Dublin, March 24, 2023 (GLOBE NEWSWIRE) -- The "Global Embedded Security Market Size and Share Analysis by Offering, Application, End-user - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global embedded security market revenue was $6,140.8 million in 2021, and its size will grow at a CAGR of 6.1%, to touch $10,470 million by the year 2030.
This is credited to the growing volume of cyber-attacks and security loopholes in smart wearables, customer electronics, and IoT devices. The propagation of digital payments additionally drives the market as these events need to be protected from hackers. Hence, the growing e-commerce industry and digitization of BFSI processes are driving the market.
The automotive category is expected to observe the fastest growth in the embedded security market, at a CAGR of approximately 7%. The key reason behind it would be the burgeoning EV sales; by 2021, over 6.5 million electric cars had been sold. Though, this trend may bring about a higher chance of data theft. According to reports, by 2024, the automotive sector could lose more than $500 billion due to cyber-attacks. Furthermore, over 80% of the cyber-attacks in 2021 were done remotely.
The adoption of IoT will continue to grow in the near future as well. IoT is now common in every facet of human life, such as residences, offices, and cars, as it enables quicker and improved monitoring, control, and processing. Though, the main issue encountered by IoT is that it produces excessive data, making the devices susceptible to cyber-attacks.
The development of smart wearables and smartphones, NFC technology, and mobile internet has permitted the incorporation of payment services into mobile devices. Suitability and the removal of the requirement for carrying cash are the major driving forces for contactless and cashless payment methods, while there is an important role of the internet in aiding e-commerce. The pandemic has fueled cashless and contactless outflows, thereby strengthening the necessity for stronger measures of cybersecurity.
The automobile industry is hugely reliant on electronics and software. With the progress in the sale of connected cars and focus on self-driving technologies, security is essential in vehicle sensors, secure gateways, car access systems, powertrains, and chassis.
With the safety threats rising, advanced security software is needed in vehicles for the latter's defense from illegal access to systems, thus improving the development prospects for the embedded security market in the coming years.
Regional Analysis of Embedded Security Market
- APAC accounts for the largest share in the embedded security market, and it is projected to generate around $6.0 billion in revenue in 2030, growing by 6.5% from 2021 to 2030.
- Asia accounted for 25% of the cybercrimes worldwide, making it the most-targeted region by cybercriminals, in 2021. Additionally, over 85 million accounts were compromised in India.
Companies Mentioned
- Infineon Technologies AG
- STMicroelectronics
- NXP Semiconductors
- Microchip Technology Inc.
- Samsung Electronics Co. Ltd.
- Texas Instruments Incorporated
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 230 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value (USD) in 2021 | $6140.8 Million |
| Forecasted Market Value (USD) by 2030 | $10470 Million |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Research Scope
1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segment
1.5. Market Data Reporting Unit
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Voice of Industry Experts/KOLs
Chapter 5. Market Indicators
Chapter 6. Industry Outlook
6.1. Market Dynamics
6.1.1. Trends
6.1.2. Drivers
6.1.3. Restraints/challenges
6.1.4. Impact analysis of drivers/restraints
6.2. Impact of COVID-19
6.3. Porter's Five Forces Analysis
Chapter 7. Global Market
7.1. Overview
7.2. Market Revenue, by Offering (2017-2030)
7.3. Market Revenue, by Application (2017-2030)
7.4. Market Revenue, by End-user (2017-2030)
7.5. Market Revenue, by Region (2017-2030)
For more information about this report visit https://www.researchandmarkets.com/r/9ki28y
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
