There are increased cases pertaining to cyber-crime and attacks on IoT devices and IoT networks and to protect the networks from such attacks security is provided to IoT devices. This is the main reason that the embedded security for IoT market is growing at a brisk pace. One of the segments in the embedded security for IoT market is controller chip. In this context, a number of organizations that are involved in implementing IoT services have been given guidelines for the implementation and acceptance of preferred security solutions to offer protection against cyberattacks. Using embedded controller chipset can be a critical guideline that promotes the use of embedded security for IoT. To study this market in greater detail, Market Research Reports Search Engine (MRRSE) has published a new report in its reports bank titled “Embedded Security for IoT Market: Global Industry Analysis and Opportunity Assessment, 2017–2027”.
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Factors Responsible for Growth in Demand for Controller Chips
Due to the large-scale proliferation of the Internet of Things, numerous devices are being connected with each other and these devices communicate and exchange data with one another smoothly. Such kind of devices are utilized in various sectors such as industrial automation, agriculture, healthcare, retail and others. In line with data provided by Cisco Systems Inc., which is a U.S. established IoT solutions company, approximately 7% of the world’s mobile traffic data will be sourced from devices that are connected with the IoT around the year 2020. This means that the hardware connecting such devices needs to be secured. There is an increased attention on aspects of component security and this is the reason that controller chips will witness significant growth during the period of assessment.
Moreover, mere security software is not adequate on its own to secure devices connected to IoT from the emerging cyberattacks; to ensure foolproof protection, the hardware also requires to be protected for the purpose of storage and processing. If the hardware is not protected properly, some of the hardware components may become vulnerable, and in turn may lead to unauthorized access and theft of data, thereby compromising overall system security. This is the reason OEMs seem to be moving towards suppliers of embedded components that can address such concerns effectively.
Controller chip is predicted to remain a lucrative segment in value terms in global embedded security for the IoT market during the period of assessment. This segment is likely to exhibit high year-on-year growth all through the period of assessment and is slated to exhibit a CAGR of 14.7% between 2017 and 2027. In the year 2017, controller chips is estimated to reach a market valuation of US$ 2,300 Mn, and account for more than 80% of the market revenue share of the global market. Controller chips will remain prominent in revenue terms throughout the period of assessment. This segment is slated to create an incremental dollar opportunity of approximately US$ 6,800 Mn during the period of assessment.
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Restraints Affecting the Global Embedded Security for the IoT Market
Even though various types of guidelines have been issued by the governing authorities that the IoT device manufactures are supposed to follow to ensure protection from cyberattacks, many manufacturers don’t strictly follow such rules and also don’t take any protective actions. Such lapses give rise to serious security issues and result in thefts of data and unauthorized access. Due to this, the global market for embedded security for IoT is likely to be challenged in terms of growth and development.
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