Embedded Security Market worth $9.8 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 28, 2023 /PRNewswire/ -- The Embedded Security Market size has been estimated to be valued at USD 7.4 Billion in 2023 and is projected to reach USD 9.8 Billion by 2028; growing at a CAGR of 5.7% from 2023 to 2028 according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the embedded security market include the rising prevalence of interconnected devices, coupled with the escalating complexity of cyberattacks, underscores the urgency for heightened security measures.
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Additionally, the imperative to adhere to regulatory mandates is exerting a pivotal role in steering the market's growth trajectory. Furthermore, the contemporary consumer landscape places a premium on convenience and user-friendliness, driving the need for integrated security solutions that seamlessly blend with user experiences. In concert with these dynamics, the burgeoning accessibility of diverse embedded security solutions amplifies the market's upward trajectory. Collectively, these elements synergize to propel the rapid evolution and expansion of the embedded security market.
Wearables are likely to witness the highest CAGR among all application segments between 2023 and 2028.
The wearables segment is expected to witness the highest growth rate during the forecast period. Wearables often contain sensitive health, financial, and personal information, necessitating advanced embedded security solutions to prevent unauthorized access and data breaches. This heightened concern for user privacy and data integrity has prompted manufacturers to prioritize security features, including biometric authentication, secure data transmission, and encryption, fostering greater consumer trust and adoption. Moreover, the increasing integration of wearables in healthcare, finance, and enterprise sectors further underscores the need for stringent security protocols, thus propelling their growth within the embedded security market.
Authentication and access management segment is likely to be the second-largest security type during the forecast period.
Authentication and access management comprise verification of the identity to ensure legitimate users are accessing the resources, thereby barring unauthorized users from gaining access to resources. Implementing authentication and access management reduces risks and helps adhere to regulatory standards, which helps expand the customer and partner base. Authentication and access management include trusted platform modules, hardware tokens, and secure elements. Authentication and access management devices block unauthorized users from accessing devices such as computers, tablets, and smartphones. Authentication is of many types. Users are often recognized with a user ID for the purposes of user identity, and authentication occurs when the user gives credentials such as a password that matches their user ID. For instance, CyberArk Software Ltd. (US) views identity as the foundation of a security approach and provides a range of solutions encompassing identity management, privileged access, secrets management, endpoint privilege security, cloud privilege security, and access for both employees and customers.
Based on the offering, software segment likely to register a higher growth rate in the overall embedded security system market from 2023 to 2028
The software security market is expected to offer lucrative growth opportunities during the forecast period. Commonly used software security are firewall, antivirus, antispyware, and network security. A firewall stops unauthorized users from gaining access to a computer or network. Both hardware and software can be used to create a firewall. Antivirus software prevents dangerous malware from attacking a computer by detecting the attack before it starts. Antivirus software is beneficial because it tackles security concerns when attackers get past a firewall.
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North America likely to account for the second-largest market share by 2028.
North America has a wealth of highly sensitive data, and with billions of devices connected to IoT, security is a major concern in the region. Security has been identified as the most severe economic and national security challenge by the government of this region. The growing concern for protecting critical infrastructure and sensitive data has increased government intervention in recent years. Specific budget allocations and mandated security policies are expected to make North America the most lucrative market for different categories of vendors. Other factors pushing the Embedded Security Industry growth in this region are the enormous usage of smart handheld devices, rapidly growing e-commerce, and friction among competing nations, which includes countries such as the US and Canada.
The key players in Embedded Security Companies are Infineon (Germany), STMicroelectronics (Switzerland), NXP (Netherlands), Qualcomm (US), Thales Group (France), Microchip Technology (US), Samsung (South Korea), Texas Instruments (US), IDEMIA (France), and Renesas (Japan). The players in this market have adopted various strategies to expand their global presence and increase their market shares.
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