Increasing number of devices that are being connected through IoT networks is cited as a crucial factor fueling the demand for embedded security for IoT.
In addition, rising intensity of cyber-attacks on IoT devices and networks coupled with the introduction of revised industry guidelines to implement embedded hardware solutions are observed as other key factors driving the sales of embedded systems for IoT. In the near future, embedded security for IoT is likely to move towards providing security to hyper-connected technologies.
Future Market Insights (FMI) delivers such crucial findings in its latest outlook title “Embedded Security for Internet of Things (IoT) Market Global Industry Analysis and Opportunity Assessment, 2017–2027
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As per the report, the global market for embedded security for Internet of Things stood at US$ 2,525.0 Mn in 2016 and is estimated to reach US$ 11,123.6 Mn by 2027-end. In terms of revenue, the market is expected to witness a CAGR of 14.6% forecast period
By the end of 2027, controller chip components will account for nearly 83% revenue share of the global market for embedded security for IoT, reflecting a CAGR of 14.7% over the forecast period.
Application of embedded security for IoT in connected cars is expected to increase significantly throughout the forecast period. In 2016, around US$ 686.7 Mn worth embedded security systems for IoT were installed in connected cars.
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In addition to APEJ, North America is projected to be one of the most attractive markets for embedded security for Internet of Things during the forecast period. In 2016, the region’s market was valued at US$ 772.7 Mn and accounted for 30.6% revenue share. This region is expected to remain dominant in terms of revenue throughout the forecast period.
Increasing adoption of IoT devices has resulted in increased security concerns, hence a number of government regulatory bodies in the U.S. have issued security guidelines for IoT solution providers across different verticals. Meanwhile, the Western Europe embedded security for Internet of Things market is estimated to reach US$ 1,676.9 Mn by 2027 end, registering a CAGR of 13.1% during the forecast period.