Revenues from embedded security software solutions forecasted to double by 2019
Natick, MA (PRWEB) November 03, 2015
The worldwide market for embedded security software is forecasted to rise to $2.95B by 2019 at a CAGR of 17.9%, according to a new report by VDC Research (click here for more info). Growing from primarily machine-to-machine applications for factory automation into a phenomenon that encompasses nearly all vertical markets, the Internet of Things (IoT) has become the buzzword that consumers recognize, marketers hype and investors anticipate. Riding this trend, OEMs are increasingly adding internet connectivity to their embedded devices, which elevates the issue of security.
According to a VDC survey of engineers developing projects, security was ranked high in importance whether or not projects included Internet/cloud features. OEMs will look towards software vendors, large or small, who can offer different types of embedded security software solutions. According to VDC’s research, revenues for such solutions are expected to double by 2019.
The embedded security software market is distributed across numerous vendors with no single, dominant player. Leading vendors of traditional IT security software are best positioned to leverage their existing business and technology as connectivity expands in the embedded market.
“With the recent, high-profile hacks of Internet-accessible databases, OEMs must take potential security risks of Internet connectivity more seriously,” says Steve Hoffenberg, Director of IoT & Embedded Software Development. “Although OEMs do recognize the importance of security, not all their developments reflect that importance. The good news is that the market for embedded security software still has considerable room to grow.”
About VDC Research
Founded in 1971, VDC Research provides in-depth insights to technology vendors, end users, and investors across the globe. As a market research and consulting firm, VDC’s coverage of AutoID, enterprise mobility, industrial automation, and IoT and embedded technologies is among the most advanced in the industry, helping our clients make critical decisions with confidence. Offering syndicated reports and custom consultation, our methodologies consistently provide accurate forecasts and unmatched thought leadership for deeply technical markets. Located in Natick, Massachusetts, VDC prides itself on its close personal relationships with clients, delivering an attention to detail and a unique perspective that is second to none.