The smart grid security market is expected to reach USD 12.84 Billion by 2026, according to a new report by Reports and Data. Constant development and integration of innovative novel and networking technologies are enhancing the security measures. Acknowledging the complexity associated with smart grid due to complex network, there is an improvement in the risk factors, including data confidentiality, security, and vulnerabilities. This could result in an improved attack by penetrating the network and earning access over the software and transform load conditions to intrude the grid, resulting in a surge in demand for smart grid security solutions. Moreover, rising government initiatives for digitizing the power sector toward smart grid technology will propel the growth of the market during the forecast period. This helps in improved distribution and usage while decreasing transmission loss during power transmission.

The market in the Asia Pacific region is anticipated to witness the highest CAGR of 10.3% during the forecast period. The rising government support and desirable policies are propelling market growth. Upcoming smart city plans in emerging regions are anticipated to offer an opportunity during the forecast period.

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Further key findings from the report suggest
The smart grid security market is estimated to reach USD 12.84 Billion by 2026, at a CAGR of 9.9% during the forecast period.
The cloud deployment accounted for a larger share of 65.8% of the market in 2018.
New and advanced cloud technology services allow thousands of customers to use related resources helping companies to decrease their expenses. Cloud enables technology to adjust quickly to the changing landscape and in matching the new needed changes. Cloud service providers assures that the applications can be effortlessly configured and build entire solutions in a brief time. These factors help the organizations to focus on its core competency, which in turn, results in their overall growth.
The energy efficient resources application segment accounted for the largest share of 29.3% of the market in 2018.
The application security type is expected to witness the highest CAGR of 10.3% during the forecast period.
The largest share is accounted by North America with a share of 32.3% of the market in 2018. The technological shifts in IT have led to constant improvements in the region.
Various players are developing strategies to mark their presence in the industry.
Siemens extended its strategic alliance with Atos in November 2016 and increased its capabilities in the field of Machine Intelligence, Industrial Security, Service Enhancing Technologies, Industrial Data Analytics, and Web of Systems.
The Key players in the Smart Grid Market include Cisco Systems, Inc., BAE Systems PLC, Intel Security (Mcafee), Siemens AG, Symantec Corporation, IBM Corporation, N-Dimension Solutions, Inc., Elster Solutions, Alertenterprise, Leidos.

Segments covered in the report:

Deployment Outlook (Revenue, USD Billion ; 2016-2026)
Cloud
On-Premises

Security Type Outlook (Revenue, USD Billion ; 2016-2026)
Network Security
Application Security
Endpoint Security
Database Security

Application Outlook (Revenue, USD Billion ; 2016-2026)
Energy Efficient Resources
Renewable Energy Resources
Smart Meters
Smart Application
Others

On the basis of regional analysis, the market is segmented into key geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. According to the analysis, North America is expected to dominate the market with the highest market share. Asia-Pacific is anticipated to show a significant growth rate owing to rising development and population demands.

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Beneficial Aspects of the Report:
Global and region forecast of the Smart Grid Security market from 2020-2027
In-depth analysis of market dynamics, industry outlook, market size based on types and applications
Details of value chain analysis, supply and demand ratio, production and consumption patterns
SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide a better understanding of the market and competitive players
Detailed insights on competitive landscape and emerging market trends

Research Methodology:
The market report is formulated on the basis of data obtained through extensive primary and secondary research. The data is further validated and verified by industry experts, research analysts, and professionals. The report considers regional demand and supply ratio, investments, market dynamics, capacity, end-use industry trends, and consumer behavior to generate a forecast report. The data is collected from verified sources such as government policies, regulatory published materials, journals, trade magazines, and verified data sources. The report uses advanced analytical tools such as SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide an accurate insight into the market scenario and competitive landscape. This report provides beneficial information to companies and new players to make lucrative business decisions. The market estimates and forecast data have been thoroughly verified through exhaustive primary research.

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