Press Release

Cyberthreats Set to Drive Smart Grid Cybersecurity Market at CAGR 13% till 2022

Surging investments in smart grid infrastructure, growing number of data breaches, rising cyberthreats and increasing incidences of cyberattacks on Critical National Infrastructure to drive the global smart grid cybersecurity market through 2022

According to TechSci Research report, “Global Smart Grid Cybersecurity Market By Type, By Deployment, By Function, By Solution, By Region, Competition Forecast & Opportunities, 2012 – 2022’’, smart grid cybersecurity market, globally, is forecast to grow at a CAGR of more than 13% during 2017-2022. Growth in the market is anticipated to be driven by rising complexities of cyberthreats, growing number of cyberattacks on power grid infrastructure, stringent security standards and increasing cybersecurity collaborations between different countries. Moreover, growing adoption of enterprise mobility, expanding smart home and IoT markets, and increasing adoption of smart grids for commercial applications would drive need for implementing cybersecurity in smart grids across the globe during the forecast period.

Browse 109 market data Tables and 117 Figures spread through 218 Pages and an in-depth TOC on  "Global Smart Grid Cybersecurity Market"

Supervisory Control and Data Acquisition (SCADA)/ Industrial Control Systems (ICS) security segment is expected to be the highest contributor towards the global smart grid cybersecurity market in the coming years, as SCADA/ICS controls and monitors major components, including smart meters, smart power generators, etc., of smart grids, and if compromised could lead to power outage, thereby impacting the productivity of industries, factories, etc. Increasing demand for securing smart grid applications and surging number of endpoint devices in a smart grid network is accelerating the deployment of application security in smart grids, owing to which the application security segment is anticipated to be the fastest growing smart grid cybersecurity type, globally through 2022. BAE Systems plc, CISCO SYSTEMS, INC., McAfee, LLC, International Business Machines Corporation, and Symantec Corporation are some of the major companies operating in the global smart grid cybersecurity market.

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North America accounts for the largest revenue share in the market, owing to favorable government initiatives, high awareness towards cyberthreats and existing security standards for smart grid cybersecurity in the region. “Increasing number of smart grid initiatives, globally, rising number of connected devices coupled with a growing number of countries across the globe devising strategies and laws for mitigating data theft and ensuring privacy protection is expected to drive the cybersecurity deployment in smart grids, worldwide, over the course of next five years. In addition, owing to surging investments in IoT infrastructure, growing smart home & cybersecurity market, and increasing number of cyberattacks on smart grid infrastructure, market potential of smart grid cybersecurity is expected to expand in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Smart Grid Cybersecurity Market By Type, By Deployment, By Function, By Solution, By Region, Competition Forecast & Opportunities, 2012 – 2022” has evaluated the future growth potential of smart grid cybersecurity market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global smart grid security market.

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