USD 8.23 billion
Report ID:
SQMIG45K2061 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
41
|Figures:
74
Global Embedded Security Market size was valued at USD 8.23 billion in 2022 and is poised to grow from USD 9.12 billion in 2023 to USD 20.8 billion by 2031, growing at a CAGR of 10.9% during the forecast period (2024-2031).
The global embedded security market is experiencing robust growth due to escalating concerns regarding cybersecurity.
With the proliferation of IoT devices and interconnected systems, the demand for secure solutions embedded within hardware is surging.
This market encompasses secure elements like hardware tokens and secure microcontrollers, addressing data protection and authentication needs across industries like finance, healthcare, and automotive.
As cyber threats evolve, embedded security's importance in safeguarding sensitive data and ensuring the integrity of connected devices is driving continuous innovation in encryption, authentication, and secure boot technologies.
US Embedded Security Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.23 billion
Largest Segment
Automotive
Fastest Growth
Automotive
Growth Rate
10.9% CAGR
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Global Embedded Security Market is segmented by Component, Security Type, Application and region. Based on component, the market is segmented into Hardware (Secure Element, Embedded SIM, Trusted Platform Modules, Hardware Security Modules, Hardware Token), Software, Service. Based on Security Type, the market is segmented into Authentication & Access Management, Payment, Content Protection. Based on application, the market is segmented into Wearables, Smartphones, Healthcare, Consumer Electronics, Telecommunications, Aerospace & defence, Automotive, Smart Identity Cards, Industrial, Payment Processing & Card, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Embedded Security Market Analysis By Product
hardware security modules (hsms) and trusted platform modules (tpms) were among the largest segments. HSMs were widely used in industries requiring strong cryptographic protection, such as financial services and government sectors. TPMs were gaining traction in consumer devices, especially laptops and PCs, as they provide a secure foundation for various security features.
The IoT (Internet of Things) security segment was considered one of the fastest-growing areas within embedded security. With the proliferation of IoT devices across industries, the need for securing these devices became paramount. Secure elements and specialized security chips for IoT devices were gaining popularity due to their ability to provide robust protection for small, resource-constrained devices.
Embedded Security Market Analysis By Application
The largest segment within embedded security applications can vary based on market trends and developments. Historically, consumer electronics and automotive sectors have been among the largest due to the widespread adoption of smartphones, smart vehicles, and other connected devices.
The fastest-growing segment can also change with technological advancements and market shifts. The IoT and healthcare sectors have shown significant potential for growth due to the increasing integration of IoT devices in various industries and the need to secure healthcare data and medical devices.
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The largest markets for embedded security solutions are typically the regions with well-established technology industries and a high concentration of companies relying on embedded systems across various sectors. As of 2021, North America and Europe tend to be among the largest markets due to their technological maturity and industrial presence.
The fastest-growing markets for embedded security are often those regions where technological adoption is rapidly increasing, such as in emerging economies and regions heavily investing in digital transformation. Asia-Pacific, particularly China and India, were expected to experience rapid growth due to their expanding industrial bases, large populations, and rising demand for connected devices.
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Embedded Security Market Drivers
Growing Need to Monitor Cyber Attack
Embedded Security Market Restraints
High Cost
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The global embedded security market boasts a competitive landscape characterized by a dynamic interplay among key players. Industry leaders such as Infineon Technologies, STMicroelectronics, NXP Semiconductors, and Renesas Electronics consistently drive innovation through advanced hardware-based security solutions. Newer entrants like Rambus and Microchip Technology challenge the status quo with novel encryption and authentication technologies. This landscape is further enriched by software security specialists like Cisco Systems and Symantec, providing holistic security ecosystems. As the demand for secure embedded systems intensifies across sectors like IoT, automotive, and finance, competition drives relentless advancements in safeguarding digital assets and ensuring the integrity of interconnected devices.
Embedded Security Market Top Player’s Company Profiles
Embedded Security Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global embedded security market is poised for significant growth, driven by escalating concerns over cybersecurity in connected devices and systems. As industries increasingly adopt IoT and smart technologies, the demand for robust embedded security solutions to safeguard sensitive data and prevent unauthorized access is set to surge. This market expansion will be fueled by innovations in hardware-based security modules, secure elements, and encryption techniques. With the proliferation of connected devices across sectors like automotive, healthcare, and industrial automation, the embedded security market is projected to flourish, presenting lucrative opportunities for companies offering advanced security solutions and services.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 8.23 billion |
Market size value in 2031 | USD 20.8 billion |
Growth Rate | 10.9% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Embedded Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Embedded Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Embedded Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Embedded Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45K2061
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