Smart Grid Security Market to become worth US$10.58 bn by 2025 from US$4.35 bn in 2016
The growth in the global smart grid security market is correlated to the growth in population and the swift pace of urbanization in developing economies. This is because, hard-pressed to serve the ever growing energy needs of the urban population, energy resources companies are increasingly turning to smart meters and smart appliances by leveraging Internet of Things (IoT) and cloud. This also makes smart grids highly vulnerable to various cyber-attacks, thus spawning a security market which is meant to bulwark them. Posing a major challenge to the global smart grid security market , on the other hand, is the long investment cycles in the energy sector that makes technology assessment difficult and leads to a time lag between implemented and up-to-date solutions. Currently, the global smart grid security market is fragmented on account of the presence of numerous diversified local, regional, and international vendors who offer various services to the power utilities. In ...