Continuous developments and implementation of new embedded security modules, such as hardware security modules, secure processing modules, and trusted platform modules are creating significant revenue opportunities for key players in the embedded security market. Embedded security modules are designed to operate the electrical and mechanical systems of security systems in a more efficient manner. Embedded security is mainly used for enhanced protection for runtime data security in embedded systems.
The global embedded security market is anticipated to exhibit a CAGR of nearly 7% during the forecast period of 2020 to 2030.
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Key Takeaways of Embedded Security Market Study
- The authentication application segment is expected to witness notable growth, owing to increasing demand for secure authentication and anti-counterfeit solutions.
- South Asia & Pacific is expected to create lucrative growth opportunities for players in the embedded security market, attributed to rapid growth of the automobile and manufacturing industry in the region.
- Increasing demand for connected devices, worldwide, including smartphones and tablets having connectivity and multimedia capabilities, is propelling the demand for higher embedded security technologies, and creates growth opportunities for embedded security manufacturers and service providers in the global market.
“Embedded security manufacturers and service providers can increase revenues by upgrading existing facilities to improve operational efficiency, reduce security problems, and protect organizations and customers from financial fraud,” says a PMR analyst.
Embedded Security Market Landscape
The global embedded security market is highly competitive due to the presence of a large number of medium- and large-sized manufacturers and service providers. Tier-I participants in the embedded security market are estimated to hold around 45%-55% of the market share. Product development and innovation is the key strategy of manufacturers in the embedded security market to increase their market presence and enhance end-user experience.
For instance, in March 2020, Microchip Technology Inc. launched a secure embedded IOT solution for rapid prototyping. This solution is also used for developers who can easily, quickly, and securely connect to the cloud using Bluetooth, Wi-Fi, and narrow band 5G technologies.
Some of the key market players included in the report are Analog Devices, Inc., Advanced Micro Devices, Inc., McAfee, LLC, Microchip Technology Inc., Texas Instruments Incorporated, NVIDIA Corporation, Broadcom Inc., and STMicroelectronics.
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Impact of COVID-19 Pandemic Outbreak on Embedded Security Market
Worldwide spread of the COVID-19 pandemic in Q1, 2020, has impacted the production of embedded security products such as embedded security tokens, hardware security modules, trusted platform modules, and other security modules, and has also disrupted the embedded products industry and supply chain during lockdowns. Historically, the market for embedded security has grown by almost 6-7% globally over the past 5 years. In 2019, total value of the embedded security market was nearly US$ 4.0 Bn, an increase by 2% over 2018. But due to the COVID-19 outbreak, the production of embedded security products is projected to decline by nearly 3%-4% in Q1-Q2 2020, due to plunging production across factories in China, which is one of the world’s major embedded security product manufacturers and suppliers across the globe. However, according to estimates, if the COVID–19 pandemic gets controlled during Q3-Q4, 2020, the market for embedded security would recover soon, and is estimated return to a growth state by Q2, 2021.
Future Outlook for Embedded Security Market
Embedded security solutions are used in different industries applications such as secure payment processing, secure authentication, and content protection, among others. Increasing usage of embedded security in medical devices and software such as whitelisting, antivirus and anti-malware protection, embedded control, device management, and others is expected to offer lucrative growth opportunities in the embedded security market. Moreover, growth of end-use industries such as healthcare, automotive, consumer electronics, telecommunications, and aerospace & defense, among others, is expected to offer potential growth opportunities for manufacturers and service providers in the global embedded security market.
More Valuable Insights on Embedded Security Market Report
A new market research report published by Persistence Market Research (PMR) on the global embedded security market includes global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. This report provides valuable analysis of the global embedded security market through four different categories –component (hardware, software, and services), application (payment, authentication, and content protection), and industry (automotive, healthcare, consumer electronics, telecommunications, aerospace & defense, and others), across six major regions.
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