Smart Grid Cyber Security Market to be Dominated by Increased Number of Cyberattacks

The rising technological advancement and growing demand for energy is expected to drive the market for the Global Smart Grid Cyber Security Market during the forecast period of 2024-2028.

According to TechSci Research report, Smart Grid Cyber Security Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028, the Global Smart Grid Cyber Security market is anticipated to register a robust growth during the forecast period, 2024-2028 The Global Smart Grid Cyber Security market is growing owing to increasing demand for more automation solutions and increasing number of cyber-attacks on national infrastructure across the globe. Moreover, technical advancement in varied sectors with an aim to boost the operational capabilities, reduce cost maintenance, increase equipment lifespan, eliminate unplanned equipment downtime and to complete the growing demand from consumers are enhancing the smart grid cyber security analytical capabilities. Energy & utilities, Oil & gas, defense, and manufacturing sectors are massively adopting the smart grid cyber security capable solutions. Furthermore, the massive adoption of real-time monitoring analytics technologies and solutions to safeguard the power infrastructure from cyber-attacks are accelerating the expansion of the smart grid cyber security market across the globe.

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The smart grid cyber security market is segmented on the basis of security type, solution type, deployment mode, function, and region. Based on security type, the market is bifurcated into network security, endpoint security, application security, database security, and others. Based on solution type, the market is further segmented into identity & access management, risk & compliance management, encryption & decryption, data loss prevention, unified threat management, firewall, antivirus & malware, intrusion detection/prevention system, others. Based on deployment mode, the market is further bifurcated into on-premises and cloud. Based on function, the market is segmented into SCADA/ICS, advanced metering infrastructure, demand response system, and home energy management.

Based on security type, the application security segment is expected to dominate in the smart grid cyber security market during the forecast period owing to rising trend of Internet of Things (IoT), connected devices, smart grid, and various website-based applications. Real-time monitoring and security concerns in smart devices are gaining popularity and have become possible due to several cyber-attacks to capture the data and information. Security approaches are important to improve solutions against cyber-attacks in smart grid applications. Since controlling and monitoring are done on the Internet-based protocols and public solutions, smart grid may be very attractive to attackers as a critical infrastructure. Furthermore, the network security segments are also becoming an important entity as various vendors such as IBM and Microsoft are operating in the market and are offering advanced customized cyber security solutions based on the enterprise requirements. Thus, the application security segment is growing, and is thereby expected to drive the growth of global smart grid cyber security market during the forecast period.

On the basis of deployment mode, cloud-based segment is expected to dominate in the global smart grid cyber security market owing to the growing adoption of cloud-based solutions in the multiple industries as it offers enterprises the competitive advantages such as remote accessibility, direct IT control, internal data delivery & handling, faster data processing, robust deployment, cost-effectiveness, and efficient resource utilization. Furthermore, the proliferation of Industry 4.0 with the integration of Industrial Internet of Things (IoT), Artificial Intelligence (AI) and Machine Learning are playing a significant role, enabling the adoption of cloud-based smart grid cyber security solutions in the energy and utilities market.

Key market players in the global smart grid cyber security market include:

• IBM Corporation
• Cisco Systems, Inc.
• BAE Systems PLC
• Siemens AG
• N-Dimension Solutions
• Elster Solutions
• AlertEnterprise
• Intel Corporation
• Leidos
• Symantec Corporation

Recent Development

On January 09, 2023: AlertEnterprise, Inc., the leading cyber-physical security convergence software company announced the integration with Brivo Systems LLC, a leading provider of cloud-based access control and smart building technologies. By connecting Brivo access to business IT services, HR and OT systems, and IT directory services such as active directory and LDAP the integration seeks to offer zero trust physical and digital security and allow the guardian cloud platform for cyber-physical security convergence.

On September 15, 2022: NanoLock Security, the global leader in a device-level cybersecurity provider for smart meters and IIoT devices announced a partnership with Renesas Electronics Corp., a Japanese semiconductor manufacturer. The partnership offers the introduction of a new platform that will secure smart meters from cyber-attacks and aims to prevent unauthorized outcomes.

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“North America is estimated to hold the largest market share in the smart grid cyber security market owing to the increasing number of technical advancements in the United States and Canada. However, Asia Pacific has experienced significant growth for the smart grid cyber security market throughout the forecast period. North America has the presence of many established service vendors, large number of smart grid projects, early awareness and government initiatives and investments, and adoption of cyber security solutions in the operations. Moreover, it is expected that the market demand for energy consumption would rise as robust smart cities infrastructure, electric vehicle and connected technologies are increasingly adopted. High-speed networks such as 5G services, artificial intelligence, and the use of digitization and Industry 4.0 in energy & utility, logistics and manufacturing are anticipated to drive market expansion in North America,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Smart Grid Cyber Security Market Segmented By Security Type (Network Security, Endpoint Security, Application Security, Database Security, Others), By Solution Type (Identity & Access Management, Risk & Compliance Management, Encryption & Decryption, Data Loss Prevention, Unified Threat Management, Firewall, Antivirus & Malware, Intrusion Detection/Prevention System, Others) By Deployment Mode (On-Premises and Cloud), By Function  (SCADA/ICS, Advanced Metering Infrastructure, Demand Response System, Home Energy Management), By Region, Competition, Forecast & Opportunities” has evaluated the future growth potential of global smart grid cyber security market and provides statistics & 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 smart grid cyber security market.

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