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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