The global embedded security market accounted for around $6,140.8 million in 2021, which is predicted to hit $10,470.0 million by 2030, growing at a CAGR of 6.1% between 2021 and 2030. The growing count of security breaches and cyber-attacks in IoT devices, smart wearable devices, and consumer electronics. The rise of the market has been aided by the digital payment’s proliferation, which are sensitive events that must be protected from hackers.
Payment services may now be integrated into current mobile devices owing to the development of smart wearables and smartphones, mobile internet, and near-field communication technologies. Contactless and cashless payment methods have been driven by convenience as well as the elimination of the need to carry cash, whereas the internet has played a critical role in facilitating online commerce. The epidemic of the coronavirus has driven the popularity of contactless and cashless payments, emphasizing the necessity for more robust cybersecurity safeguards.
The APAC region has the biggest embedded security market share in the world, and it will grow at a 6.5% CAGR during the forecast period. Improved IT security is becoming extremely relevant as billions of devices become increasingly interconnected through the IoT. Many emerging nations in the region, such as Singapore, China, and India, are becoming extremely worried about cybersecurity. Cyber-attacks, particularly those involving ransomware and malware, have increased as a result of the development of remote work environments.
During the forecast period, the implementation of IoT will continue to increase. IoT-connected gadgets are widely available in every facet of human life, such as homes, offices, and automobiles. As and when needed, the technology allows for better and faster processing, monitoring, and control. Certain decision-making processes can even be pre-programmed or automated. However, one of the biggest problems with IoT is that it creates too much data, making devices vulnerable to cyber-attacks; which drives embedded security market growth.
With the rise in the frequency of ransomware and other assaults, which are also growing more sophisticated, replacing private or standalone systems with cloud operations provides benefits but also hazards. As a result, security solutions that can protect data against cyber-attacks will be in high demand. To satisfy particular design needs, such software would need to be customized with antivirus and anti-malware protection, application whitelisting, encryption, risk and compliance, and device management.
The automotive industry will grow at a CAGR of around 7.0% in the embedded security market from 2021 to 2030, under the end user segment. For instance, owing to cyber-attacks the industry is predicted to lose more than $500 billion by 2024. Software and electronics are extremely important in the automobile industry. Security is becoming particularly crucial in connected automobile systems, including sensors, secure gateways, powertrains, chassis, and car access systems, as the sale of connected cars grows and emphasis on autonomous driving increases.
There are multiple large companies in the industry, which makes it fragmented. In order to keep ahead of their competition, they have been participating in product introductions in recent years. Moreover, top companies in the embedded security market are Renesas Electronics Corporation, Thales, Qualcomm Technologies Inc., Texas Instruments Incorporated, Samsung Electronics Co. Ltd., Microchip Technology Inc., NXP Semiconductors, STMicroelectronics, Infineon Technologies AG.
