Smart Grid Cyber Security Market Scope
Smart grid cybersecurity is a national concern in the electric sector across the globe. It provides protection against cyber threats that affect the users in the smart grid network worldwide. The concern is growing as the power utility sector becomes increasingly exchange of information technology that takes place via communication infrastructure. For instance, the North American Electric Reliability Corporation (NERC) used critical infrastructure protection (CIP) method for security solutions in securing the grid. Grid modernization is overhauling the energy industry, creating better visualization and control for operators According to AMA, the Global Smart Grid Cyber Security market is expected to see growth rate of 9.7%
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Smart Grid Cyber Security market throughout the predicted period.
BAE Systems Plc (United Kingdom), IBM (United States), IOActive (United States), Lockheed Martin Corporation (United States), AlertEnterprise (United States), AlienVault Inc. (United States), Black and Veatch (United States), Cisco Systems Inc. (United States), McAfee-Intel (United States), Honeywell (Elster) (United States), Entergy (United States), HP (United States) and N-Dimension Solutions (Canada) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Siemens AG (Germany), Sophos (United Kingdom), Symantec (United States) and ViaSat (United States).
The study have segmented the market of Global Smart Grid Cyber Security market by Type (Endpoint security, Network security, Application security and Database security) and Region with country level break-up.
On the basis of geography, the market of Smart Grid Cyber Security has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Increasing Number of Connected Vehicles for Smart & Efficient Transportation, A Rapid Development of Smart Cities Across the Globe and Continuous Growth of Industrial Internet of Things (IIoT)
Market Growth Drivers:
Increased Sophistication of Cyber-Attacks, Increasing Modernization of Grids and Global Development of Smart Grids and Need to Comply with Standards and Regulations
Increasing Data Breaches Worldwide and Lack of Proper Cyber Security Standards Over Time
Dearth of Security Awareness Among Smart Grid Stakeholders
Rapid Evolution of Smart Grid in Both Developing and Developed Countries and Integrated Offering of Smart Grid IT and Cybersecurity Solutions
The European Network for Cyber Security (ENCS) and the European Distribution System Operators' Association for Smart Grids (EDSO) together solving cybersecurity challenges in the development and operation of energy grids and other critical infrastructure grids across Europe
European Union laws (GDPR) is taking important measures to protect data privacy and is expected to impact ~4% of global annual sales. and California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance
Key Target Audience
National/State Governments, Municipal Authorities, Utility Companies, IT Solution Providers, Networking Solution Providers, IT Security Agencies, Smart Grid Security Companies, System Integrators and Others
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.