Boost the Demand for Embedded Security in Wearables

Posted December 3, 2020 by ctom7000

The embedded security market is expected to witness high growth during the forecast period.

According to the new market research report on the "Embedded Security Market by Product (Secure Element and Embedded SIM, Trusted Platform Module, Hardware Security Module), by Security type (Authentication and Access Management, Payment, Content Protection), Application and Geography - Global Forecast to 2023", published by MarketsandMarkets™, this market is expected to be valued at USD 3.87 Billion by 2017 and USD 5.47 Billion by 2023, at a CAGR of 5.9% between 2017 and 2023.

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Secure element and embedded SIM based on product is expected to hold largest market share by 2023

Secure element and embedded SIM finds its applications in a number of products such as smartphones, tablets, payments cards, and e-government documents. Due to a large number of shipments of above-mentioned products, this market is the considered to the largest.

Payment processing and cards application based on application is expected to hold largest market share by 2023

The payment processing and cards application is the largest market for embedded security as it is being used extensively in Europay, MasterCard, and Visa (EMV) cards. EMV chips replace the easily copied magnetic stripe and produce a one-time code for each transaction ensuring the data cannot be reused if the card is stolen. EMV is the key to combatting card counterfeiting, which accounts for the largest share of payments fraud. Hence, this segment holds the largest market as EMV cards are now replacing the magneto strip cards.

Authentication and access management based on security type to grow at highest CAGR during the forecast period

Growing emphasis on compliance management and increasing trend of mobility have driven the demand for authentication and access management in various sectors. Currently, employees can use their devices from different locations. Moreover, the Bring Your Own Device (BYOD) approach is increasing the usage of mobile applications. Changing scenarios and distributed IT environments have made organizations susceptible to cyber threats, thereby fueling the demand for authentication and access management. This factor is expected to create market opportunities for authentication and access management solution vendors during the forecast period.

North America to be the highest growing region

The growing concern for the protection of critical infrastructure and sensitive data has increased government intervention in recent years. Thus, government initiatives, such as specific budget allocations and mandated security policies, are expected to drive the growth of the embedded security market in North America.

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This report also profiles the most promising players in this market. The competitive landscape of the market presents an interesting picture where a large number of players have become a force to reckon with. The key players in this market are Infineon (Germany), STMicroelectronics (Switzerland), NXP (Netherlands), Gemalto (Netherlands), Microchip (US), Samsung (South Korea), Texas Instruments (US), IDEMIA (France), Renesas (Japan), and Inside Secure (France).
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Issued By Tom
Country United Kingdom
Categories Technology
Tags Embedded Security Market
Last Updated December 3, 2020