Albany, NY -- (SBWIRE) -- 01/31/2017 -- Cyber security comprises checking damage, illegal usage, and misuse of communication systems, electronic information, and the information contained therein to ensure availability, integrity and confidentiality. It also includes restoration of electronic information and communication systems in case of natural disaster or deliberate attack. The components within smart grid that are prone to cyber-attacks include operational technologies, IT systems, and end access points. The operational technologies which are exposed to cyber threats are power line communication devices, supervisory control, intelligent electronic devices, and data acquisition (SCADA) and energy management systems.

This industry research report is a brief review of the growth trail in terms of existing, past, and future scenarios of the global smart grid cyber security market. It deals with the evaluation of the aspects that are expected to influence the development of the market and the primary trends have also been specified in the research study. The research study also offers a broad lookout on the vendor landscape of the market through Porter's five forces analysis. The research report offers references of the research and development activities, mergers and acquisitions, and specifics on licensing and collaborations. The report probes into the strategies related to publicity, shares, and product range of the key participants in the global smart grid cyber security market.

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Global Smart Grid Cyber Security Market: Drivers and Inhibitors

The growing demand for power along with growing global mandate for smart grid technologies is expected to bolster the progress of the global smart grid cyber security market. A smart grid provides a network of electricity for consumers and suppliers to regulate the demand for energy and flow of information through the high-end devices. The communication layer is the backbone of the smart grid and is susceptible to cyber-attacks. The smart grid is envisioned to decrease the vulnerability of the electricity systems and improve emergency response. Smart grid security is an important parameter to maintain reliable and stable power system during the contingency situation due to power failure of any critical power system component.

The chief driver of growth of the global smart grid cyber security market is the increasing occurrence of cyber threats owing to rising interconnection and integration. Furthermore, the new two way communication systems and growing risk to operations are expected to boost the demand for smart grid cyber security technologies globally. Nevertheless, the dearth of standard reference architecture for the smart grid and the lack of release mechanisms is expected to hamper the growth of the market.

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Global Smart Grid Cyber Security Market: Regional Outlook

Currently, North America and Europe account for the peak demand of cyber security. In European nations such as the UK, German and the Netherlands, there are several of guidelines and policies for data security and privacy. The market for smart grid cyber security in Europe is estimated to rise progressively in the near future. In Asia Pacific, China is expected to drive the growth of the smart grid cyber security market mostly driven by methods to reinforce the smart grid systems.

Global Smart Grid Cyber Security Market: Competitive Landscape

The key market players operating in the market are VeriSign, ViaSat Inc., Siemens AG, Industrial Defender Inc., Lockheed Martin Corp., IOActive Inc., IBM Corp, and BAE Systems PLC among others.

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