Pune, India, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global Embedded Security Market size was valued at USD 8.04 billion in 2021 and is projected to reach USD 17.03 billion by 2029, exhibiting a CAGR of 10.9% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Embedded Security Market Forecast, 2024-2029."
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Notable Industry Development:
June 2022:- Infineon Technologies rolled out SLS37 V2X HSM (hardware security module). The solution is deployed in electric vehicles for encrypted communication between all embedded devices.
Key Takeaways
- Embedded Security Market size in Asia Pacific was USD 4.35 billion in 2021
- Market Growth Driven During Pandemic Due to Rising Demand for Securing Connected Devices
- Hardware Segment to Dominate the Market in 2021 due to Requirement from the Aerospace Sector
- Payment Segment Generated Highest Revenue in Year 2021 Due to Heavy Use in Banking Industry
Discover the Leading Players Featured in the Report:
“Companies leading the global Embedded Security Market are ADVANTECH CO. LTD. (Taiwan) ANALOG DEVICES INC (U.S.), BAE SYSTEMS PLC (U.K.), BROADCOM INC (U.S.), CISCO System (U.S.), Infineon Technologies AG (Germany), STMicroelectronics (Switzerland), NXP Semiconductors (Netherlands), IBM Corporation (U.S.), MCAFEE LLC (U.S.), Microchip Technology (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 10.9% |
| 2029 Value Projection | USD 17.03 billion |
| Base Year | 2021 |
| Embedded Security Market Size in 2021 | USD 8.04 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 123 |
| Segments Covered | Component, Application Type, End-Use and Geography |
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Drivers and Restraints:
Industry Value to Rise Owing to Growing Demand in Hybrid and Electric Vehicles
The embedded security market growth is propelled by the escalating number of connected devices in hybrid and smart cars. Customers look for pocket-friendly and eco-friendly alternatives where customers don’t need to rely on conventional fossil fuels. More and more electric charging points needs to be installed and safety of these points is important. Embedded device security system helps to solve complex architecture and various safety challenges which is set to propel the demand for embedded security.
However, the cost of setting up a single unit of communication security devices is much higher as compared to conventional security systems. This aspect is likely to hinder industry expansion to some extent.
Segmentation
By Component
- Hardware
- Service
By Application
- Payment
- Authentication
- Content Protection
By Industry
- Automotive
- Healthcare
- Consumer Electronics
- Telecommunications
- Aerospace & Defense
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
Asia Pacific to Emerge Prominent Due to Growing Use of Embedded Device Security Solutions
The embedded security market share of Asia Pacific is estimated to register commendable growth throughout the forecast period. The expansion is being driven by the growing use of critical infrastructure protection devices in the aerospace & defense sector and the automotive industry.
The North America market is anticipated to record remarkable expansion over the estimated period. The rise can be attributed to the increasing usage of advanced technology in the manufacturing sector.
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Competitive Landscape:
Industry Players Enter into Collaborative Agreements to Strengthen Market Presence
Secure IC partnered with MosChip Technologies, a provider of semiconductor and system design services. This strategic partnership provides Turnkey ASIC solutions and expands global IC security solutions in India. This partnership will help companies to expand their presence in various and new countries. Prominent embedded security companies are adopting a series of initiatives to consolidate their position in the market. These include partnership agreements and collaborations. Some of the other initiatives comprise growing participation in trade conferences and an increase in research activities.
FAQs
How big is the Embedded Security Market?
The Embedded Security Market size was USD 8.04 billion in 2021. It is expected to reach USD 17.03 billion by 2029.
How fast is the Embedded Security Market growing?
The Embedded Security Market will exhibit a CAGR of 10.9% during the forecast period, 2022-2029.
Related Reports:
Endpoint Security Market Size, Share, Revenue Forecast and Opportunities
Internet of Things (IoT) Security Market Overview, Industry Share and Forecast
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