Fairfield Market Research, a leading market intelligence firm, has released its latest report on the global embedded security market, shedding light on the significant growth potential in Egypt. The market, valued at US$5.8 billion in 2019, is expected to surpass US$9.8 billion by 2026, registering a Compound Annual Growth Rate (CAGR) of 8.1% during the forecast period.
Read More: https://www.fairfieldmarketresearch.com/report/embedded-security-market
Side-Channel Attacks on Embedded System Devices Boost Demand for Security Solutions
In today's interconnected world, side-channel attacks pose a significant threat to the security of embedded systems. These attacks exploit the processed data from a chip or system to extract sensitive information, such as cryptographic keys and communications. To combat these threats, the use of embedded security systems has become imperative. These systems employ multiple layers of security measures to detect and mitigate potential security breaches. By implementing robust security features, including end-to-end threat analysis, real-time computing data protection, and secure programming, embedded security solutions effectively thwart hackers' attempts to compromise the software. The increasing vulnerability of users, service providers, and manufacturers to side-channel attacks has fueled the demand for embedded security solutions across various applications, contributing to the growth of the market.
Embedded Security Market: Fuelled by the Inclusion of Payment Functionality in Wearables
The expanding landscape of wearable technology, encompassing clothing, smart glasses, jewelry, and virtual reality (VR) equipment, has created a new frontier for embedded security solutions. Wearable devices now offer a wide range of functionalities, including fitness tracking, navigation, health monitoring, and even payment capabilities. With the integration of payment features, wearables require robust security measures to ensure user consent and prevent misuse. To cater to this growing market segment, embedded security solution providers have introduced innovative solutions tailored specifically for wearables. For instance, STMicroelectronics from Switzerland has developed secure wearable solutions for various applications, including payment, transit, and contactless transactions. Collaborations between major players in the finance and technology sectors, such as Axis Bank and Thales Group, have resulted in the introduction of contactless payment devices like "Wear N Pay." These advancements in embedded security solutions are expected to drive the growth of the global market.
Embedded Security for Retail, Medical, and Critical Infrastructure: Safeguarding Valuable Assets
In the retail, medical, and critical infrastructure sectors, the need for secure authentication and anti-counterfeit technologies has become paramount. Embedded security solutions offer a range of features, including intuitive card handling, fully-integrated one-module solutions, and high-volume card manufacturing with the highest levels of security. These solutions are instrumental in ensuring simplified protection, regulatory compliance, and encryption for threat analysis, thereby addressing the evolving security needs of these industries. The rising demand for embedded security solutions across retail, medical, and critical infrastructure sectors is expected to fuel market growth.
Shortage in Semiconductor Supply: A Hurdle for Embedded Security Solutions Market
One of the significant challenges faced by the embedded security market is the shortage in the supply of semiconductors. The trade war between the United States and China has disrupted the global supply chain, with both countries imposing tariffs and limitations on each other. As a result, the demand and supply of semiconductors have been severely impacted, leading to supply chain disruptions and a shortage of these vital components. Additionally, the COVID-19 pandemic further exacerbated the semiconductor supply chain issues. China, being a key semiconductor supplier, experienced political volatility that negatively influenced the global embedded security market. However, despite these challenges, the market is expected to rebound as the semiconductor industry adapts and addresses supply chain concerns.
Susceptibility of Embedded Systems to Cyber Threats and Security Breaches
The security of embedded devices is a pressing concern that hampers the growth of the embedded security market. Embedded devices, such as those used in military forces, banks, data centers, and healthcare facilities, store sensitive information that makes them lucrative targets for cyberattacks and data breaches. Several factors contribute to the vulnerability of embedded systems, including infrequent security updates, long device lifecycles, remote deployment, and attack replication. To ensure the growth and widespread adoption of embedded security solutions, it is essential to prioritize the safeguarding of embedded systems against cyber threats and security breaches. Continuous advancements in security protocols, regular updates, and robust encryption techniques will be crucial in addressing these challenges.
Asia Pacific: A Dominant Force in the Global Embedded Security Market
The Asia Pacific region holds significant potential for the embedded security market, emerging as a major growth driver. Countries such as India, China, Singapore, and Japan are witnessing a surge in cybersecurity concerns, driven by their rapidly growing economies and increasing digitalization. India, in particular, ranks fifth globally in terms of DNS hijackings, highlighting the urgent need for enhanced security measures. With a wealth of sensitive data and billions of IoT-connected devices, security remains a top priority in the APAC region. The recent COVID-19 pandemic has further accelerated the demand for cybersecurity solutions, as organizations transitioned to remote work environments, making them more susceptible to malware and ransomware attacks. Microsoft reported a staggering 19 million ransomware and phishing attacks in Asia between February and May 2020. North America and Europe currently dominate the market, but the Asia Pacific region is poised to witness substantial growth, fueled by increasing cybersecurity concerns and the adoption of advanced security solutions.
Global Embedded Security Market: Competitive Landscape
The embedded security market is highly competitive, with several key players driving innovation and shaping the industry's landscape. Notable companies in the market include Cisco Systems, Inc., Infineon Technologies AG, STMicroelectronics N.V., NXP Semiconductors N.V., Texas Instruments, Inc., Renesas Electronics Corporation, Qualcomm Incorporated, Microchip Technology Inc, Samsung Electronics Co., Ltd., Morpho S.A.S (IDEMIA), and Escrypt GmbH (ETAS Group). These industry leaders continually invest in research and development to deliver cutting-edge solutions that cater to the diverse needs of the market.
Innovation and Collaboration: Key Strategies for Market Players
The embedded security market is characterized by a dynamic and rapidly evolving technological landscape. To maintain a competitive edge, market players are focusing on innovation and strategic collaborations. Notable developments include:
- In January 2022, Thales Group introduced SafeNet MobilePASS+ 2.2, a mobile authenticator for Android and Windows. The solution offers secure one-time passcodes and push authentication requests, enabling quick and convenient access with fingerprint or face recognition.
- Microchip launched the Trust Platform Design Suite (TPDS) in May 2021. TPDS is a comprehensive software platform that facilitates device configuration and onboarding to Microchip's secure provisioning services.
- NXP Semiconductor introduced EdgeLock 2GO in February 2021. This solution is designed for zero-touch, secure deployment, and ongoing security maintenance of IoT devices, providing a holistic approach to embedded security.
As a growing economy with a focus on technology adoption, Egypt presents significant opportunities for the embedded security market. The country's commitment to cybersecurity and increasing awareness of the importance of security solutions create a favorable environment for the adoption of embedded security systems. As businesses and consumers prioritize security, the demand for robust embedded security solutions in Egypt is expected to rise, offering new prospects for both local and international players in the market.
Trending Reports: https://issuu.com/fairfieldmarket/docs/japan_gas_insulated_transformer_market_to_benefit_/s/26828790
For further details, please visit www.fairfieldmarketresearch.com.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746