Smart Grid Cyber Security market 2015 to grow at a CAGR of 29.43% by 2019

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Global Smart Grid Cyber Security Market 2015

Global Smart Grid Cyber Security Systems Market 2012-2016, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, and the APAC and EMEA regions; it also covers the Global Smart Grid Cyber Security Systems market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.

Global Smart Grid Cyber Security market to grow at a CAGR of 29.43 percent over the period 2012-2016.

One of the key factors contributing to this market growth is the increase in the occurrence of cyber threats which in turn is forcing the implementation of strong security measures. The Global Smart Grid Cyber Security Systems market has also been witnessing an increase in the adoption of cloud based smart grid solutions. However, the high installation costs could pose a challenge to the growth of this market.

Market Research Store recognizes the following companies as the key players in the Global Smart Grid Cyber Security Market: BAE Systems plc, Cisco Systems Inc., IBM Corp., Industrial Defender Inc., IOActive Inc., Lockheed Martin Corp., McAfee Inc., Siemens AG, Symantec Corp., and ViaSat Inc.

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Commenting on the report, an analyst from Market Research Store’s team said: “The Global Smart Grid market has been witnessing new vulnerabilities over the years. Approximately 4,396 new vulnerabilities were detected during 2010, which may increase in the coming years. The different components within smart grids, which are prone to virus attacks are IT systems such as computers, servers, databases, and web services; communications networks such as Ethernet, Wi-Fi, and ZigBee; operational technologies such as supervisory control and data acquisition, power line communications, energy management systems, and intelligent electronic devices; end access points such as smart meters, smartphones, and other mobile devices; and human influences such as lack of training and misuse of universal serial bus drives. Due to the increase in the complexity of the smart grid networks it has increased the threat of cyber-attacks, which is in turn driving the growth of the market.”

According to the report, one of the major drivers is the increase in occurrence of cyber threats. The increase in adoption of smart grids, which facilitate two-way communications through various communication networking, increases the threat of cyber-attacks. As this hampers the security of sensitive and personal data of the smart grid customers, the demand for smart grid cyber security systems has increased. This in turn boosts the growth of the Global Smart Grid Cyber Security market.

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Further, the report states that one of the major challenges in this market is the lack of disclosure mechanisms. Various power utilities across the world are reluctant to disclose the occurrence of smart grid cyber-attacks, due to the fear of more grid vulnerabilities being exposed. If more vulnerabilities are exposed it will reduce the loyalty of various customers. The disclosure mechanism in the industry is also weak; this will in turn make it difficult for the market to grow at a fast pace in the future.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Key questions answered in this report:

What will the market size be in 2016 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?

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