According to the research report published by Transparency Market Research, the competitive landscape of the global smart grid security market is expected to remain fragmented over the course of the projection period ranging from 2017 to 2025. This fragmentation of the competitive landscape is because of the presence of several notable players operating the global market. These leading players are trying to cater to the needs at both local as well as international levels. A key trend that has been observed in the global market is of regional players establishing a strong base in developed nations. However, the international and well-established brands are expected to play a strong hand and adopt aggressive business strategies such as mergers, acquisitions, and joint ventures in order to stay ahead of their rivals.
Some of the key names in the global smart grid security market include names such as AlertEnterprises Inc., N-Dimension Solutions Inc., Honeywell International Inc., BAE Systems Plc., Leidos Holdings Inc., IBM Corporation, Cisco Systems Inc., Symantec Corporation, Intel Corporation, and Siemens AG among others.
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According to the research report, the global smart grid security market is projected exhibit a strong CAGR of 10.5% over the course of the given forecast period of 2017 to 2025. With this rate of growth, the global market is expected to reach a valuation of US$10.58 bn by the fall of 2025. This is a considerable rise in valuation as compared to the initial valuation of US$4.35 bn recorded in 2016.
Key Players Trying to Leverage Technological Advancements
The research report predicts a market situation featuring a highly distributed market share for its sustainability. Moreover, there is expected to be a considerable rise in the activities of collaborations and partnerships. This will only help the leading market players to consolidate their product portfolio as well as help them expand their geographical reach. Another key area of focus for the leading companies in the market is how to take advantage the growing developments in the field of internet of things (IoT) and cloud. These developments are expected to created more demand for improved cyber security infrastructure and thus help in increasing demand for smart grid security market.
Rapid Urbanization to Drive Market Growth
There are multiple factors that are influencing the development of the global smart grid security market. One of the key driving factor for the market growth is recent noteworthy developments in the power grid technology. In addition to this, relentless escalation in the global energy requirements. The governments across the globe including the ones from both developing and developed nations are now urging the grid operators to fully utilize the high end technologies so as to meet the growing demand as an end result of urbanization. The rapid urbanization has also resulted in growing consumption of electricity and thus is fueling the growing adoption of smart grids. This ultimately helping the overall development of the global smart grid security market.