Hardware security for mobile devices is quickly becoming a priority market as maturing applications for mobile finance or government-level use increasingly demand security at the core, according to market research firm ABI Research.
Without this security assurance, applications for mobile commerce, mobile money will have difficulty getting off the ground and finding adoption by the big card payment providers, ABI says.
The research firm says there are a number of obstacles barring the way to the “full dynamic” emergence of a hardware security market, however. One of the key obstacles is the fragmented mobile device landscape, with as many players on the silicon IP side as in OEM manufacturing. While a number of players are vying for leadership in the mobile hardware security space, the market is still too nascent and fractured, ABI says.
“Interesting partnerships are being formed in the market, with players still unsure which technology will ultimately prevail,” Michela Menting, ABI Research senior analyst in cybersecurity, said in a statement. “Yet all are aware of the pressing demand for security and that they will need to dive into the turbulent waters soon if they want to stay ahead of the game.”
ABI Research estimates the mobile hardware security market will reach $1 billion by the end of 2014.