Embedded Security Market – 2023

The embedded security market is expected to be valued at USD 5.47 Billion by 2023, growing at a CAGR of 5.9% between 2017 and 2023. The major factors driving the growth of this market include growing IoT applications increasing the need for IoT security, inclusion of embedded security in wearables, and government agencies promoting digitization.

This report segments the embedded security market on the basis of product, security type, application, and geography. The embedded security market for the payment processing and cards application is expected to hold the largest share by 2023. The payment processing and cards application is the largest market for embedded security as it is being used extensively in EMV cards. The market for the wearables application to grow at the highest CAGR during the forecast period. The reason for the growth of wearables is because IoT is promoting a new era for payments companies and manufacturers to use wearables. The rapid expansion of the Internet of Things (IoT) offers an opportunity to facilitate payments into wearables, which, in turn, would boost the demand for embedded security in wearables.