According to report “Smart Grid Security Market by Solution, Service, Deployment Mode (Cloud, On-premises), Subsystem (SCADA/ICS, AMI, Demand Response, and Home Energy Management), Security Type (Endpoint, Network, Application, Database), and Region – Global Forecast to 2021″, The smart grid security market is estimated 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%.
Browse 72 market data tables and 54 figures spread through 158 pages and in-depth TOC on “Smart Grid Security Market”
Early buyers will receive 10% customization on this report.
The major forces driving the smart grid security market are global development of smart grids and increased sophistication of cyber-attacks. The smart grid security market is growing rapidly because of the growing security needs of Internet of Things (IoT) and digitization in energy sector and increased deployment of web & cloud-based business applications.
Encryption solution to grow at the highest CAGR from 2016 to 2021
Cyber security solutions are used to secure the data, network infrastructure, and connected devices. The increasing adoption of smart grid has connected number of devices and applications through internet, which are susceptible to Advanced Persistent Threats (APTs). The encryption solution is expected to witness the highest CAGR in the global smart grid security market during the period 2016–2021. North America is expected to account for the largest market share in 2016, due to the greater awareness of cyber security and early adoption of smart grid security in the region.
Professional services segment to have the largest market size in 2016
The smart grid security market is also segmented by professional and managed services, out of which the professional services segment is the largest contributor in the services segment. The energy and utility companies lack security experts and are outsourcing these services to security vendors. The demand for professional services is high due to the need to address emerging cyber threats.
North America is expected to dominate the smart grid security market in 2016
North America is expected to hold the largest share of the smart grid security market in 2016, due to the technological advancements and early adoption of cyber security in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The primary driving forces for this growth are increasing technological adoption and huge opportunities across emerging power industries in APAC countries.
Request Sample Pages – http://www.marketsandmarkets.com/requestsample.asp?id=112912959
The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, business expansions, and product developments, adopted by major players to increase their market share. Some of the major technology vendors include BAE Systems PLC (U.K.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Intel Corporation (Intel Security) (U.S.), Siemens AG (Germany), Symantec Corporation (U.S.), N-Dimension Solutions (Canada), Elster Solutions (U.S.), AlertEnterprise (U.S.), and Leidos (U.S.).
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, “RT” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Company Name: MarketsandMarkets
Contact Person: Rohan
Email: email@example.com, firstname.lastname@example.org
Address:701 Pike Street, Suite 2175
Country: United States