Market Trends of Embedded Security Industry
This section covers the major market trends shaping the Embedded Security Market according to our research experts:
Adoption of Wearable Devices in Healthcare is Expected to Drive the Market
- According to Gallup's annual Health and Healthcare survey, 90% of American consumers said they are currently using a wearable fitness tracker, and the same percentage stated that they currently use a mobile health application. By combining the present use with the percentages of Americans that claim, in the past, they have used such devices, it becomes clear that at some point, one in three Americans use a fitness tracker such as a wristband or smartwatch (34%) or tracked their health statistics on the phone or tablet application (32%).
- According to a study published in Nature Medicine, Wearable fitness trackers were designed to detect covid by building a system that detects 80% of pre-symptomatic and asymptomatic infections. The study involved more than 3,300 adults ages 18-80 who installed the researchers' app, called MyPHD, on their Android or Apple devices. The app collected data from the wearables they already had and transferred it to a secure cloud server where the researchers could analyze the data. The wearables included Fitbits, Apple Watches, Garmin devices, and other gadgets compatible with either Apple's HealthKit or the Google Fit platforms.
- Further, technology services firm Vee Technologies and Sona Group of educational institutions recently signed an agreement with Toronto-based University Health Network (UHN) to develop smart fabric-based wearables. This initiative will help develop smart textiles and garments that can support the growing needs of the healthcare sector in Canada. The collaboration agreement seeks to contribute to FIBRE, a research initiative by The University Health Network (UHN), a public research and teaching hospital.
- In April last year, Vuzix Corporation announced its collaboration with Ohana One, a global surgical training nonprofit organization that aims to cultivate high-quality surgical and anesthesia programs in developing areas worldwide, and TeleVU, an Ontario-based technology company, offering innovative AR, AI, and IoT solutions focussing specifically on healthcare, and provide critical support to healthcare personnel in war-torn Ukraine. For its part, Vuzix also mentioned donating several M400 smart glasses, running TeleVU software, and being administered through Ohana One's ongoing borderless mentor/mentee effort.
- According to the Cisco system, the global number of linked wearable gadgets has more than doubled in three years, rising from 325 million in 2016 to one billion in the last year. Such an increase in wearable devices is expected to drive the market.
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North America Accounted for Significant Share
- North America accounts for a significant share as the growing concern for protecting critical infrastructure, and sensitive data has increased government intervention in recent years. Thus, government initiatives, such as specific budget allocations and mandated security policies, are expected to drive the market of embedded security in North America.
- In March last year, Aware, Inc., a biometric authentication firm that uses proven and trusted adaptive authentication to solve everyday business difficulties, announced cooperation with MIRACL, a cybersecurity software company specializing in single-step, secure multi-factor authentication. Aware anticipates that this collaboration would allow it to expand its cloud-based biometric authentication system to protect against data breaches and ransomware, which are ongoing concerns in many industries, including financial services.
- Similarly, To protect their system from intrusions, dealerships, and Cars.com implemented a two-step login process. According to Helion Technologies, several insurers need it as a requirement for dealership cybersecurity coverage. Further, the new budget spending for Canadian infrastructure protection is marked at USD 144.9 million over five years, including Canada's critical cyber systems, including sectors in the finance, telecommunications, energy, and transport sectors, which further drives the demand for embedded security solutions.
- In December last year, Apple launched three enhanced security features to secure user data in the cloud, marking the latest step in the company's continuous endeavor to give users even more robust solutions to protect their data. Users can utilize iMessage Contact Key Verification to ensure they are connecting only with the people they want to. Users can use Security Keys for Apple ID to require a physical security key to sign in to their Apple ID account.
- The Health Insurance Portability and Accountability Act, a federal statute of the United States, reported the increase of breaches by 25% year-over-year in the Healthcare Data Breach Report, with 29,298,012 healthcare records breached. Such an increase in data breaches would drive the studied market.
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