Press release
Smart Grid Security Market Size to Expand Significantly by the End of 2025
The rise in adoption of smart grid has helped in connecting devices and applications through internet. Smart grids are used to integrate traditional grids with the IT systems. Moreover, they offer grid operators greater control of the functions of the grid for improving the reliability with improved monitoring and efficiency with the help of exchange information. Composed of various integrations of information technology (IT) and operation technology (OT) systems to manage different functions, smart grid offers various access points for adversaries to breach the security systems.
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Smart grid security Market: Drivers and Restraints
Global developments of smart grids and increased cyber attacks are major factors driving the smart grid security market. Moreover IoT and next gen technologies are expectred to create opportunities. However, lack of skilled labor and high cost of deployment are factors restraining the market for smart grid security.
Smart grid security Market: Segmentation
Smart grid security market can be segmented on the basis of type of services, deployment, security type, and region. The different types of services professional and managed services On the basis of deployment, market can be segmented into cloud and on-premise. On the basis of security type, market can be segmented into endpoint security, network security, application security, database security. Region wise, the market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa.
Smart grid security Market: Regional Outlook
North America region is leading the Smart grid securitys market, owing to increase in use of smart devices. Asia Pacific and Japan, are also prominent leaders with numerous vendors located in this region. Western Europe is also expected to witness a moderate growth in the near future, as the government is willing to invest in upcoming technologies. Latin America and Middle East and Africa are expected to witness a slower growth than compared to other regions.
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Smart grid security Market: Competition Landscape
The key players involved in Smart grid security market are BAE Systems PLC, IBM Corporation and Cisco Sysems, Inc. are focused on partnerships and product innovation among other things.
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