Global Smart Grid Cyber Security Market Overview:
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%
- Increased Sophistication of Cyber-Attacks
- Increasing Modernization of Grids and Global Development of Smart Grids
- Need to Comply with Standards and Regulations
- Increasing Number of Connected Vehicles for Smart & Efficient Transportation
- A Rapid Development of Smart Cities Across the Globe
- Continuous Growth of Industrial Internet of Things (IIoT)
- Dearth of Security Awareness Among Smart Grid Stakeholders
- Rapid Evolution of Smart Grid in Both Developing and Developed Countries
- Integrated Offering of Smart Grid IT and Cybersecurity Solutions
- Increasing Data Breaches Worldwide
- Lack of Proper Cyber Security Standards Over Time
Some of the key players profiled in the report are 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). Additionally, following companies can also be profiled that are part of our coverage like Siemens AG (Germany), Sophos (United Kingdom), Symantec (United States) and ViaSat (United States). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global Smart Grid Cyber Security market by 2024. Considering Market by Deployment Type, the sub-segment i.e. Cloud-Based will boost the Smart Grid Cyber Security market. Considering Market by Service Type, the sub-segment i.e. Professional services will boost the Smart Grid Cyber Security market. Considering Market by Solution Type, the sub-segment i.e. Antivirus Installation will boost the Smart Grid Cyber Security market.
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
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Smart Grid Cyber Security market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Smart Grid Cyber Security market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes National/State Governments, Municipal Authorities, Utility Companies, IT Solution Providers, Networking Solution Providers, IT Security Agencies, Smart Grid Security Companies, System Integrators and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.