Embedded security for Internet of Things market value to exceed US$ 11.1bn by 2027
The rising number of devices which are being associated through IoT networks is considered as a vital factor propelling demand for embedded security for IoT.
Additionally, the increasing strength of cyber-attacks on IoT devices as well as on networks, combined with the introduction of revised industry guidelines to utilise embedded hardware solutions, are seen by analysts at Future Market Insights (FMI) as drivers for embedded systems for IoT.
The embedded security for IoT is forecast to move towards delivering security to hyper-connected technologies, according to a recent report on embedded security for Internet of Things developed by FMI.
The report reveals, the global embedded security for internet of things held US$ 2,525 million (€2263 million) in 2016 and is projected to secure almost US$ 11,125 million (€9,926 million) by the end of 2027. The market is anticipated to exhibit high double-digit CAGR throughout the forecast period (2017-2027), in terms of revenues. The market in APEJ (Asia Pacific excluding Japan) is anticipated to reflect comparatively higher expansion throughout the forecast period, in terms of value.
Dynamics of market
The controller chip segment is projected to procure more than four-fifth share of the market, in terms of revenues, exhibiting staggering double-digit CAGR throughout the assessment period. In terms of revenues, the segment is projected to retain its dominance throughout the forecast period. Moreover, the segment is estimated to generate incremental dollar opportunity of over US$6.8 billion (€6 billion) during 2017-2027.
The use of embedded security for IoT in connected cars is projected to expand at significant growth rate during the assessment period. Embedded security systems for IoT worth nearly US$ 687 million (€615 million) were used in connected cars in the year 2016.
Automotive industry, by vertical type is anticipated to retain its dominance in the market throughout the forecast period, securing almost one-third revenue share by the end of 2027.
Moreover, the North America is anticipated to remain most lucrative regions for embedded security for Internet of Things market throughout the assessment period. The market in this region has secured nearly US$773 million (€693 million) in the year 2016 and secured nearly one-third revenue share of the market. In terms of revenue, the North America region is anticipated to retain its dominance over the assessment period.
Rising utilisation of IoT devices has led to increased security concerns, thereby numerous government regulatory bodies in US region have allotted security guidelines for IoT solution providers throughout various verticals. During this period, the market for embedded security for Internet of Things in Western Europe region is anticipated to reach nearly US$1.67 billion (€1.49 billion) by the end of 2027, procuring staggering CAGR throughout the assessment period. Further, number of government authorities in different countries are ensuring that device manufacturers execute better security programs in order to secure cyber-attack on IoT networks and devices.
Blackberry, a Canadian telecom service provider introduced an IoT platform based on cloud technology with device management features allowing data collection from range of networks and devices. This platform allows business partners, application developers and others to combine various aspects of IoT solutions comprising security. Primarily, the platform was directed towards shipping and automotive sector and in foreseeable period it is likely to be extended to other sectors such as healthcare and energy.
Several key market players, operating in the market are profiled in the report include, ARM Holdings Plc. (SoftBank Corp), Trend Micro Incorporated, Intel Corporation, NXP Semiconductors N.V., Gemalto N.V., Palo Alto Networks Inc., Check Point Software Technologies Ltd., Synopsys, Inc., Infineon Technologies AG, Inside Secure, and Cisco System Inc. The report reveal that these market players are likely to contribute more in the growth of the global market for embedded security for Internet of things.
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