(MENAFN- PR Newswire) DUBLIN, Nov. 15, 2023 /PRNewswire/ -- The "Global Embedded Security Market by Offering (Hardware (Secure Element, Embedded Sim, Hardware Token), Software, Services), Security Type (Authentication & Access Management, Payment, Content Protection), Application, and Region - Forecast to 2028" report has been added to
The global embedded security market 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
This report provides valuable insights for market leaders and new entrants, offering revenue approximations for the overall embedded security market and its subsegments. Stakeholders can leverage this report to comprehend the competitive landscape and gain strategic insights to better position their businesses and formulate effective go-to-market strategies.
The rapid proliferation of IoT applications is a major catalyst driving the expansion of the embedded security market. As an increasing number of devices connect to the internet, they become vulnerable to cyber threats. Embedded security hardware serves as a crucial shield, safeguarding these devices against potential cyberattacks.
Likewise, the growing adoption of generative AI plays a pivotal role in propelling the embedded security market. Generative AI is employed to create deceptive content, such as images, videos, and audio, which can be weaponized against embedded devices. Embedded security hardware emerges as a critical defense mechanism to detect and thwart these harmful attacks.
China's dominance in the field of embedded security products can be attributed to various key factors. These include robust manufacturing capabilities that enable cost-effective production of electronic components like embedded security hardware and substantial domestic market demand that fosters innovation and investment in security solutions.
Government support in the form of policies and incentives for the tech and cybersecurity sectors further accelerates the growth of Chinese embedded security companies. China's rapid technological advancements, particularly in areas like 5G, IoT, and AI, closely intersect with embedded security, reinforcing its global leadership. As China aims for global tech supremacy, it allocates resources to research, development, and innovation, bolstering its ability to produce cutting-edge embedded security solutions.
This report offers an in-depth evaluation of market shares, growth strategies, and service offerings of leading players such as Infineon Technologies AG, STMicroelectronics, NXP Semiconductor, Texas Instruments Incorporated, Qualcomm Technologies, Inc, Renesas Electronics Corporation, Thales, Microchip Technology Inc., Samsung, and IDEMIA, among others in the embedded security market.
Furthermore, the report helps stakeholders gauge the market dynamics and offers insights into key drivers, challenges, restraints, and opportunities.
Based on application, the smartphone segment likely to account for the second largest share in the embedded security market during the forecast period
The higher demand for embedded security systems in smartphones is driven by factors including increased connectivity, the need to protect personal data and facilitate secure mobile payments, app security against malicious software, IoT integration, biometric authentication, corporate use, regulatory compliance, device theft protection, growing user awareness of cybersecurity, the evolving threat landscape, and market competition, all of which emphasize the importance of safeguarding sensitive information and ensuring device integrity.
Secure element, and trusted platform modules hardware components to account for the largest market share between 2023 and 2028
Secure elements, and trusted platform modules hardware components likely to account for a significant market share in the overall hardware segment of the embedded security market during the forecast period. A secure element is a tamper-resistant platform capable of securely hosting applications and their confidential and cryptographic data in accordance with the rules and security requirements.
The presence of a secure element is essential to the deployment of value-added services (VAS). Authentication, signatures, identification, and PIN management are all central to the deployment of VAS, and therefore, all require a protected environment for secure operations.
Trusted platform modules (TPMs) are a special type of smart card-based security controller. The security functionality of TPMs is defined by the Trusted Computing Group (TCG) standardization body. TPMs are widely used in computers, automotive, and industries. In automotive, almost all functions in a vehicle are managed by an electronic control unit (ECU).
However, these minicomputers are being hacked increasingly. The growing use of devices such as laptops, tablets, and mobile phones worldwide is driving demand for trusted platform modules. This industry is experiencing increased demand due to the growing demand for trusted platform modules in cloud computing.
Increased Need for Cybersecurity due to Growing IoT Applications to Drive Market During Forecast Period Software Segment to Account for Largest Share of Embedded Security Market in 2028 Payments Segment to Hold Largest Share of Embedded Security Market in 2028 Smart Identity Cards Segment to Dominate Market During Forecast Period Asia-Pacific to Lead Embedded Security Market During Forecast Period
Case Study Analysis
Embedded Security Strengthened Data Protection of Medical Testing Equipment Garuda Indonesia Developed Corporate Mobility Management System to Work on Electronic Flight Bags for Pilots US-based Financial Services Company Created Public Key Infrastructure Inventory Using Venafi Platform Kaspersky Lab and Be GmbH Developed Embedded Security Shield to Safeguard Industrial Control Systems Healthcare Organization Protected Employee Safety and Security with Washable, RFID-Embedded Keyboard
Growing IoT Applications Inclusion of Payments Functionality in Wearables Growing Adoption of Generative AI in Various Applications Digitalization Initiatives by Governments Worldwide Increase in Data Breaches and Cyberattacks Rising Demand for Robust Security Solutions for Electric and Hybrid Vehicles Need for More Secure Crypto-based Transactions
Growing Emphasis on Automobile Security Increasing Contactless Payment Rising Use of Wearables Increasing Number of IoT Devices Emergence of 5G
Non-Compliance with Government Regulations due to Lack of Auditing Susceptibility of Embedded Systems to Cyberthreats and Security Breaches Inclination of Customers Toward Renting Hardware Security Modules
Integration of Embedded Security in Electric Vehicles Growing Importance of IoT Security in Development of Smart Cities Growing Adoption of Embedded Security in Healthcare Systems Emergence of 5G and Advancements in 5G-Enabled Embedded Devices
Lack of Safety Awareness Regarding Embedded Systems and Limited Security Budget High Energy Consumption Associated with Compact Embedded Systems Designing Complexities Associated with Embedded Systems Shortage in Supply of Semiconductors
Infineon Technologies AG STMicroelectronics NXP Semiconductors Texas Instruments Incorporated Qualcomm Technologies, Inc. Renesas Electronics Corporation Thales Microchip Technology Inc. Samsung IDEMIA ICTK Co. Ltd.
Rambus Inc. Cisco Systems, Inc. ETAS OVD Kinegram AG BAE Systems Lantronix, Inc. IBM Swift McAfee, LLC Broadcom HiTex GmbH Analog Devices, Inc. Advantech Co. Ltd. Eta Compute RunSafe Security
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