1. HOME
2. Research Insight
3. New Product Launches were the key Strategies Adopted by Industry Players to Accomplish Development in the Smart Grid Security Market

Smart grid security is a comprehensive security approach to protect critical infrastructure of smart grids. It includes different components such as networks, applications, endpoints, and database. The smart grid security is aimed to protect Industrial Control Systems (ICS), Supervisory Control and Data Acquisition (SCADA), smart meters, and the operations of electricity generation, transmission, and distribution. The adoption of smart grids is rapidly increasing across the globe and the different components of it are vulnerable to attacks from viruses, malware, Advanced Persistent Threats (APTs), and other emerging cyber threats. The energy and utility companies hold critical data of customers, business operations, and financial records, which are prime targets of cyber attackers. The security of this sensitive information is the key objective for organizations and thus they are heavily deploying smart grid security solutions.

The market includes a large number of vendors providing smart grid security solutions and services, for instance BAE Systems PLC (U.K.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Intel Corporation (Intel Security) (U.S.), Siemens AG (Germany), Symantec Corporation (U.S.), N-Dimension Solutions (Canada), Elster Solutions (U.S.), AlertEnterprise (U.S.), and Leidos (U.S.). Players in this business sector have embraced different strategies to extend their worldwide presence and expand their market share. Partnerships & collaborations and new product launches were the key strategies adopted by industry players to accomplish development in the market. Apart from these agreements, mergers & acquisitions and business expansions are some of the other significant strategies embraced by the market players in the smart grid security market.

IBM Corporation is among the leading players in the smart grid security market. The fundamental objective of IBM is to meet every industry client requirement and in addition provide new advancements in smart grid security. The organization serves clients across various industries, such as IT, healthcare, life sciences, government, telecom, automobile, manufacturing, FMCG, chemicals & petroleum, electronics, energy & power, media & entertainment, mining, retail, BFSI, travel & transportation, and education. The company has presence in North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America. IBM is considered one of the strongest providers of smart grid security solutions and services. The organization follows both organic as well as inorganic growth strategies for expansion of its market share. For instance, in August 2016, the company launched a group of cyber security professionals and ethical hackers named IBM X-Force Red that helped clients proactively mitigate security risks. In addition, the company acquired Resilient Systems, Inc. in April 2016 and enhanced its capabilities in incident response. Moreover, in February 2016, the company formed a strategic threat prevention alliance with Checkpoint Software Technologies Ltd. and increased investments in consulting and managed security services.

Cisco Systems, Inc. is another leading provider of smart grid security solutions and services to a variety of industry verticals across the globe. The organization has a noteworthy presence in a large number of countries, and primarily serves the regions of North America, Europe, APAC, MEA, and Latin America. Cisco’s long-term strategy lean towards organic and inorganic growth, where it hopes to launch new smart grid security solutions and enhance its capabilities through acquisitions and partnerships with strong companies in the field of smart grid security. With the acquisition of CloudLock in June 2016, the company enhanced its capabilities in cloud-based security services. Moreover, the company launched Cisco Tetration Analytics in June 2016 and offered a robust security platform, which provided the customers, a complete visibility in data center.

The global smart grid security market is expected 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% from 2016 to 2021.

Related Reports:

Smart Grid Security Market by Solution, Service, Deployment Mode (Cloud, On-premises), Subsystem (SCADA/ICS, AMI, Demand Response, and Home Energy Management), Security Type (Endpoint, Network, Application, Database), and Region - Global Forecast to 2021

Contact:
Mr.Rohan
MarketsandMarkets™
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India
1-888-600-6441
Email: [email protected]