of cyber-attacks occurring in the utility sector.
The key players operating in the smart grid security market are BAE Systems PLC (U.K.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Intel Corporation (Intel Security) (U.S.), Siemens AG (Germany), Symantec Corporation (U.S.), N-Dimension Solutions (Canada), Elster Solutions (U.S.), Alert Enterprise (U.S.), Leidos (U.S.), Symantec Corporations (US), Lockheed Martin Corporation (US) and McAfee LLC (US). These players are largely investing in organic growth strategies such as new product development and existing product enhancements to strengthen their position in the global smart grid market.

Segmentation
Smart grid security market is segmented based on deployment, security type, application and region.
By deployment, the market is bifurcated into on-premise and cloud.
Based on the security type, the market is segmented into endpoint, network, application, and database.
Based on application, the market is segmented into consumption, generation, and distribution & control.
By region, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World.

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Regional analysis
The global Smart Grid Security Market is estimated to grow at a notable rate during the forecast period from 2018 to 2023. The geographical analysis of smart grid security market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the smart grid security market from 2018 to 2023 owing to the presence of advanced utility infrastructure, high concentration of market players in the region, and availability of proficient cyber-security expertise. However, Asia-Pacific is estimated to grow at the highest CAGR during the forecast period owing to shift of traditional grid structure to smart grid by many countries in the region.

Competitive Analysis
The growth in cyber-attacks on the critical infrastructure in utility organizations boost the demand for smart grid security solutions. Players with global as well as regional presence mark strong presence in the smart grid security market. The other stakeholders of the market are security service providers, utility companies, state government, cloud service provider, resellers, and technology providers. In 2017, the US Defense Advanced Research Projects Agency (DARPA) awarded BAE Systems with a USD 8.6 million contract to develop a technology that can facilitate faster restoration of power to the US electric grid in case of failure caused by a cyber-attack.

Key players
The prominent players in the smart grid security market have been identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. The major vendors of the market are BAE Systems PLC (U.K.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Intel Corporation (Intel Security) (U.S.), Siemens AG (Germany), Symantec Corporation (U.S.), N-Dimension Solutions (Canada), Elster Solutions (U.S.), Alert Enterprise (U.S.), Leidos (U.S.), Symantec Corporations (US), Lockheed Martin Corporation (US) and McAfee LLC (US).

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Intended Audience
o National/state governments
o Municipal authorities
o Utility companies
o IT solution providers
o Smart grid security companies
o Cloud service providers
o System integrators
o Information security consulting firms
o Networking solution providers
o IT security agencies

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This release was published on openPR.