Navigant Research Projects Global Smart Grid Cybersecurity Spending Will Near $3.2 Billion in 2026

Exponential growth in utility cyber attacks means the question is
when—not if—an incident will occur, report finds

BOULDER, Colo.–(BUSINESS WIRE)–#CyberAttacks–A new report from Navigant
Research examines the global market for smart grid cybersecurity
solutions, providing forecasts for revenue through 2026, as well as
outlining important government and regulatory standards.

As electric power systems around the world increasingly embrace
transformative concepts such as decentralization, automation, and
digitization, their efforts are also expanding the surface area for
cyber attacks. More and more of today’s utilities are realizing the need
for comprehensive cybersecurity strategies that move beyond one-off,
point-to-point solutions and toward more integrated, harmonious methods. Click
to tweet: According to a new report from @NavigantRSRCH,
global smart grid cybersecurity spending is expected to grow from $1.8
billion in 2017 to nearly $3.2 billion in 2026.

“The proliferation of the smart grid and Internet of Things (IoT) has
led to the deployment of billions of networked sensing devices,
increasingly further out to the grid edge,” says Michael Kelly, research
analyst with Navigant Research. “While this paradigm shift has led to
unprecedented data collection, network visibility, and situational
awareness, it has also drastically increased utility vulnerability.”

Exponential growth in the number of attacks and threat actors is shaping
a business environment in which the question utilities now face is when
an incident will occur—not if. As a result, according to the report, the
market for cybersecurity solutions is expected to show healthy growth as
the related markets for automation, communications, and smart devices
continue to mature.

The report, Cybersecurity
for the Digital Utility, analyzes the global market for smart
grid cybersecurity solutions, with a focus on five application areas:
transmission upgrades, substation automation, distribution automation,
smart metering, and smart grid IT & analytics. The study discusses
significant market drivers and challenges related to smart grid
cybersecurity and outlines important government and regulatory
standards. Global market forecasts for revenue, broken out by segment
and region, extend through 2026. The report also provides in-depth
profiles of key providers of smart grid cybersecurity and examines
significant security and technology issues associated with cybersecurity
solutions. An Executive Summary of the report is available for free
download on the Navigant
Research website.

About Navigant Research

Navigant Research, the dedicated research arm of Navigant, provides
market research and benchmarking services for rapidly changing and often
highly regulated industries. In the energy sector, Navigant Research
focuses on in-depth analysis and reporting about global clean technology
markets. The team’s research methodology combines supply-side industry
analysis, end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of the
Energy Technologies, Utility Transformations, Transportation
Efficiencies, and Buildings Innovations sectors. Additional information
about Navigant Research can be found at www.navigantresearch.com.

About Navigant

Navigant Consulting, Inc. is a specialized, global professional services
firm that helps clients take control of their future. Navigant’s
professionals apply deep industry knowledge, substantive technical
expertise, and an enterprising approach to help clients build, manage
and/or protect their business interests. With a focus on markets and
clients facing transformational change and significant regulatory or
legal pressures, the Firm primarily serves clients in the healthcare,
energy and financial services industries. Across a range of advisory,
consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and
delivers powerful results. More information about Navigant can be found
at navigant.com.

* The information contained in this press release concerning the
report, Cybersecurity for the Digital Utility, is a summary and
reflects Navigant Research’s current expectations based on market data
and trend analysis. Market predictions and expectations are inherently
uncertain and actual results may differ materially from those contained
in this press release or the report. Please refer to the full report for
a complete understanding of the assumptions underlying the report’s
conclusions and the methodologies used to create the report. Neither
Navigant Research nor Navigant undertakes any obligation to update any
of the information contained in this press release or the report.

Contacts

Navigant Research
Lindsay Funicello-Paul, +1-781-270-8456
[email protected]