Kenneth Research, in its repository of market research reports, have recently added a report on Wearable Device Cyber security Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Wearable Device Cyber security Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Wearable Device Cyber security Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
The Wearable Device Cyber security Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2023, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Wearable devices have become increasingly popular in the recent years mainly due to their consumer-focused offerings and a wide range of device connectivity. These devices carry massive amounts of user data ranging from user demographics and electronic health record (EHR). These may open the scope for possible security vulnerabilities, such as data exfiltration, proximity based vulnerabilities, account harvesting intercepting data while using a Pairing App or Bluetooth to connect with other IoT gear, point-to-point networking, new Wi-Fi networks and others. Often, it could lead to remote code execution, poodle attack, covert account takeover, obtaining an IMEI, location spoofing and others.
Most of the wearable devices that are being used today can prevent unauthorized access with device encryption; however, some of them have been found to be vulnerable to security threats while transferring data to cloud or paired with a personal device. Hence, security solutions developers are devising a two-factor authentication, and password-free web security to eliminate the security vulnerability, by implementing blockchain based security solutions to improve the level of device safety. The value chain players, such as device integrators, mobile app makers, enterprises, wearable device OEMs, and security companies are likely to enter into collaborative partnerships to bring advanced device security intelligence strategies for both consumers and enterprises.
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the “Worldwide Wearable Device Security” market is expected to become a $702.6 million market, by growing at a CAGR of 16.4% during the forecast period 2017-2023.
Wearable devices are segmented into Smartwatch, Head-mounted display, Body-worn camera and Others. The smartwatch segment includes, wrist bands, fitness bands and smart watches. The head mounted display segment includes, AR/VR devices and smart glasses. Smart watches are the dominating sub-segment which is expected to account for more than 69% of the segment’s revenues, followed by head mounted displays. The devices that are needed for cybersecurity accounts for less than 10% of the total wearables that are in use today. However, this segment is currently driven by increasing cyber vulnerabilities. Increasing information storage in the wearables would lead to a trend, cybersecurity as a commodity.
The Security Types include, Cloud Security, Application Security, Network Security and others. Currently, cloud security and application security solutions are quite popular among cybersecurity vendors and consumers, owing to their vital range of security capabilities. The network security is expected to continue grabbing attention from the vendors and wearable device OEMs owing to the increasing network level authentication vulnerabilities and data breaches.
The industries include, Healthcare, Corporate & IT, Manufacturing, Retail, Automotive, BFSI, Government and Others. The healthcare industry is the leading adopter of wearable device cyber security as the devices comprises huge volumes of customer data including, user’s health, demographic details, biometric passwords and others. The vital use cases of wearables have led to the need for cyber security across the industries.
The Americas, and Europe are most likely to hold a larger share in the wearable security solutions market and Asia is expected to become an emerging adopter of wearable device security solutions by 2023. The market growth in Asia will be largely due to the increasing demand from China, Japan, and the Southeast Asian countries. The Middle East and Africa are expected to contribute to the innovation in wearable device security solutions mainly due to Israeli cybersecurity start-ups.
The report provides details about the Worldwide Wearable Device Security market. The report also contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. The companies included in the report are Apple Inc., Google, IBM, Microsoft Corporation, Argus Cyber Security, Arilou Cyber Security, ESCRYPT – Embedded Security, Karamba Security, and Secunet Security Networks AG.
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