The global embedded security market is expected to grow at a compound annual growth rate of 6.84% over the forecast period to reach a market size of US$5.633 billion in 2026 from US$3.787 billion in 2020. Embedded security is one of the common approach that is used to protect software running on embedded systems from attack. Growing IoT applications is increasing the demand for IoT security and with the inclusion of payments functionality in wearables the embedded security market is expected to witness significant growth over the forecast period. Embedded security is considered as an important component in the advance systems to prevent the cyber-attack. Integration of embedded security in electric vehicles coupled with the growing adoption of smart city technologies is expected to be one of the drivers for the growth of the market in the coming years.
In addition, even today major IoT industry leaders believe that the security concerns are one of the major barrier towards the adoption of IoT in various parts of the world and underlining the complexity that the major companies face in protecting their IoT deployments and data, as well as their existing communications networks embedded security solution is considered as one stop for all end users.
Besides, the automotive cybersecurity market is gaining traction around the globe and with the increasing number of connected cars the industry is anticipated to witness significant growth over the forecast period. Also, with the arrival of strict regulation that mandates the vehicle data protection is expected to create new opportunities for manufactures and service providers in the coming years. For instance, the Security and Privacy in Your (SPY) Car Act, legislation proposed in the US in 2015, aims to mandate that critical software systems in automotive vehicle are considered as a way to safeguard the vehicle from hacking by using cybersecurity measures. In addition to the government measures, the act, that is being developed by the National Highway Traffic Safety Administration (NHTSA) also regulate the information collected, transmitted, or shared by the vehicle by sharing the same with its owner thereby increasing the protection/security.
Recent deals and investments:
Regionally, North American region is anticipated to hold a significant share in the market and with the favorable government policies and investments the embedded security market is anticipated to witness significant growth over the forecast period.For instance, 2019 United States budget includes the US$15 billion budget for cybersecurity-related activities and the airport and airway trust fund was allotted US$32.4 million emphasizing the research and development of advance cybersecurity systems. Similarly, the new five-year budget of US$ 145 million by the Canadian government towards the country’s critical cyber systems in various industries is expected to further increase the demand of embedded security solutions in the region.
The major players profiled in the Global Embedded security market include Infineon Technology AG, Advanced Card Systems Ltd., Precise Biometrics, McAfee Solutions, Gemalto NV, Texas Instruments Incorporated, Renesas Electronics Corporated, Microchip Technology, Inc., Symantec Corporation, and Microcomputer Applications, Inc. among others. The players in the global embedded security market are implementing various growth strategies to gain a competitive advantage over its competitors. Major market players in the market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last few years. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.