Embedded Security Market To Reach $10,470 Million by 2030

The size of the embedded security market was about $6,141 million in 2021, and it will advance at a growth rate of over 6% in the near future, to reach $10,470 million by 2030. Industrial growth is credited to the increasing count of cyber-attacks and security breaks in smart wearable devices, electronics, and IoT devices. The propagation of digital payments has additionally propagated the growth of the industry, as they are sensitive proceedings, which are required to be defended against hackers. 

The expansion of smart wearables, smartphones, near-field communication technology, and mobile internet has permitted the incorporation of payment services into prevailing mobile devices. Expediency and the removal of the obligation for having cash have been the major propelling factors for cashless and contactless methods of payment, while the internet has played a vital role in allowing online commerce. The pandemic further fueled the trend of contactless and cashless payments, therefore strengthening the necessity for robust cybersecurity measures. 

APAC has the largest global demand for embedded security and the industry will generate a revenue of around $6 billion in 2030, with a growth rate of around 7% in the years to come. With the growing degree of interconnectedness between a number of devices through IoT, robust IT security is the prerequisite. Cybersecurity apprehensions are increasing in numerous emerging countries like Singapore, the People’s Republic, and India. According to the reports, in 2021, Asia experienced above 25% of the cybercrimes around the world making it the most-condemned region by cyber criminals. Additionally, over 85 million accounts were broken in India. 

The placement of IoT will linger to grow in the years to come. IoT-integrated devices are connected and now common in every feature of life, counting offices, homes, and cars. The technology allows quicker and improved monitoring, dispensation, and control, as and when required. Some executive can be even automated. Though, a key issue faced by IoT is that it produces too much data, which makes the devices susceptible and disposed to cyber-attacks. 

Automotive will witness the fastest growth in the embedded security market demand, proceeding at a growth of around 7%, in the years to come. EVs are the major drivers of this category; as of 2021, over 6.5 million E-cars have been sold. Though, this growing trend might bring about a higher likelihood of data theft. According to the reports, the automotive industry will lose over $500 billion by 2024 to cyber-attacks. Furthermore, over 80% of the cyber-attacks in 2021 were done remotely. 

Furthermore, the automobile industry is hugely dependent on software and electronics. With the evolution in the sale of connected cars and the surge in the attention on self-directed driving, security becomes supreme in connected car systems, for instance, sensors, secure gateways, car access systems, powertrains, and chassis. With security coercions continuing to increase, deeper incorporation of the software with vehicles is essential for the latter’s protection from unlawful access to systems and software management, thus improving the evolution of the embedded security industry in the future. 

With the increase in the number of cyberattacks, the demand for embedded security systems is on the rise. 

SOURCE: P&S Intelligence