According to IMARC Group’s latest report, titled “Latin America Smart Grid Security Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the market size reached US$ 426 Million in 2021. Smart grid security refers to a digital infrastructure that protects power grids and communication, information technology (IT) and internet-connected systems. It includes encryption, firewall, antivirus, antimalware and identity and access management (IAM) solutions. Smart grid security also consists of various sub-systems, such as home energy management, advanced metering infrastructure, demand response and industrial control system (ICS). They are utilized to analyze, detect and respond to various disturbances and prevent cybersecurity attacks. These systems also aid in detecting technical energy losses and are highly efficient and cost-effective.
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The Latin America smart grid security market is primarily being driven by the increasing energy requirement among the masses. Moreover, the widespread deployment of energy-efficient smart grids for reliable and clean energy distribution across the region is driving the market growth. Various technological advancements, such as the integration of the Internet of Things (IoT) and the utilization of advanced components and control systems to reduce cyber-attacks and enhance security, are providing a thrust to the market growth. Other factors, including significant improvements in the smart grid infrastructure and the extensive utilization of renewable energy sources for power generation, are positively impacting the market growth. Looking forward, IMARC Group expects the Latin America smart grid security market to reach US$ 888 Million by 2027, exhibiting a growth rate (CAGR) of 12.9% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Breakup by Component:
- Antivirus and Antimalware
- Identity and Access Management (IAM)
- Managed Services
- Professional Services
Breakup by Subsystem:
- Demand Response System
- Supervisory Control and Data Acquisition (SCADA)/ Industrial Control System (ICS)
- Home Energy Management System
- Advanced Metering Infrastructure
Breakup by Deployment Type:
Breakup by Security Type:
- Endpoint Security
- Application Security
- Database Security
- Network Security
Breakup by Country:
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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