NEW YORK, June 13, 2022 /PRNewswire/ — According to the market research report published by P&S Intelligence, the embedded security market revenue was $6,140.8 million in 2021, and its size will grow at a CAGR of 6.1%, to touch $10,470.0 million by the year 2030. This is credited to the growing volume of cyber-attacks and security loopholes in smart wearables, customer electronics, and IoT devices. The propagation of digital payments additionally drives the market as these events need to be protected from hackers. Hence, the growing e-commerce industry and digitization of BFSI processes are driving the market.
The automotive category is expected to observe the fastest growth in the embedded security market, at a CAGR of approximately 7.0%. The key reason behind it would be the burgeoning EV sales; by 2021, over 6.5 million electric cars had been sold. Though, this trend may bring about a higher chance of data theft. According to reports, by 2024, the automotive sector could lose more than $500 billion due to cyber-attacks. Furthermore, over 80% of the cyber-attacks in 2021 were done remotely.
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The adoption of IoT will continue to grow in the near future as well. IoT is now common in every facet of human life, such as residences, offices, and cars, as it enables quicker and improved monitoring, control, and processing. Though, the main issue encountered by IoT is that it produces excessive data, making the devices susceptible to cyber-attacks.
The development of smart wearables and smartphones, NFC technology, and mobile internet has permitted the incorporation of payment services into mobile devices. Suitability and the removal of the requirement for carrying cash are the major driving forces for contactless and cashless payment methods, while there is an important role of the internet in aiding e-commerce. The pandemic has fueled cashless and contactless outflows, thereby strengthening the necessity for stronger measures of cybersecurity.
Regional Analysis of Embedded Security Market
APAC accounts for the largest share in the embedded security market, and it is projected to generate around $6.0 billion in revenue in 2030, growing by 6.5% from 2021 to 2030.
Asia accounted for 25% of the cybercrimes worldwide, making it the most-targeted region by cybercriminals, in 2021. Additionally, over 85 million accounts were compromised in India.
Browse detailed report on Embedded Security Market Analysis, Size, New Trends, Emerging Opportunities, And Top Key Players By 2030
The automobile industry is hugely reliant on electronics and software. With the progress in the sale of connected cars and focus on self-driving technologies, security is essential in vehicle sensors, secure gateways, car access systems, powertrains, and chassis. With the safety threats rising, advanced security software is needed in vehicles for the latter’s defense from illegal access to systems, thus improving the development prospects for the embedded security market in the coming years.
Embedded Security Market Segmentation Analysis
By Offering
Hardware
Software
Services
By Application
Authentication
Payment
Content Protection
By End User
Automotive
Healthcare
Consumer Electronics
IT & Telecommunications
Aerospace & Defense
BFSI
By Region
North America
U.S.
Canada
Europe
France
Germany
Italy
Spain
U.K.
Asia-Pacific
China
India
Japan
South Korea
Australia
Latin America
Brazil
Mexico
Middle East and Africa
Saudi Arabia
U.A.E.
South Africa
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