The embedded security market size is valued at USD 6.8 Billion in 2022 and is anticipated to be USD 9.0 Billion by 2027; growing at a CAGR of 5.9% from 2022 to 2027. The growing demand of factors such as increasing demand for embedded security in electric and hybrid vehicles and increasing cyber-attacks is expected to grow the market at an estimated rate.
The increasing cyber-attacks and data breaches are driving the growth of the embedded market. The sensitive, proprietary, or confidential (such as credit card numbers, customer data, trade secrets, or national security information) are targets of cyber attackers. Even after the increased protection, government and healthcare organizations are targets for cyberattacks because of the valuable personal data they collect that can be monetized. The increasing number of data transfer increases the number of cyber-attacks which in turn boost the market of embedded security.
Growing demand for embedded security in electric and hybrid vehicles to drive the growth of embedded security
The embedded security industry is likely to be driven by rising demand for embedded security systems commonly used in automobiles. Due to the high demand for safety and comfort, while driving, all modern vehicles are equipped with embedded systems. Embedded security is used in a variety of automotive applications such as body electronics, navigation systems, steering systems, brakes, traffic control, powertrain, chassis control, 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.
APAC is the fastest-growing region in the embedded security market
The fastest-growing region for embedded security is the Asia Pacific. APAC is focusing on increasing its security spending in response to the ever-increasing threat landscape. South Korea, China, Australia, and Hong Kong are among the growing economies in APAC. Factors such as remote working, the increasing complexity of business, and the growing trend of BYOD necessitate robust security solutions, which are forces companies to use a variety of security solutions. APAC has seen great economic expansion, political revolution, and social change in the recent decade. Countries such as South Korea, Japan, and Singapore have modified or established new security measures in response to the increasing cyber threats.
Samsung (South Korea) and Renesas (Japan) are some of the key players operating in the embedded security market in the Asia Pacific.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 – 20 %, Tier 2 – 55%, and Tier 3 –25%
- By Designation: C-Level Executives – 50%, Directors – 25%, and Others – 25%
- By Region: North America– 60%, Europe – 20%, APAC – 10%, Rest of world– 10%
The report segments the embedded security market and forecasts its size, by volume and value, based on region (North America, Europe, Asia Pacific, and RoW), Application (wearables, smartphones, automotive, smart identity cards, industrial, payment processing, and card and others), offerings (hardware, software, and services). The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the embedded security market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying This Report
- This report includes market statistics pertaining to the offerings, security type, application, and region.
- An in-depth value chain analysis has been done to provide deep insight into the embedded security market.
- Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
- Illustrative segmentation, analyses, and forecasts for the market based on security type, application, offerings, and region have been conducted to provide an overall view of the embedded security market.
- The report includes an in-depth analysis and ranking of key players.