The embedded security market is expected to be valued at USD 5.47 Billion by 2023, growing at a CAGR of 5.9% between 2017 and 2023. The major factors driving the growth of this market include growing IoT applications increasing the need for IoT security, inclusion of embedded security in wearables, and government agencies promoting digitization.
This report segments the market on the basis of product, security type, application, and geography. The market for secure element and embedded SIM is expected to hold the largest 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 the above-mentioned products, this market considered the largest.
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The embedded security market for the payment processing and cards application is expected to hold the largest share by 2023. The payment processing and cards application is the largest market for embedded security as it is being used extensively in EMV cards. The market for the wearables application to grow at the highest CAGR during the forecast period. The reason for the growth of wearables is because IoT is promoting a new era for payments companies and manufacturers to use wearables. The rapid expansion of the Internet of Things (IoT) offers an opportunity to facilitate payments into wearables, which, in turn, would boost the demand for embedded security in wearables.
The market for authentication and access management to grow at the highest CAGR during the forecast period. The market for payments security type to grow at the second highest CAGR. This security type has gained much popularity, as it helps organizations to adhere to the PCI DSS regulatory compliances. Payment security type provides security to the consumer’s sensitive data and enables a secured transaction between a merchant and its customers through various digital payment modes such as web, mobile, credit/debit card, and point of sale (POS) machine.
Asia Pacific (APAC) held the largest share of the market. APAC is the largest market for embedded security because of China, which is a huge manufacturing hub for applications such as automotive and smartphones; these applications comprise a major share of the market. North America is expected to be the highest growing region for the embedded security market.
The global embedded security market is growing at a faster pace, but there are some restraints that are yet to be addressed. A number of governing authorities have issued various guidelines to be followed by various device manufacturers and end users to protect devices (such as smartphones, wearables, and tablets) against various vulnerabilities such as threats and attacks. However, many device manufacturers and users neither adhere to these guidelines nor take any precautionary measures because of lack of auditing from the concerned authorities This non-adherence to government regulation results in security lapses, which helps attackers to take advantage of these lapses and gain unauthorized access. This is a major factor restraining the growth of the embedded security market.
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The key players in this market are Infineon (Germany), STMicroelectronics (Switzerland), NXP (Netherlands), Gemalto (Netherlands), Microchip Technology (US), Samsung (South Korea), Texas Instruments (US), IDEMIA (France), Renesas (Japan), and Inside Secure (France).