Smart Grid Security Market Latest Trends And Future Growth Study To 2031 – Indian Defense News

Smart Grid Security Market Latest Trends And Future Growth Study To 2031 – Indian Defense News

Global Smart Grid Security Market – Snapshot

The global smart grid security market is highly influenced by the increasing population and rapid pace of urbanization in emerging economies. The main factor behind this is the increasing shift of energy resource companies towards smart meters and smart appliances leveraging the Internet of Things (IoT) and the cloud, due to the increasing pressure on them to meet energy requirements. growing urban population. With this, smart grids also become highly vulnerable to various cyber attacks, thus creating a security market, which is meant to safeguard them. On the other hand, the long investment cycles in the energy sector, which make technology analysis difficult and generate a gap between implemented and updated solutions, may represent a great challenge for this market in the near future.

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Currently, the business landscape in the global smart grid security market is fragmented due to the presence of a number of local and international providers offering numerous services to electric utilities. The market is very competitive and the competition is likely to intensify in the coming years.

Global Smart Grid Security Market – Overview

The global smart market Grid security is heavily influenced by population growth and the rapid pace of urbanization in emerging economies. The main factor behind this is the increasing shift of energy resource companies towards smart meters and smart appliances leveraging the Internet of Things (IoT) and the cloud, due to the increasing pressure on them to meet energy requirements. growing urban population. With this, smart grids also become highly vulnerable to various cyber attacks, thus creating a security market, which is meant to safeguard them. On the other hand, the long investment cycles in the energy sector, which make technology analysis difficult and generate a gap between implemented and updated solutions, may represent a great challenge for this market in the near future.

Currently, the business landscape in the global smart grid security market is fragmented due to the presence of a number of local and international providers offering numerous services to electric utilities. The market is very competitive and the competition is likely to intensify in the coming years.

Global Smart grid security market: Key Trends

What drives the growth in the global smart grid security market is the increasing needs for security due to the deployment of modern and sophisticated technologies such as Internet of Things (IoT), web-based and cloud-based business applications, and others. Technology of the information and communication. These technologies can serve as entry points for network attacks. Furthermore, a large amount of data collected by smart meters and transferred to a utility company or a consumer or service provider can also be breached by hackers with ulterior motives.

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Global Smart grid security market: Market potential

In the future, the smart grid security market has great potential due to the efforts of authorities to create smart meter standards to prevent consumer data hacking. This has resulted in the development of technologies to protect smart meters from cyber attackers. In addition, the increasing push by authorities to adopt security measures, such as authentication and data encryption, is also creating opportunities in the market. In fact, encryption solutions are slated to record peak growth in the coming years.

Additionally, the market is witnessing the growing popularity of cybersecurity solutions to protect data, network infrastructure, and connected devices. This is because the growing push to upgrade to the smart grid has resulted in a number of connected devices and applications that harness the Internet and are highly vulnerable to advanced persistent threats (APTs).

The global smart grid security market consists of professional and managed services. Among them, professional services are the ones that contribute the most to the services segment. Power and utility companies often do not have security experts and therefore outsource these services to security providers.

Global Smart grid security market: Regional Overview

Based on geography, the key regions of the global smart grid security market are Asia Pacific, North America, Europe, Middle East and Africa, and Rest of the World. North America, among them, represents a leading market share due to the rapid pace of technological progress and early adoption of cybersecurity in the region. However, in the next two years, the Asia Pacific market is expected to gain the largest share eclipsing all other regions in terms of growth rate. This is mainly due to technological advances and massive opportunities in emerging energy industries in developing Asia Pacific.

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Global Smart grid security market: Competitive Analysis

To gauge the prevailing competition in the global smart grid security market, the report outlines vendors such as BAE Systems PLC, IBM Corporation, Cisco Systems, Inc., Intel Corporation (Intel Security), Siemens AG, Symantec Corporation, and Elster Solutions. . Other smart grid security market stakeholders include security service providers, cloud service providers, national/state governments, utilities, and IT service providers, among others.

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