The “Global Embedded Security For Internet Of Things (IoT) Market, by Component (Software and Controller Chip), by Application (Smart Factory, Smart Grid, Connected Car, Networking Equipment, And Computing Devices), by Vertical (Retail, Aerospace and Defense, Healthcare, Gaming, Automotive, And Others), and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 11,123.6 million by 2027, witnessing a CAGR of 10.1 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
An embedded security is a special device that is used to reduce vulnerabilities in devices and networks connected through internet of things, with the help of software and hardware such as controller chip. Embedded security for IoT finds applications in networking equipment, smart factory, smart grid, connected car, and computing device. Embedded security is provided to IoT devices that can collect, connect, communication, and interact or exchange data with other devices over the internet. Since the cyber-attacks have increased significantly in the recent past, embedded security for IoT has witnessed lucrative demand. The global embedded security for internet of things (IoT) market was estimated to account for US$ 3,225.5 Mn in 2018 and is expected to grow at a CAGR of 14.6% during the forecasted period (2019-2027)
Market Driver Growing cyber-attacks on IoT devices and networks around the world is expected to drive growth of the global embedded security for internet of things (IoT) market during the forecast period
Cybersecurity has become vulnerable due to increasing number of cyber-attacks on devices that are connected to each other. Increasing intensity of cyber-attacks has prompted solutions providers to focus more on security aspects, which in turn, is expected to boost the demand for embedded security solutions worldwide. For instance, in December 2016, Dyn Inc., a U.S.-based domain name system (DNS) infrastructure, experienced Distributed Denial of Service (DDoS) attack from a malware known as Mirai botnet. Furthermore, in September 2016, OVH, a France-based cloud solutions provider, experienced two massive DDoS attacks through a network of over 152,000 IoT devices, which compromised CCTV camera recording.
Market Opportunity Integration of embedded security systems in electric vehicles offer lucrative growth opportunity for market players
Electric cars have gained massive popularity among consumers, as automakers are providing EVs with novel designs and advanced features. A lot of them are connected to IoT devices through internet, which makes them vulnerable to possible cyber-attacks. Moreover, some electric vehicles collect sensitive information such as fingerprints and voice samples, which are highly susceptible to data theft. Embedded solutions can provide ample securities to such devices and protect sensitive information from being stolen or hacked. This, in turn, is expected to drive the market growth over the forecast period.
Market Restraint Lack of awareness concerning safety awareness and low security budget are expected to restrain the global embedded security for internet of things (IoT) market growth over the forecast period
There are many organizations still unfamiliar with benefits of embedded security solutions. Moreover, small- and mid-sized organizations often have low security budget where they cannot afford embedded security solutions. Embedded security solutions for software and hardware requires significant investment from the company with constant upgrades. This, in turn, is expected to hinder the adoption of embedded security for IoT and thereby restrain the market growth over the forecast period.
Growing adoption of IoT devices has resulted in increased security concerns with number of regulatory authorities in the U.S. issuing security guidelines for IoT solution providers across different industry verticals. For instance, in December 2016, the U.S. Food and Drug Administration (FDA) issued guidelines for IoT device manufacturers and solution providers offering solutions and services to the healthcare vertical to ensure protection of critical patient data and personal information against the growing number of cyber-attacks. Moreover, in November 2016, The Department of Homeland Security (DHS), a government security agency in the U.S., issued security guidelines for IoT device manufacturers, in order to endorse transparency among IoT device manufacturers and service providers and protect against cyber threats.
Internet of Things is still an emerging concept in Asia Pacific with many startups in the field of IoT that are expected to enter the market to offer devices and applications along with established players, in order to cater growing demand. Moreover, increasing penetration of IoT devices and services in the region is expected to boost the demand for embedded security solutions in the region.
Key players operating in the global embedded security for internet of things (IoT) market are Intel Corporation, Trend Micro Incorporated, Cisco System Inc., Inside Secure, NXP Semiconductors N.V., Synopsys, Inc., Infineon Technologies AG, ARM Holdings Plc. (SoftBank Corp), Gemalto NV, Palo Alto Networks Inc., and Check Point Software Technologies Ltd.
Segmentation Market Taxonomy:
Joining thousands of companies around the world committed to making the Excellent Business Solutions.