Automotive Cyber Security Market is estimated to be worth USD 8.94 billion, recording a CAGR of 18.56% during the predicted period (2023 - 2030). The market was valued at a rate of USD 2.16 billion in 2020. The choices, preferences and desires of drivers are rapidly changing. Consumers are now expecting personalized experiences, so the vehicle industry is adapting the technique to meet those demands. More software results from increased personalization and connectedness, which means more vulnerability.
Connected vehicles can
function similarly to smartphones and smart appliances. The sharing of internet
and wireless network access with other vehicles and external equipment can send
and receive data. New and advanced software is already providing greater
features and capabilities to fulfill the needs and expectations of drivers. In
such cases, automobile cybersecurity is serious, and it should be a part of the
design process.
The factors that are
estimated to drive the growth of the
automotive cybersecurity market are an increase in the need for automotive
cybersecurity, government initiatives for implementing connected car
technology, and mandatory cybersecurity standards. However, the increase in the
development of common podiums is leading to high risks, and the challenge is
making the applications secure, which restrains the market growth. However,
improving vehicle security using adaptive security and increasing the complexity
of cars’ electronic systems are estimated to offer profitable growth
opportunities for the market players.
The outbreak of covid-19
forced governments across the globe to impose strict lockdowns and made social
distancing mandatory to stop the virus from spreading. This resulted in a drop
of demand for new vehicles significantly. However, the automotive industry also
had a slow production rate; there was a reduction in the supply of raw
materials and breakage in the supply chains globally. The losses observed by
the automotive sector have affected the adoption of innovative cybersecurity
technologies. Now that the virus is in control across the globe, the automotive
industry is estimated to come on track very soon. The adoption of automotive
cybersecurity solutions, among the increasing demand for connected cars, is
estimated to increase.
Automotive Cyber
Security Market Key
Players
·
Intel
Corporation (U.S.)
·
Escrypt
Embedded Systems (Germany)
·
Secunet
AG (Germany)
·
Cisco
Systems Inc. (U.S.)
·
Harman
International Industries Inc. (U.S.)
·
NNG
Software Developing and Commercial LLC. (Hungary)
·
Argus
Cyber Security (Israel)
·
Intel
Corporation (U.S.)
·
NXP
Semiconductors N.V. (Netherlands)
·
Karamba
Security (Israel)
Automotive Cyber Security Market
segmentation
By Security Type:
·
Network Security
·
Endpoint Security
·
Application Security
·
Wireless Security
·
Cloud Security
By Vehicle Type:
·
Passenger Cars
·
Commercial Vehicles
By Application:
·
Telematics
·
On-Board Diagnostic (OBD)
·
Infotainment
·
Communication Channels
·
Powertrain
·
Safety Systems
·
Others
Automotive Cyber Security Market
Regional analysis
The regional analysis of
the automotive
cyber security market for the regions such as Asia Pacific, North
America, Europe and the Rest of the World. North America dominates the market
due to the number of cross-industry collaborations between original automotive
equipment manufacturers and mobile network operators. They are taking place for
continuous internet connectivity inside a car to improve the user's experience
with connected living while driving.
The Asia-Pacific region is one of the main players in the market owing to huge
enterprises. SMEs in the region are rising in adopting cloud-based cyber
security solutions.
Automotive Cyber Security Industrial
news
In 2018, BMW raised its
R&D spending on electric and autonomous vehicles to approximately US$ 8
billion.
Read more:
ride sharing industry statistics
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