The global embedded security market accounted for around $6,140.8 million in 2021, which is predicted to hit $10,470.0 million by 2030, growing at a CAGR of 6.1% between 2021 and 2030. The growing count of security breaches and cyber-attacks in IoT devices, smart wearable devices, and consumer electronics. The rise of the market has been aided by the digital payment’s proliferation, which are sensitive events that must be protected from hackers.
Payment services may now be integrated into current mobile devices owing to the development of smart wearables and smartphones, mobile internet, and near-field communication technologies. Contactless and cashless payment methods have been driven by convenience as well as the elimination of the need to carry cash, whereas the internet has played a critical role in facilitating online commerce. The epidemic of the coronavirus has driven the popularity of contactless and cashless payments, emphasizing the necessity for more robust cybersecurity safeguards.
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| Embedded Security Market Report 2022-2030 |
The APAC region has the biggest embedded security market share in the world, and it will grow at a 6.5% CAGR during the forecast period. Improved IT security is becoming extremely relevant as billions of devices become increasingly interconnected through the IoT. Many emerging nations in the region, such as Singapore, China, and India, are becoming extremely worried about cybersecurity. Cyber-attacks, particularly those involving ransomware and malware, have increased as a result of the development of remote work environments.
