Global Smart Grid Cyber Security Market 2017-2021
About Smart Grid Cyber Security
Smart grid cyber security is the protection against serious cyber threats that affect the users in the smart grid network globally. Cyber security of the smart grid has been an area of concern for the power utility sector, due to frequent exchange of sensitive information that takes place via communication networks such as the internet, intranets, extranets, and corporate networks.
Technavio’s analysts forecast the global smart grid cyber security market to grow at a CAGR of 10.01% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart grid cyber security market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Grid Cyber Security Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart grid cyber security market: BAE Systems, IBM, IOActive, and Lockheed Martin.
Other Prominent Vendors in the market are: AlertEnterprise, AlienVault, Black and Veatch, Cisco Systems, Intel (McAfee), Entergy Services, HP, N-Dimension Solutions, Siemens, Sophos, Sourcefire, Symantec, ViaSat, VeriSign, Honeywell International, N-Dimension Solutions, AlertEnterprise, Leidos, Sentryo, and Eaton.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is aging grid infrastructure. Globally, businesses and industries are highly dependent on the grid for reliable power. Any disruption to the grid can result in losses in billions and exposure of critical information. The concerns about aging grid infrastructure have shifted the focus on grid reliability, and cyber security has been gaining more attention across the world.”
According to the report, one driver in the market is increasing vulnerabilities. Smart grid is a traditional grid integrated with advanced IT systems, which enable utilities to effectively monitor and have greater control of the various sections of the grid. Integrating a traditional grid with advanced computer and communication technologies improves service and reliability through information exchange and active participation of the end-users. Advances in IT and consequent implementation of such technologies improve power distribution and generation control, this, however, introduces serious cyber security concerns.
Further, the report states that one challenge in the market is unpredictability of cyber-attacks. Smart grid employs smart meters, which are connected to the customers' household appliances. Smart meters communicate and show users their electricity consumption data and billing information on personal mobile devices. The data may contain confidential information, which can be hacked and sold. The susceptibility to hacking creates fear in the minds of the user and makes the use of smart meters questionable. Notably, cyber threats within the smart grid market have the ability to evolve faster than the industry's ability to build and implement security procedures, given the vastness of the smart grid network.
BAE Systems, IBM, IOActive, Lockheed Martin, AlertEnterprise, AlienVault, Black and Veatch, Cisco Systems, Intel (McAfee), Entergy Services, HP, N-Dimension Solutions, Siemens, Sophos, Sourcefire, Symantec, ViaSat, VeriSign, Honeywell International, N-Dimension Solutions, AlertEnterprise, Leidos, Sentryo, and Eaton.