Global Smart Grid Security Market: Snapshot

The growth in the global smart grid security market is correlated to the growth in population and the swift pace of urbanization in developing economies. This is because, hard-pressed to serve the ever growing energy needs of the urban population, energy resources companies are increasingly turning to smart meters and smart appliances by leveraging Internet of Things (IoT) and cloud. This also makes smart grids highly vulnerable to various cyber-attacks, thus spawning a security market which is meant to bulwark them.

Currently, the global smart grid security market is fragmented on account of the presence of numerous diversified local, regional, and international vendors who offer various services to the power utilities.  In many countries, the market is dominated only by the local or regional vendors and this is probably intensify competition in the years ahead.

A report by Transparency Market Research predicts the global smart grid security market to progress at a healthy CAGR of 10.5% during the period between 2017 and 2025 to become worth US$10.58 bn by 2025 from US$4.35 bn in 2016.

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Application Security Segment to Progress at Maximum Pace due to their Ability to Prevent Security Breaches

The global market for smart grid security can be segmented based on the type of security into application security, database security, network security, and endpoint security. Of them, the network security of smart grid security holds most of the share in the market.

The segment is expected to make good progress in the next couple of years too. Network security includes approaches and practices to monitor and prevent unauthorized access, modification, misuse or denial of a network accessible resources and computer network.

The application security segment, on the other hand, is predicted to clock maximum growth. Application security entails steps taken to improve security of an application regularly by uncovering and tackling security issues and also preventing them.

Some of the prominent participants in the global smart grid security market are Intel Corporation, Siemens AG, Symantec Corporation, IBM Corporation, Cisco Systems, Inc, Leidos Holdings, Inc., Honeywell International Inc., BAE Systems Plc., N-Dimension Solutions Inc., and AlertEnterprise Inc.