Recently published estimates suggest that the embedded security market size has been estimated to be valued at USD 7.4 Billion in 2023 and is projected to reach USD 9.8 Billion by 2028; growing at a CAGR of 5.7% from 2023 to 2028.
According to report authors at Marketsandmarkets, the key factors contributing to the growth of the embedded security market include the rising prevalence of interconnected devices, coupled with the escalating complexity of cyber attacks, underscores the urgency for heightened security measures. Additionally, the imperative to adhere to regulatory mandates is exerting a pivotal role in steering the market’s growth trajectory.
Furthermore, the contemporary consumer landscape places a premium on convenience and user-friendliness, driving the need for integrated security solutions that seamlessly blend with user experiences. In concert with these dynamics, the burgeoning accessibility of diverse embedded security solutions amplifies the market’s upward trajectory. Collectively, these elements synergise to propel the rapid evolution and expansion of the embedded security market.
The wearables segment is expected to witness the highest growth rate during the forecast period. Wearables often contain sensitive health, financial, and personal information, necessitating advanced embedded security solutions to prevent unauthorised access and data breaches.
The research found that this heightened concern for user privacy and data integrity has prompted manufacturers to prioritise security features, including biometric authentication, secure data transmission, and encryption, fostering greater consumer trust and adoption. Moreover, the increasing integration of wearables in healthcare, finance, and enterprise sectors further underscores the need for stringent security protocols, thus propelling their growth within the embedded security market.
Authentication and access management comprise verification of the identity to ensure legitimate users are accessing the resources, thereby barring unauthorised users from gaining access to resources. Implementing authentication and access management reduces risks and helps adhere to regulatory standards, which helps expand the customer and partner base.
Authentication and access management include trusted platform modules, hardware tokens, and secure elements. Authentication and access management devices block unauthorised users from accessing devices such as computers, tablets, and smartphones. Authentication is of many types. Users are often recognised with a user ID for the purposes of user identity, and authentication occurs when the user gives credentials such as a password that matches their user ID.
The software security market is expected to offer lucrative growth opportunities during the forecast period. Commonly used software security are firewall, antivirus, antispyware, and network security.
