PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1074830
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1074830
According to Stratistics MRC, the Global Embedded Security Market is accounted for $6.43 billion in 2021 and is expected to reach $10.95 billion by 2028 growing at a CAGR of 7.9% during the forecast period. An embedded system is a programmable hardware part with an in-built or attached software or operating system. Embedded Security solutions protect embedded system software or device from various attacks like unauthorized access, modification, or destruction.
Market Dynamics:
Driver:
Increasing demand for wearable technology
Wearable technology is developing with everything from clothing to smart glasses to jewelry to virtual reality tools. Smart wearable technology is being used in many applications. To avoid misuse, several apps, such as payments and smart home control, require user authorization. Embedded security solution companies are releasing new embedded security solutions to meet this position market.
Restraint:
Cyber-threats and security breaches
Military forces, banks, data centers, and healthcare organizations may use data stored in embedded devices such as memory. Protecting such devices against cyber-attacks and data breaches is critical. Because of irregular security upgrades, a long device lifecycle, remote deployment, and attack replication, embedded systems are vulnerable to cyberattacks. As a result, the market's growth is likely to be troubled by its susceptibility to cyber-attacks and security breaches.
Opportunity:
Integration of embedded security in electric vehicles
Advancements in the automotive industry are presently dependent on software and electronics, and IT is likely to contribute to a large percentage of the production cost. The electric vehicles market is increasing quickly as it offers many advantages. To ensure that every electric vehicle on the grid receives the essential quantity of energy and electrical flow, a major amount of communication must take place between the car, the charging point, and the utility supplier.
Threat:
Scarcity in the supply of semiconductors
The global supply chain of semiconductors was disrupted as a result of the 'trade war' between the United States and China. Tariffs and limitations were placed by the two countries on each other, causing demand and supply disruptions. Supply chain disruptions have caused a negative impact on many industries, resulting in a semiconductor shortage. The pandemic outbreak also wreaked havoc on the semiconductor supply chain. China is a major supplier of semiconductors; delays in supply due to the aforementioned factors acted as a threat to the development of embedded systems.
The content protection segment is expected to be the largest during the forecast period
The content protection segment is estimated to have a lucrative growth as content protection protects digital content from unauthorized access, copying, or modification and is used to prevent piracy and protect the intellectual property of content owners. The content that needs protection is digital media such as movies, music, books, and also other types of data, such as financial information and trade secrets.
The automotive segment is expected to have the highest CAGR during the forecast period
The automotive segment is anticipated to witness the fastest CAGR growth during the forecast period as all modern vehicles are equipped with embedded systems because of the high demand for safety and comfort. Embedded security is used in a variety of automotive applications as well as mobile access apps and eCommerce. The embedded security industry is growing as demand for electric and hybrid vehicles has increased and public awareness of the environment's deterioration has increased.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period due to the presence of a large number of key players across the countries, and the increasing number of attacks on every connected mobile device resulting in the adoption of such security solutions. Moreover, increasing the number of mobile subscriptions and the ongoing trend of digitalization under government orders across the developing countries increasing the demand for the secure IoT and embedded device infrastructure in this region also drives the market growth.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period owing to the maximum number of IoT and smart projects which increases the necessity of IoT security to a large extent and the rising adoption of cloud-based technologies. The U.S. Embedded Security Council (ESC) is an organization that provides industry insights, best practices, and educational programs for embedded security products across various platforms.
Key players in the market
Some of the key players profiled in the Embedded Security Market include Thales Group, Microchip Technology, STMicroelectronics, Samsung, Renesas, Qualcomm, NXP Semiconductors, Maxim Integrated, Infineon, IDEMIA, Escrypt, Cisco Systems, Inc., Texas Instruments and Nuvoton Technology Corporation.
Key Developments:
In May 2021, Microchip Technology launched the trust platform design suite (TPDS) which is a software platform for device configuration and onboarding to Microchip secure provisioning services.
In Feb 2021, NXP Semiconductors launched a flexible IoT cloud platform to securely manage and connect edge devices. EdgeLock™ 2GO IoT service platform is designed for zero-touch, secure deployment and security maintenance of IoT devices over the entire device lifecycle.
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What our report offers:
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.