Rising IoT Applications Fuel Demand with Payments Sector Emerging as Leading Player

The global embedded security market is estimated to be worth $7.4bn in 2023, reaching $9.8bn by 2028, according to ResearchAndMarkets.com. The report highlighted the growing IoT applications and the adoption of generative AI as the main drivers for the sector’s growth and also cited China’s dominance in producing embedded security products due to its strong manufacturing capabilities and high domestic demand.