Rising Demand for Automotive Cybersecurity: Market Outlook and Key Trends
Market Research Future Insights
A programme called automotive cybersecurity guards against unauthorised access, damage, assaults, and other criminal activity for internet-connected cars, automotive communication systems, users, and data. As they can now connect to the internet, vehicles are self-sufficient, have better communication capabilities, and can share mobility..
According to MRFR analysis, the global Automotive Cyber Security Market is expected to register a CAGR of ~ 18.5% from 2022 to 2030 and hold a value of over USD 8.94 Billion by 2030.
This has acceptable for automobiles to convey data to their makers and users, yet, this improved connection has left automobiles vulnerable to cyber-attacks. The rising emphasis on OEMs on autonomous driving and connected car systems has augmented the risk of data breaching, thus augmenting the demand for cybersecurity solutions in the automotive market. Moreover, the rising usage of e-mobility across the globe is expected to initiate the market.
Regional Analysis
North America presently dominates the market. The emphasis and the steps taken by the government on achieving an efficient cybersecurity system have allowed the region to dominate the market. Plus, the growing demand for vehicles that are an outcome of the convergence of the automobile and ICT sector too has made it possible for the region to account for the largest share of the market.
Asia-Pacific is set to witness the highest CAGR for the estimated period. Change in the lifestyle of the people and upsurge in the purchasing power parity coupled with the demand for vehicles equipped with advanced technology will aid this region to achieve this feat. Moreover, the region is revolving out to be the automobile manufacturing hub. This in turn would further upsurge the market growth rate.
Market Segmentation
The Global Automotive Cyber Security Market has been segmented into the Form, Vehicle, Security, and Application
Based on form, The Global Automotive Cyber Security Market has been segmented into in-vehicle and external cloud services. The sector is expected to be dominated by the in-vehicle segment. This trend is being driven by increasing demand for in-vehicle applications like infotainment, ADAS, and telematics, as well as augmented use of endpoint apps like a smart antenna, radio, and smartphones in emerging nations.
Based on vehicles, The Global Automotive Cyber Security Market has been segmented into passenger vehicles and commercial vehicles. Passenger cars are likely to upsurge quickly as they become progressively connected to external cloud services for fleet management software and telematics, making them more exposed to cyber-attacks. Furthermore, the market for automated passenger automobiles is speedily expanding.
Based on security, The Global Automotive Cyber Security Market has been segmented into endpoint security, application security, and wireless network security. Application security is projected to expand at a faster rate as the number of connected automobiles grows as luxury and mid-size vehicle sales upsurge, increasing cyber threats.
Based on application, The Global Automotive Cyber Security Market has been segmented into telematics systems, body control and comfort system, infotainment system, powertrain system, communication systems, ADAS, and safety systems. Because of their growing incorporation in modern automobiles, cybersecurity for powertrain systems is expected to increase.
Key Players
Some of the key market players are NNG Software Developing and Commercial LLC. (Hungary), Argus Cyber Security (Israel), Intel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), Karamba Security (Israel), Intel Corporation (U.S.), Escrypt Embedded Systems (Germany), Secunet AG (Germany), Cisco Systems Inc. (U.S.), and Harman International Industries Inc. (U.S.)
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