DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Smart Grid Security Market by Solution, Service, Deployment Mode, Subsystem, Security Type, and Region - Global Forecast to 2021" report to their offering.
The author estimates the global smart grid security market to grow from USD 4.29 billion in 2016 to USD 7.00 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.3%.
The smart grid security market is growing rapidly because of the increase in adoption of smart grid security solutions, due to the increase in security breaches targeting enterprises. However, factors such as lack of security awareness among smart grid stakeholders are restraining the growth of the smart grid security market.
Smart grid security solutions have been deployed in a large number of energy and utilities sector across the globe. Identity and Access Management (IAM) solutions provide a business security process framework, enabling the initiation and management of user identity and related access permissions in an automated fashion. The IAM solution is expected to witness the highest CAGR during the forecast period because of the increasing risk over maintenance of sensitive data.
Supervisory Control and Data Acquisition (SCADA)/Industrial Control System (ICS) security is estimated to have the largest market size in 2016 because of the growing need to secure complex subsystems in smart grid. The growth in SCADA and ICS security is associated with the rise in security breaches targeting critical infrastructure in enterprises, where hackers try to gain access to sensitive data.
Furthermore, application demand response subsystem will grow at the highest CAGR during the forecast period, due to the organization's need to balance the demand and supply of electricity.
Market Dynamics
Drivers
- Global Development of Smart Grids
- Increased Sophistication of Cyber-Attacks
- Need to Comply With Standards and Regulations
Restraints
- Lack of Security Awareness Among Smart Grid Stakeholders
Opportunities
- Continuous Evolution of Smart Grid
- Integrated Offering of Smart Grid It and Cybersecurity Solutions
Challenges
- Maintain Cybersecurity Standards Over Time
Companies Mentioned
- Alertenterprise
- BAE Systems PLC
- Cisco Systems, Inc.
- Elster Solutions
- IBM Corporation
- Intel Security (McAfee)
- Leidos
- N-Dimension Solutions, Inc.
- Siemens AG
- Symantec Corporation
For more information about this report visit http://www.researchandmarkets.com/research/jgjk9t/smart_grid
