Global embedded security market in terms of revenue was estimated to be worth USD 6.8 billion in 2022 and is poised to reach USD 9.0 billion by 2027, growing at a CAGR of 5.9% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.
Factors such as the growing demand for Internet of Things (IoT) applications and the inclusion of payments functionality in wearables devices are driving the growth of the embedded security market during the forecast period.
The embedded security companies is dominated the market by a few globally established players such as Infineon (Germany), STMicroelectronics (Switzerland), NXP (Netherlands), Qualcomm(US), Thales Group(France), Microchip Technology (US), Samsung (South Korea), Texas Instruments (US), IDEMIA (France), Renesas (Japan).
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Opportunity: Growing Integration of embedded security in electric vehicles
Many innovations in the automobile sector are currently dependent on software and electronics, and IT is likely to contribute to a large percentage of the production cost. The EV market is expanding rapidly because it offers advantages over other types of vehicles. However, from the standpoint of charging infrastructure, EV charging is considerably more than a one-step, plug-and-go procedure. To ensure that every EV on the grid receives the necessary quantity of energy and electrical flow, a significant amount of communication must take place between the car, the charging point, and the utility supplier. Financial transactions and personal data should be managed responsibly and securely in some circumstances, particularly where remote EV charging is given for a fee.
Challenge: Shortage in supply of semiconductors
Semiconductors are a major component of embedded systems. The global supply chain was disrupted as a result of the 'trade war' between the United States and China. Tariffs and restrictions were placed by the two countries on each other, causing demand and supply disruptions. Supply chain disruptions have impacted multiple industries, resulting in a semiconductor shortage. The COVID-19 outbreak also wreaked havoc on the semiconductor supply chain. China is a major supplier of semiconductors; delays in supply due to the aforementioned factors have hampered the development of embedded systems.
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