|By Business Wire||
|August 29, 2014 01:47 PM EDT||
Research and Markets (http://www.researchandmarkets.com/research/5pkrkm/global_smart_grid) has announced the addition of the "Global Smart Grid Cyber Security Market 2014-2018" report to their offering.
The Global Smart Grid Cyber Security market to grow at a CAGR of 9.7% over the period 2013-2018
Smart grid cyber security involves the protection of smart grid technology from various cyber threats. The security of the smart grid network is a major issue faced by power utilities because there is a frequent exchange of sensitive information via communication networks such as the internet, intranets, corporate networks, and extranets. Power utilities need various controlling techniques to moderate the adverse effects of unauthorized access of smart grid data. Hackers, for instance, can take control of smart grid applications and servers and access confidential information. Therefore, the smart grid requires security measures not only to handle systems and equipment but also to secure the exchange of information between systems.
One of the emerging trends in the market is the growing use of off-the-shelf applications. An increase in various smart grid challenges such as the ones seen in IT, communication networks, and other devices within the grid led to an increased focus on the need to closely monitor, detect, and eventually prevent cyber threats.
According to the report, one major driver in the market is the increase in complexity of cyber threats. An increase in the adoption of smart grids, which enable two-way communication through various communication networking mechanisms, paves the way for increased cyber-attacks. There was an increase in demand for smart grid cyber security systems because of a corresponding increase in the risk of hackers gaining access to sensitive information and data pertaining to customers of the smart grid network.
Further, the report states that one major challenge in the market is the lack of effective defensive measures to tackle cyber attacks. Various power utilities worldwide are reluctant to disclose the occurrence of smart grid cyber attacks because of more grid vulnerabilities being exposed and the ensuing negative impact on customer loyalty. The feeble nature of the disclosure mechanism in the industry would in turn make it difficult for the market to grow rapidly in the future
The Global Smart Grid Cyber Security market can be classified into five segments based on application:
- Smart Metering
- Substation Automation
- Electric Vehicles Management
- Distribution Automation
- Transmission Upgrades
Key Questions Answered in this Report
- What will the market size be in 2018 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?
- Increased Complexity of Cyber Threats
- Lack of Effective Defensive Measures
- Increased Use of Off-the-shelf Applications
- BAE Systems
- Lockheed Martin
Other Prominent Vendors
- Black and Veatch
- Cisco Systems
- Entergy Services
- N-Dimension Solutions
For more information visit http://www.researchandmarkets.com/research/5pkrkm/global_smart_grid
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