Growing Adoption of Connected Cars Boosts the Automotive Cybersecurity Market
The automotive cyber security industry may be classified based on the kind of security. Network security, endpoint security, application security, and wireless security are all types of security. The development of wireless networks has lowered the complexity of cyber security. Wireless gadgets in automobiles assist to decrease the possibility of location monitoring by using explicit IDs in protocols or recognizable patterns in waveforms.
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 8,940.1 Million by 2030.
Regional Analysis
North America dominates the automotive cyber security market because of various cross-industry collaborations between automotive original equipment manufacturers and mobile network operators (MNOs) for continuous internet access within a car to improve the user experience of connected life while driving.
The Asia-Pacific region is a significant participant in the market. As major organizations and SMEs in the area are progressively embracing cloud-based cybersecurity solutions.
Automotive Cyber Security Market Demand and Growth:
The automotive cyber security market has experienced significant growth in recent years due to increasing concerns about the security of connected and autonomous vehicles. The rise of connected vehicles and the Internet of Things (IoT) has created a new layer of vulnerability, making it necessary to have robust cybersecurity measures in place.
Several factors have contributed to the growth of the automotive cybersecurity market. These include:
- Growing number of connected vehicles: The number of connected vehicles on the road is increasing rapidly, leading to a higher demand for cyber security solutions.
- Increase in cyber-attacks: As the number of connected vehicles increases, so does the number of cyber-attacks targeting these vehicles. This has led to an increased demand for robust cybersecurity solutions.
- Government regulations: Governments around the world are implementing regulations to protect the safety and security of connected vehicles, which is driving the growth of the automotive cybersecurity market.
- Rising concern about data privacy: As more personal and sensitive information is stored in vehicles, there is a growing concern about data privacy, leading to an increased demand for cyber security solutions.
- Investment in R&D: Companies are investing heavily in research and development to develop new and improved cybersecurity solutions for connected vehicles.
Overall, the automotive cybersecurity market is expected to continue its growth trajectory in the coming years as the number of connected vehicles increases and the need for robust cybersecurity solutions becomes more pressing.
Market Segmentation
The Global Automotive Cyber Security Market has been segmented into Security Type, Vehicle Type, and Application
Based on Security Type, the market has been segmented into Network Security, Endpoint Security, Application Security, Wireless Security, and Cloud Security.
Based on the Vehicle Type, the market has been segmented into Passenger Cars, Commercial Vehicles.
Based on the Application, the market has been segmented into Telematics, On Board Diagnostic (OBD), Infotainment, Communication Channels, Powertrain, Safety Systems, Others.
Key Players
Some of the key market players are Intel Corporation, Escrypt Embedded Systems, Secunet AG, Cisco Systems Inc, Harman International Industries Inc, NNG Software Developing and Commercial, Argus Cyber Security, Intel Corporation, NXP Semiconductors, Karamba Security.
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