The global embedded security market, valued at US$5.8 billion in 2019, is poised for substantial growth, projected to reach over US$9.8 billion by 2026, according to a report by Fairfield Market Research. The market is anticipated to exhibit a robust Compound Annual Growth Rate (CAGR) of 8.1% during the forecast period from 2021 to 2026.
Side-Channel Attacks on Embedded Systems Drive Demand for Security Solutions
Embedded security solutions are gaining traction in the wake of increasing side-channel attacks on embedded system devices. These attacks exploit processed data to derive sensitive information like cryptographic keys and communications. To counter this threat, embedded security systems incorporate various security measures to identify and mitigate potential security risks effectively. These systems are becoming crucial for users, service providers, and manufacturers across various industries, offering end-to-end threat analysis, security testing, real-time computing data protection, and more.
Integration of Payment Functionality in Wearables Fuels Market Growth
The inclusion of payment functionality in wearables, such as smart clothing, glasses, and jewelry, is propelling the global embedded security market. These wearable technologies are expanding rapidly and find applications in fitness tracking, navigation, and health monitoring. To safeguard user data, embedded security solution providers are introducing innovative solutions. For instance, STMicroelectronics offers secure wearable solutions for payments, transit, and contactless transactions. Collaborations like Axis Bank and Thales Groups Wear N Pay are expected to contribute positively to the embedded security market.
Embedded Security Solutions for Retail, Medical, and Critical Infrastructure
Embedded security solutions are in high demand for sectors like retail, medical, and critical infrastructure. They offer secure authentication and anti-counterfeit technologies, ensuring data protection and regulatory compliance. Simplified protection measures, intuitive card handling, and fully-integrated one-module solutions designed for high-volume card production are some of the features catering to these industries.
Semiconductor Supply Chain Disruptions Impact Market
A major challenge facing the embedded security market is the shortage of semiconductors. The global supply chain disruptions resulting from trade tensions, such as the US-China trade war and the COVID-19 pandemic, have adversely affected semiconductor availability. Embedded systems heavily rely on semiconductors, and these interruptions have hindered market growth.
Safeguarding Embedded Systems Against Cyber Threats
The vulnerability of embedded devices to cyber threats and security breaches is a primary concern. Industries like military, banking, data centers, and healthcare rely on embedded devices to store sensitive information. The markets growth is hindered by the need to protect these devices against cyberattacks due to factors such as infrequent security updates, long device lifecycles, remote deployment, and attack replication.
Asia Pacific Emerges as Dominant Market
Asia Pacific is emerging as the dominant market for embedded security solutions. Countries like India, China, Singapore, and Japan are witnessing a surge in cybersecurity concerns. The region has experienced significant growth in cybercrime, prompting organizations to adopt cybersecurity solutions, especially during the COVID-19 pandemic. The Asia Pacific cybersecurity market is expected to expand further due to the rising incidents of malware and ransomware attacks.
Key players in the embedded security market include Cisco Systems, Inc., Infineon Technologies AG, STMicroelectronics N.V., NXP Semiconductors N.V., Texas Instruments, Inc., Renesas Electronics Corporation, Qualcomm Incorporated, Microchip Technology Inc., Samsung Electronics Co., Ltd., Morpho S.A.S (IDEMIA), and Escrypt GmbH (ETAS Group).
As the global embedded security market continues to grow, it underscores the critical importance of cybersecurity in an increasingly connected world. Market players are expected to focus on innovation and collaboration to address evolving security challenges and meet the rising demand for embedded security solutions.
Global Embedded Security Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2026 – [2023 UPDATE Available – Forecast 2023-2030*] (By Offerings Coverage, Security Type Coverage, Application Coverage, By Geography, Leading Companies) https://www.fairfieldmarketresearch.com/report/embedded-security-market
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