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Smart Grid Security Market Size, Share, Growth & Forecast 2024-2033 | Trends, Key Players & Analysis
Smart Grid Security Market Size
According to The Business Research Company's, The smart grid security market size has grown rapidly in recent years. It will grow from $8.98 billion in 2023 to $10.12 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increasing cyber threats, regulatory requirements, integration of renewable energy, growing adoption of IoT devices, demand for grid resilience.
The smart grid security market size is expected to see rapid growth in the next few years. It will grow to $16.40 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to growing cyber threats, increasing adoption of IoT devices, stringent regulatory requirements, expanding smart grid deployments, rising investments in grid modernization. Major trends in the forecast period include integration of AI and machine learning for threat detection, adoption of blockchain for enhancing data security, cloud-based security solutions, emphasis on public-private partnerships for addressing security challenges, expansion of IoT devices and edge computing.
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Market Drivers and Trends:
The growing cybersecurity risks are expected to propel the smart grid security market going forward. Cybersecurity risks refer to potential threats and vulnerabilities in digital systems, networks, and data that can lead to unauthorized access, data breaches, or disruption of operations. Cybersecurity risks have been increasing due to several factors, such as the expansion of technology, the sophistication of cyberattacks, remote work and cloud adoption, and a lack of security awareness. Smart grid security solutions help to speed up incident response in the case of a cyber attack or security breach by offering automated alerting mechanisms, incident management workflows, and response playbooks. Smart grid security systems also use threat intelligence feeds and data from cybersecurity research organizations to keep up with developing cyber threats and attack vectors. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cybercrime reports received in 2022 were 76,000, up from 13% from the previous year. Therefore, the growing cybersecurity risks are driving the growth of the smart grid security market.
Major companies operating in the smart grid security market are focused on developing innovative solutions, such as advanced smart grid security platforms, to gain a competitive edge in the market. Advanced smart grid security platforms are sophisticated cybersecurity solutions specifically designed to protect modern electric power grids from cyber threats and vulnerabilities. For instance, in August 2022, Dubai Electricity and Water Authority (DEWA), a UAE-based public service infrastructure company, launched the Big Data and Analytics platform to integrate smart grid applications. These two advanced platforms were developed to enhance smart grid data security and management. This allows the processing of enormous amounts of data while also providing fact-based analytics and predictions for current and future initiatives. The platform helps improve the operation and management of assets and smart meters, boosting stakeholders' experiences and happiness. It also introduced the Smart Grid Data Governance platform, which ensures compliance with all data policies and processes. This assures best practices for accountability, decision-making framework, data management, and stewardship. The Smart Grid Data Governance platform treats data like an asset, defining and approving data strategies, policies, standards, processes, and measurements.
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Major Key Players of the Market:
Siemens AG, Lockheed Martin Corporation, HP Inc, International Business Machines Corporation, Cisco Systems Inc, N-Dimension Solutions, Schneider Electric SE, Broadcom Inc, ABB Ltd, BAE Systems Plc, Eaton Corporation plc, Leidos Holdings Inc, Entergy Corporation, Xylem Inc, Palo Alto Networks Inc, Fortinet Inc, Black & Veatch Holding Company, Landis+Gyr, FireEye Inc, Sophos Ltd, AlertEnterprise Inc, Trilliant Holdings Inc, IOActive, AT&T Cybersecurity, GE Grid Solutions LLC
Smart Grid Security Market 2024 Key Insights:
• The smart grid security market size is expected to see rapid growth in the next few years. It will grow to $16.40 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%.
• Growing Cybersecurity Risks Drive The Smart Grid Security Market Growth
• Innovative Solutions Driving Smart Grid Security Market Growth
• North America was the largest region in the smart grid security market in 2023
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