An Incisive, In-depth Analysis on the Embedded Security For Internet Of Things Market
This study offers a comprehensive, 360 degree analysis on the Embedded Security For Internet Of Things market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Embedded Security For Internet Of Things market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Controller Chip segment by component anticipated to expand at a higher CAGR than the Software segment during the period of assessment
In terms of revenue, the controller chip segment is projected to be the most attractive segment in the global embedded security for Internet of Things (IoT) market during the forecast period. This segment is also likely to register high Y-o-Y growth rates throughout the forecast period and is anticipated to expand at a CAGR of 14.7% between 2017 and 2027. The controller chip segment is estimated to be valued at more than US$ 2,300 Mn in 2017, accounting for more than 80% of the global market revenue share. This segment is expected to remain dominant in terms of revenue throughout the forecast period. The segment is projected to create incremental $ opportunity of more than US$ 6,800 Mn between 2017 and 2027.
Growing intensity of cyber-attacks on IoT devices and networks will create a positive impact on the controller chip segment
Due to increasing intensity of cyber-attacks, various associations that promote best practices for implementing IoT solutions have issued guidelines for implementation and adoption of necessary security solutions in order to protect against such attacks. Implementation of embedded controller chipsets is one such guideline promoting the adoption of embedded solutions for IoT. An increasing use of controller chipsets in order to ensure protection from cyber-attacks is expected to drive revenue growth of the controller chip segment in the global embedded security for Internet of Things (IoT) market. For instance, in December 2016, a non-profit multi-industry association called Smart Card Alliance promoting best practices for smart card applications in the U.S. and Latin America issued guidelines for the adoption of embedded hardware security (controller chipset) solutions involving end devices to include hardware features and functions to ensure that the required security standards are implemented and maintained.
Increasing adoption of IoT globally is resulting in a large number of devices being connected, communicating and exchanging data with each other seamlessly. Devices connected through IoT networks are used in verticals including smart cities, healthcare, industrial automation, retail, agriculture and others. According to U.S. based IoT solutions provider Cisco Systems Inc., around 7% of global mobile data traffic will come from devices connected through the IoT by 2020. A rising number of IoT enabled connected devices will result in increased demand for security solutions in terms of hardware. Increasing focus on the component aspect of security is the new trend in the global market that is likely to fuel the growth of the controller chip segment.
Security software alone is not sufficient to protect IoT devices against cyber-attacks and malware and needs to be supported by reliable hardware for data processing and safe storage. Vulnerable hardware components are susceptible to unauthorised access and data theft, thereby compromising the security of the overall system, which is why OEMs are turning towards embedded component suppliers who can address these security issues effectively.
BlackBerry’s cloud-based IoT platform addresses security aspects of the Internet of Things
In January 2015, Canadian telecom solutions provider BlackBerry launched a cloud-based IoT platform with device management features enabling data gathering from a range of devices and networks. The platform enables application developers, business partners, and others to collaborate on different aspects of IoT solutions including security. Initially, the platform was targeted at the automotive and shipping sector and in future, it will be extended to other verticals such as energy and healthcare.
Non-adherence to guidelines issued by governing authorities is a major market growth restraint
Although a number of governing authorities have issued guidelines to be followed by IoT device manufacturers so as to protect against cyber-attacks happening on IoT networks and devices, many device manufacturers and users do not strictly adhere to these guidelines nor take any precautionary measures. Non-adherence to security guidelines results in security lapses, which cyber attackers take advantage of, resulting in unauthorised data access and data thefts. This is a major factor hampering revenue growth of the global embedded security for Internet of Things (IoT) market.
“Embedded Security for Internet of Things (IoT) Market: Global Industry Analysis and Opportunity Assessment, 2017–2027,” – the latest publication of Future Market Insights – demonstrates the market dynamics and trends across seven regions that are likely to influence the current nature and future status of the global embedded security for Internet of Things (IoT) market over the forecast period. The report provides detailed analysis of the global embedded security for Internet of Things (IoT) market and offers insights on the various factors driving the growth of the market. Our focussed market study includes an extensive analysis of industry drivers, restraints, market trends and market structure along with a comprehensive assessment of key stakeholder strategies and imperatives for succeeding in the business. The report segregates the global embedded security for Internet of Things (IoT) market based on component, application, and vertical across different regions.
Key Report Assumptions
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Economic fluctuations have not been considered while forecasting market numbers
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While estimating market size, we have considered the product portfolio of the companies profiled, along with some other players
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Macro-economic indicators such as GDP, wholesale & retail trade, merchandise trade and prices have been considered to arrive at the indicated market numbers
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Yearly change in inflation rate has not been considered while forecasting market numbers
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Top-down approach has been used to assess market numbers for each product category
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Bottom-up approach has been used to counter-validate the reached numbers and end-use application-wise market numbers
Report Description
The report begins with the market definition. The market dynamics section includes Future Market insights’ analysis of key trends, drivers, restraints, opportunities and macro-economic factors influencing the development of the global embedded security for Internet of Things (IoT) market. The report analyses the market on the basis of various market segments and presents a comprehensive forecast by value for the next 10 years. The different segments of the global embedded security for Internet of Things (IoT) market has been analysed in terms of basis point share (BPS) to understand individual segments’ relative contribution to overall market growth. This detailed level of information is important for identifying various key trends in the global embedded security for Internet of Things (IoT) market.
A competitive landscape has been included in the report to provide a dashboard view of key companies operating in the global embedded security for Internet of Things (IoT) market. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the global embedded security for Internet of Things (IoT) market and potential players. This section also includes market strategies and SWOT analysis of the main players operating in the global embedded security for Internet of Things (IoT) market. Detailed profiles of top companies are also included in the scope of the report to evaluate their long- and short-term strategies.
Market Segmentation
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By Application
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Research Methodology
The research methodology of this study is based on forecasts that cover a thorough analysis of both global as well as regional trends in the market, technology and population trends, along with company, product, country and demographic trends. Underlying factors considered include economic, technological, institutional, behavioural and competitive factors, as well as other factors that may impact the global embedded security for Internet of Things (IoT) market. Forecasting models are developed in order to quantify the impact of each of these factors on industry spending. A forecast scenario for each causative factor is then created and the contribution of each factor is identified on a prospective basis. Figures are estimated in local currencies for each country and then converted to US dollars (US$) using the average 2016 exchange rate, which is held constant for each historical year and forecast year. This means the figures reflect industry trends, rather than being distorted by fluctuations in international currency exchange rates.
During the process of market sizing and estimation, we have considered the key contracts executed by prominent players with various utility companies across the world. The initial value of the contract has been taken into consideration to arrive at the indicated market numbers. This excludes the variable cost component of subsequent years of the contract duration.
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