Embedded Security Market to Observe Highest Growth in The Automotive Category

NEW YORK - May 13, 2024 - PRLog -- The embedded security market will touch USD 10,470.0 million, propelling at a compound annual growth rate of 6.1%, by 2030.The progression of this industry is because of the rising count of security breaches and cyber-attacks in smart wearable products, IoT devices, and consumer electronics.

Moreover, the arrival of digital payments has also helped in the progression of the industry, because such a mode of payment is sensitive, which necessitates effective protection against hackers.

The progression of smart wearables, smartphones, mobile internet, and near-field communication tech has enabled the incorporation of payment services into current mobile products.

Moreover, because of the constant progression in and implementation of wearable technology in different applications, as well as the incorporation of payment applications in smartphones & watches, while guaranteeing data encryption, embedded security businesses are putting more effort into innovative solutions to offer users more security.

The payment category, based on application, accounted for the largest embedded security market share, and it is also likely to generate a value of approximately USD 4.5 billion by the end of this decade. This can be primarily attributed to the fact that the pandemic of COVID-19 has powered the acceptance of cashless or contactless payments.

Moreover, digital payments are likely to progress further in acceptance because of the surging utilization of the Internet in emerging economies and the widespread utilization of smartphones for e-commerce buying.

Furthermore, the authentication category accounted for a considerable share in the industry. This can be because the surging count of hacking attacks has demanded effective security checks, as well as various other proper precautions.

Report Description: https://www.psmarketresearch.com/market-analysis/embedded...

The automotive category, based on end user, is likely to advance at the fastest rate, of approximately 7.0%, in the years to come. The sector of automobile highly relies on electronics and software.

Moreover, because of the rising focus on autonomous driving and the surging sale of connected vehicles, security has become highly important in connected vehicle systems, for instance, car access systems, sensors, secure gateways, chassis, and powertrains.

APAC accounted for the dominating share in the industry, and it will further reach a value of approximately USD 6.0 billion, propelling at a 6.5% CAGR by the end of this decade.

The growth in APAC can be attributed to the fact that the surging interconnection degree between an enormous number of devices via IoT is resulting in the high requirement for robust IT security.