Utilities Must Prepare for Cyber Threat Increase
Digital OT makes an attractive target for a host of actors whose objectives range from financial gain to sheer disruption – and today, a cyber arms-race is the new normal for utilities and their suppliers. As digital technologies spread through and add value to energy infrastructure, attacks will continue to escalate in frequency and sophistication.
Global Revenue for Smart Meters will Reach $28.6 Billion
The global smart meters market will grow from $20.7 billion in 2020 to $28.6 billion by 2025 — that’s at a CAGR of 6.7%. The market drivers are government mandates and supportive policies, real-time monitoring of utility systems and dynamic pricing.
Smart Meters Drive IoT Applications in North America
According to Berg Insight, the installed base of smart electricity meters in North America will grow at a compound annual growth rate of 8 percent between 2018 and 2024 to reach 142.8 million units at the end of the forecast period.
Why Public Utilities Invest in Cybersecurity Solutions
The new infrastructure can expand the number of threat vectors, rendering smart utilities vulnerable to cyber attacks. Maintaining resilient electrical power generation and transmission — as well as water distribution and treatment — are key to protecting the public utility environment.
U.S. Utility Companies are Exploring New Digital Apps
Digital transformation has begun to impact the industrial sector where maintaining security is a high priority. According to the findings from a recent survey of U.S. based utility companies, 40 percent of respondents believe that data security is the leading barrier to the adoption of new digital technologies.
Source: Digital Lifescapes
Why More Smart Utilities have Adopted the Internet of Things
The manufacture and distribution of energy is evolving, just like all the other sectors that adopt Industry 4.0 production methodologies. Across the globe more utility companies are seeking ways to reduce cost and increase efficiency in their infrastructure operations.
Source: Digital Lifescapes
How Global Smart Energy Revenue will Reach $20.9 Billion
As national governments release their plans to decrease carbon dependency and adapt to the ongoing challenges of climate change, regional and local energy policies represent one of the most effective vehicles for achieving these new goals.
Source: Digital Lifescapes
European Utilities Spending on Software to Reach $4.8 Billion
Total forecast IT spending by Western European utilities is expected to reach $18.4 billion by 2019, with an estimated 2014–2019 CAGR of 3.3%. Total current IT spending by Western European utilities is expected to be $16.3 billion in 2015, with electricity companies accounting for the largest share.
Source: IDC
Utilities Consider Cloud as Their Dominant IT Platform Strategy
A new IDC survey reveals that 74% of Utilities indicated that cloud computing is now their dominant, long-term IT platform strategy. But 63% of utilities indicate that ceding control to a cloud provider is a barrier to adoption.
via IDC
How Forward-Thinking Utilities Adopt the Internet of Things
The smart grid sensor market is expected to reach the $100 million mark in 2017. To date, the market for smart grid sensors is centered mainly in North America, where there is a mixture of a few large installations and many smaller pilot projects.
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