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On the basis of segment, Smart Grid Security Market is categorized into managed and professional services

Author : Ronak Bora | Published Date : 2019-03-18 

U.S. smart grid security market is expected to dominate the revenue owing to the early cyber security adoption and rapid technological advancements. The Asia Pacific region is forecast to grow at the highest CAGR, considering the rapidly emerging opportunities across power industries in this region. Growing need for data security, fragmentation and innovation in the field is predicted to provide huge impetus to the European smart grid security market. For instance, in Denmark, close data exchange between distribution system operators (DSO), transmission system operators (TSO), retailers and generators takes place via data hub. The TSO takes care of the data security and has been outsources to a third party.

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Smart Grid Security Market size will be fueled by growing development and increasing occurrences of cyber-attacks. Increased cloud- and web-based applications in businesses are anticipated to further propel market growth.

The frequency of usage of Advanced Metering Systems (AMI) is on the rise in recent years. The smart meters form an important constituent of the system. The installation of these and such smart grids are expected to positively impact the smart grid security market growth during the forecast period. Furthermore, the recent attacks on smart grids is expected to increase the adoption of security systems exponentially. However, the mismatch lifecycles of the IO and OT and differing practices in maintenance, design and qualification are anticipated to create gaps. These gaps can be maliciously exploited and are anticipated to pose threats to the smart grid security market.

The smart grid security market also enable the constant controlling, monitoring and managing the consumer demands. Increase in usage of connected devices, technological advancements and increasing concerns for vulnerability & security are expected to boost the security systems demand.

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Increasing internet of things (IoT) penetration and in turn rising adoption of smart grids are anticipated to fuel the security systems demand during the forecast period. The long investment cycles in energy sector and heterogeneous guidelines pertaining to cyber security is anticipated to be the biggest challenge faced by smart grid security market.

The IP standards use in smart grids provide a huge advantage of compatibility between different system components. However, IP use makes the devices inherently vulnerable to many network attacks such as tear drop, denial of services and IP spoofing. Thus, increasing use of IP for connected devices is projected to propel smart grid security market demand.

The smart grid security market is segmented by managed and professional services, of which, professional services account for majority share. The lack of security experts in energy & utility companies and urgent need to address smart grid security threats is expected are fuel the demand for professional grid security providers. Based on the solutions provided by the smart grid security systems, these are segmented into firewall, antimalware & antivirus, encryption, identity & access management, distributed denial of service (DDoS), vulnerability & security management, intrusion detection system (IDS), intrusion protection system (IPS), fraud detection and data loss prevention (DLP).

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Various stakeholders in the smart grid security market are cloud service providers, security service providers, national & state governments, utility companies, technology providers, enterprise users and IT service providers. BAE Systems PLC., Cisco Systems Inc., IBM Corporation, Siemens AG, Intel Corporation, Elster Solutions, Symantec Corporations, AlertEnterprises, N Dimension Solutions and Leidos are some of the players in the market. IOA Active Inc., Lockheed Martin Corp., McAfee, Alien Vault, Black & Veatch, Entergy Services, Sophos, Source Fire and ViaSat are some of the other leading providers of smart grid security. The companies are increasingly adopting the strategies of partnerships and collaborations to diversify the services portfolio and increase their market share.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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