The Smart Grid Security Market is Predict to reach USD 42.8 Billion by 2031, at a CAGR of 29.9%

Smart Grid Security Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Smart Grid Security Market size is expected to reach $42.8 billion by 2031, rising at a market growth of 29.1% CAGR during the forecast period.

The Managed Services segment is anticipating a CAGR of 30% during (2024 - 2031). Managed services typically involve outsourcing the ongoing monitoring, management, and maintenance of smart grid security to third-party providers. As utility companies look to reduce operational complexity and leverage external expertise, the demand for managed security services has grown. These services allow energy providers to focus on core operations while ensuring specialists constantly manage and update their grid security. This trend contributes to the substantial growth of the managed service segment.

The Cloud market is leading the Global Smart Grid Security Market by Deployment in 2023, thereby, achieving a market value of $26.4 billion by 2031. Cloud solutions offer several benefits, including scalability, flexibility, and cost efficiency, making them an attractive option for utilities looking to streamline their operations and secure their networks. Cloud-based security platforms also enable real-time monitoring and updates, critical for addressing the rapidly evolving cybersecurity threats that smart grids face. Additionally, integrating cloud solutions allows for easier collaboration across multiple sites and regions, making it ideal for utilities managing extensive or decentralized grids.

The Smart Meters segment is registering a CAGR of 29.5% during (2024 - 2031). Smart meters are indispensable for contemporary smart utilities, as they facilitate real-time monitoring of energy consumption. These devices facilitate the efficient administration of energy by providing essential data to utility companies and consumers. Because smart meters are possible entry points for cyberattacks, the widespread deployment of smart meters presents significant security issues. The need to secure millions of smart meters from unauthorized access, tampering, and data breaches has driven substantial investment in this segment.

The Large Enterprises segment generated the maximum revenue share in the Global Smart Grid Security Market by Enterprise Size in 2023; thereby, achieving a market value of $27.7 billion by 2031. Large utility companies operate complex infrastructure, often covering extensive geographical regions, which requires sophisticated smart grid systems with high levels of security. These enterprises have the resources to adopt comprehensive cybersecurity frameworks, employ specialized IT security teams, and comply with strict regulatory standards.

The Endpoint Security market is showcasing a CAGR of 29.4% during (2024 - 2031). Endpoint security has gained importance with the proliferation of connected devices, including smart meters, sensors, and other Internet of Things (IoT) devices in smart grids. These devices are often entry points for cyberattacks and securing them is crucial to prevent unauthorized access to the grid. Endpoint security solutions focus on protecting devices at the network's edge, ensuring that they remain secure from potential threats that could compromise the broader grid system.

Full Report: https://www.kbvresearch.com/smart-grid-security-market/

The North America region dominated the Global Smart Grid Security Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $14.9 billion by 2031. The Europe region is experiencing a CAGR of 28.7% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 30.1% during (2024 - 2031).

List of Key Companies Profiled

• Broadcom, Inc.
• Cisco Systems, Inc.
• IBM Corporation
• Siemens AG
• Oracle Corporation
• Honeywell International, Inc.
• ABB Group
• General Electric Company
• Schneider Electric SE
• Hitachi, Ltd.

Smart Grid Security Market Report Segmentation

By Services

• Professional Services
• Managed Services

By Deployment

• Cloud
• On-premises

By Application

• Smart Application
• Smart Meters
• Other Applications

By Enterprise Size

• Large Enterprises
• SMEs

By Security Type

• Network Security
• Application Security
• Endpoint Security
• Database Security

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Smart Grid Security Market Size Report 2031

• October-2024
• 148 Pages

LAMEA Smart Grid Security Market Size | Share Report 2031

• October-2024
• 163 Pages

Europe Smart Grid Security Market Size, Share | Trends 2031

• October-2024
• 163 Pages

Asia Pacific Smart Grid Security Market Size Report 2031

• October-2024
• 164 Pages