The smart grid security global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Smart Grid Security Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The smart grid security market size has grown rapidly in recent years. It will grow from $8.98 billion in 2023 to $10.12 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increasing cyber threats, regulatory requirements, integration of renewable energy, growing adoption of IoT devices, demand for grid resilience.
The smart grid security market size is expected to see rapid growth in the next few years. It will grow to $16.40 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to growing cyber threats, increasing adoption of IoT devices, stringent regulatory requirements, expanding smart grid deployments, rising investments in grid modernization. Major trends in the forecast period include integration of AI and machine learning for threat detection, adoption of blockchain for enhancing data security, cloud-based security solutions, emphasis on public-private partnerships for addressing security challenges, expansion of IoT devices and edge computing.
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Scope Of Smart Grid Security Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Grid Security Market Overview
Market Drivers –
The growing cybersecurity risks are expected to propel the smart grid security market going forward. Cybersecurity risks refer to potential threats and vulnerabilities in digital systems, networks, and data that can lead to unauthorized access, data breaches, or disruption of operations. Cybersecurity risks have been increasing due to several factors, such as the expansion of technology, the sophistication of cyberattacks, remote work and cloud adoption, and a lack of security awareness. Smart grid security solutions help to speed up incident response in the case of a cyber attack or security breach by offering automated alerting mechanisms, incident management workflows, and response playbooks. Smart grid security systems also use threat intelligence feeds and data from cybersecurity research organizations to keep up with developing cyber threats and attack vectors. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cybercrime reports received in 2022 were 76,000, up from 13% from the previous year. Therefore, the growing cybersecurity risks are driving the growth of the smart grid security market.
Market Trends –
Major companies operating in the smart home security systems market are focused on developing advanced solutions, such as AI-powered video surveillance systems, to enhance security solutions and gain a competitive edge in the market. A video surveillance system is an electronic setup that utilizes artificial intelligence technology to enhance security measures by analyzing audio and images from video surveillance cameras. For instance, in October 2021, Backstreet Surveillance Inc., a US-based company that provides business surveillance camera systems and cloud camera solutions, introduced the Backstreet Cyber Secure Series, a cutting-edge, AI-powered video surveillance system built on advanced IP (Internet Protocol) technology. This next-generation system goes beyond conventional security measures by incorporating facial detection, instantly alerting to the presence of unauthorized individuals, vehicles, or even animals within the facility, property, or designated work areas. This takes real-time security to a new level, surpassing the limitations of traditional badges and access control cards.
The smart grid security market covered in this report is segmented –
1) By Type: Endpoint, Network, Application, Database
2) By Security Layers: Physical Security, Network Security, Application Security, Data Security
3) By Deployment Mode: On-Premise, Cloud
4) By Application: Consumption, Generation, Distribution And Control
5) By End-Users: Utilities, Energy Management, Industrial, Residential, Commercial
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Regional Insights –
North America was the largest region in the smart grid security market in 2023. The regions covered in the smart grid security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the smart grid security market are Siemens AG, Lockheed Martin Corporation, HP Inc. , International Business Machines Corporation, Cisco Systems Inc., N-Dimension Solutions, Schneider Electric SE, Broadcom Inc., ABB Ltd., BAE Systems Plc, Eaton Corporation plc , Leidos Holdings Inc., Entergy Corporation, Xylem Inc., Palo Alto Networks Inc., Fortinet Inc., Black & Veatch Holding Company, Landis+Gyr, FireEye Inc., Sophos Ltd., AlertEnterprise Inc., Trilliant Holdings Inc., IOActive, AT&T Cybersecurity, GE Grid Solutions LLC
Table of Contents
1. Executive Summary
2. Smart Grid Security Market Report Structure
3. Smart Grid Security Market Trends And Strategies
4. Smart Grid Security Market – Macro Economic Scenario
5. Smart Grid Security Market Size And Growth
…..
27. Smart Grid Security Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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