Pune, India, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The global Embedded Security Market Size was valued at USD 8.04 billion in 2021. The market is expected to grow from USD 8.23 billion in 2022 to USD 17.03 billion in 2029, exhibiting a CAGR of 10.9% over the estimated period. The surge can be attributed to the emergence of industrial automation and IoT.
This information is provided by Fortune Business Insights™ in its research report, titled “Embedded Security Market, 2022-2029”.
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Key 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.
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; End-User |
| Embedded Security Market Growth Drivers | Market Value to Surge Due to Increased Demand for Embedded Security in Electric and Hybrid Vehicles |
| Industry Growth to be Restrained Due to Lack of Professional Workers and Huge Initial Investment |
COVID-19 Impact:
Industry Expansion Boosted Due to Rising Inclination Toward Securing Connected Devices
The COVID-19 pandemic resulted in labor migration and the adoption of work from home culture. This led to an escalating demand for securing connected devices across various sectors. These include shop floors, research labs, defense equipment, railways, and aircraft. The market growth was further driven by various laws for the reduction of cyber threats.
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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 ecofriendly 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.
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.
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 for consolidating their position in the market. These include partnership agreements and collaborations. Some of the other initiatives comprise growing participation in trade conferences and increase in research activities.
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Report Coverage:
The report provides a comprehensive coverage of the major trends that are expected to impel the business landscape across various regions. In addition, it gives an insight into the key factors driving market growth over the forthcoming years. These include mergers, acquisitions, collaborative agreements, and partnerships.
Segments:
Hardware Segment to Register Substantial Growth Owing to Rising Demand in Aerospace Sector
Based on component, the market for embedded security can be segmented into hardware and service. Of these, the hardware segment is expected to record commendable growth over the coming years. This can be attributed to the surging product demand in the aerospace and defense sector.
Payment Segment to Depict Lucrative Growth Due to Heavy Product Usage in Banking Sector
On the basis of application, the market can be fragmented into payment, content protection, and authentication. The payment segment is anticipated to record remarkable expansion through the estimated period. The surge can be attributed to the escalating demand for payment security in banking and finance transaction systems.
Aerospace & Defense Segment to Register Notable Surge on Account of Rising Adoption of High-end IoT Security Hardware
Based on end-user, the market can be subdivided into telecommunication, automotive, consumer electronics, aerospace & defense, healthcare, and others. Of these, the aerospace & defense segment is expected to record appreciable expansion over the forthcoming years. This can be credited to the growing product adoption by numerous manufacturers.
On the basis of region, the market can be subdivided into Europe, Asia Pacific, North America, South America, and the Middle East & Africa.
List of Key Players Mentioned in the Report:
- 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.)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Embedded Security Market Key Players Market Share Insights and Analysis, 2021
- Global Embedded Security Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
- By Component (USD Bn)
- Hardware
- Services
- By Application (USD Bn)
- Payment
- Authentication
- Content Protection
- By End-User (USD Bn)
- Automotive
- Healthcare
- Consumer Electronics
- Telecommunications
- Aerospace & Defense
- Other
- By Region (USD Bn)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
-
- North America Embedded Security Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
- By Component (USD Bn)
- Hardware
- Services
- By Application (USD Bn)
- Payment
- Authentication
- Content Protection
- By End-User (USD Bn)
- Automotive
- Healthcare
- Consumer Electronics
- Telecommunications
- Aerospace & Defence
- Other
- By Country (USD Bn)
- U.S.
- By End-User
- Automotive
- Healthcare
- Consumer Electronics
- Telecommunications
- Aerospace & Defense
- Other
- By End-User
- Canada
- By End-User
- Automotive
- Healthcare
- Consumer Electronics
- Telecommunications
- Aerospace & Defense
- Other
- By End-User
- Mexico
- By End-User
- Automotive
- Healthcare
- Consumer Electronics
- Telecommunications
- Aerospace & Defense
- Other
- By End-User
- U.S.
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