Smart Grid Security Market-Size By Business Function, By Component, By Deployment Model, By End User, And Forecast Up to 2021 (Trending Report)

Japan, Japan, Fri, 14 Jan 2022 00:48:07 / Comserve Inc. / -- MarketsandMarkets estimates the global smart grid security market 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%.

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment. 

MarketsandMarkets estimates the global smart grid security market 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%. The smart grid security market is growing rapidly because of the increase in adoption of smart grid security solutions, due to the increase in security breaches targeting enterprises. However, factors such as lack of security awareness among smart grid stakeholders are restraining the growth of the smart grid security market.

"IAM solution to have the highest growth rate during the forecast period"
Smart grid security solutions have been deployed in a large number of energy and utilities sector across the globe. Identity and Access Management (IAM) solutions provide a business security process framework, enabling the initiation and management of user identity and related access permissions in an automated fashion. The IAM solution is expected to witness the highest CAGR during the forecast period because of the increasing risk over maintenance of sensitive data.

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"SCADA/ICS subsystem to have the largest market size in 2016"
Supervisory Control and Data Acquisition (SCADA)/Industrial Control System (ICS) security is estimated to have the largest market size in 2016 because of the growing need to secure complex subsystems in smart grid. The growth in SCADA and ICS security is associated with the rise in security breaches targeting critical infrastructure in enterprises, where hackers try to gain access to sensitive data. Furthermore, application demand response subsystem will grow at the highest CAGR during the forecast period, due to the organization's need to balance the demand and supply of electricity."APAC is expected to have the highest growth rate during the forecast period"
Asia-Pacific (APAC) includes emerging economies, such as China, India, and Singapore, which are rapidly deploying smart grid security solutions. This is mainly due to the digitization of businesses and adoption of cloud services by small, medium, and large enterprises in the region.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the smart grid security marketplace.
 By Company Type: Tier 1: 48%, Tier 2: 28%, Tier 3: 24%
 By Designation: C-Level: 34%, Director Level: 46%, Others: 20%
 By Region: North America: 52%, Europe: 26%, APAC: 16%, ROW: 6%

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The report will help the market leaders or new entrants in this market in the following ways:
1. This report segments the market into various subsegments, covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split across different industry verticals and regions.
2. This report will help in better understanding of the competitors and gaining insights to better one's position in the market. There is a separate section on competitive landscape, which includes competitor ecosystem, mergers & acquisitions, integrations & expansions, and collaborations of various market vendors. Besides, there are company profiles of ten players in this market. In this section, market internals are provided that can put one ahead of the competitors.
3. The report also helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.

TABLE OF CONTENTS

1 INTRODUCTION 16
1.1 OBJECTIVES OF THE STUDY 16
1.2 MARKET DEFINITION 16
1.3 MARKET SCOPE 17
1.3.1 MARKETS COVERED 17
1.3.2 YEARS CONSIDERED FOR THE STUDY 17
1.4 CURRENCY 18
1.5 LIMITATIONS 18
1.6 STAKEHOLDERS 18
2 RESEARCH METHODOLOGY 19
2.1 RESEARCH DATA 19
2.1.1 SECONDARY DATA 20
2.1.1.1 Key data points taken from secondary sources 20
2.1.2 PRIMARY DATA 20
2.1.2.1 Key data from primary sources 21
2.1.2.2 Key industry insights 22
2.1.2.3 Breakdown of primaries 22
2.2 MARKET SIZE ESTIMATION 23
2.2.1 BOTTOM-UP APPROACH 23
2.2.2 TOP-DOWN APPROACH 24
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 25
2.4 RESEARCH ASSUMPTIONS 26

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