Albany, NY, February 24, 2017 --(PR.com)-- According to a new market research report ”Global Smart Grid Security Market Research Report 2017," published by Market Research Hub, the market is estimated 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%.
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The major forces driving the Smart Grid Security Market are global development of smart grids and increased sophistication of cyber-attacks. The Smart Grid Security Market is growing rapidly because of the growing security needs of Internet of Things (IoT) and digitization in energy sector and increased deployment of web & cloud-based business applications.
Encryption solution to grow at the highest CAGR from 2016 to 2021
Cyber security solutions are used to secure the data, network infrastructure, and connected devices. The increasing adoption of smart grid has connected number of devices and applications through internet, which are susceptible to Advanced Persistent Threats (APTs). The encryption solution is expected to witness the highest CAGR in the global Smart Grid Security Market during the period 2016-2021. North America is expected to account for the largest market share in 2016, due to the greater awareness of cyber security and early adoption of smart grid security in the region.
Professional services segment to have the largest market size in 2016
The Smart Grid Security Market is also segmented by professional and managed services, out of which the professional services segment is the largest contributor in the services segment. The energy and utility companies lack security experts and are outsourcing these services to security vendors. The demand for professional services is high due to the need to address emerging cyber threats.
North America is expected to dominate the Smart Grid Security Market in 2016
North America is expected to hold the largest share of the Smart Grid Security Market in 2016, due to the technological advancements and early adoption of cyber security in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The primary driving forces for this growth are increasing technological adoption and huge opportunities across emerging power industries in APAC countries.
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