As the world becomes more connected, the inherent security flaws in our global network have been highlighted by security professionals, criminals, and national governments alike. With software security still struggling to stay ahead of hackers and government mandates, more and more businesses are turning to hardware-level security.

Market research firm ABI Research today released a new cybersecurity report predicting that the mobile hardware security market is set to take off in the coming years. The firm estimates that the total mobile hardware security market will take in $1 billion in revenue during 2014.

The market for hardware-level security will likely be propelled along with the rise in use of mobile devices for financial institutions and government applications. However, ABI also warns that the market may be held back by a lack of standards stemming from the wide variety of mobile devices and manufacturers currently on the market. With bring-your-own device programs now complicating both hardware and software matters for businesses, it may be quite a while before a consensus on mobile hardware security is reached.

“Interesting partnerships are being formed in the market, with players still unsure which technology will ultimately prevail,” said Michela Menting, senior cybersecurity analyst at ABI. “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.”

Image via Samsung