Automotive Cyber Security Market Analysis
The Automotive Cybersecurity Market is growing rapidly with the emerging autonomous driving/driverless vehicle and connected car concepts. The risk of cyberattacks against automobiles is increasing every year, becoming a paramount concern for the automotive industry. The need to establish mechanisms to protect and monitor vehicles from cyber-attacks drives the growth of the market.
The demand for the provision of monitoring services for connected cars and the development of a safe and secure mobility society around the world influence the market size. Besides, government mandates for developing safe, connected cars, electric vehicles, and autonomous vehicles boost the market share. Automotive engineers are continually alarming threats to cars’ processing power that could be hacked for other activities such as mining bitcoins.
All these factors would continue to push the growing consumer demand for the convenience of connectivity in their vehicle and driving experience. These also indicate that the market is projected to witness revenue growth in the years to come. In this regard, Market Research Future (MRFR), a renowned research firm, states that the global automotive cybersecurity market is estimated to value USD 32 Million, growing at a CAGR of 9% during the review period.
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Rising Adoption is a Major Industry Trend
Besides, government mandates for developing safe, connected cars, electric vehicles, and autonomous vehicles boost the market share. Automotive engineers are continually alarming threats that could hack the processing power of cars for other activities such as mining bitcoins. Also, the demand for improved connectivity to enhance the driving experience is growing. All these factors would continue to push the market demand.
Additionally, rising technical expertise, enormous investments in developing cybersecurity technologies, and the proliferation of integrated & embedded connectivity are other major trends observed in the market. Rapid advances in digital technology and increasing demand for automotive cybersecurity solutions positively impact the market growth. The rapidly growing awareness for cybersecurity features influences the market rise.
Lack of Awareness Obstruct the Market Growth
Despite demonstrating major growth prospects, the market still witnesses major setbacks, such as the lack of awareness for these systems. Nevertheless, rising passenger car sales in emerging regions would support the market growth throughout the assessment period. Also, the spurring rise in automobile industries and technological advancements influence the growth of the regional market.
Global Automotive Cyber Security Market –Segments
The automotive cyber security market analysis is segmented into security type, vehicle type, application, and region. The security type segment is bifurcated into network security, endpoint security, application security, wireless security, cloud security, and others. The vehicle type segment is bifurcated into passenger cars and commercial vehicles.
The application segment is sub-segmented into telematics, on-board diagnostic (OBD), infotainment, communication channels, powertrain, safety systems, and others. By regions, the market is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
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Global Automotive Cyber Security Market — Geographical Analysis
North America leads the global automotive cyber security market. Numerous cross-industry collaborations are taking place between automotive original equipment manufacturers and mobile network operators (MNOs) to enhance the connected living experience for users while driving. Also, the demand for undisrupted internet connectivity inside a vehicle by users creates substantial market opportunities.
Large technological advances and the presence of various connected mobility solution providers in the region influence the market growth. Besides, the futuristic infrastructure in the region drives the market growth, bringing about advanced connected mobility platforms. Moreover, the rising efforts of automakers in discovering new technologies to eliminate cyber attacks and give a safe journey experience influence region’s market share.
Europe stands second in the global automotive cyber security market. The market is driven by rising technical expertise and enormous investments in developing cybersecurity technologies, and the proliferation of integrated and embedded connectivity. Additionally, rapid advances in digital technology and increasing demand for automotive cybersecurity solutions positively impact regional market growth.
The automotive cyber security market in the Asia Pacific is emerging as a promising market globally. Factors such as the augmenting demand for cybersecurity solutions in connected vehicles and increasing adoption of smart & electric vehicles among people drive the regional market growth. Automotive cyber security markets in Japan, China, and India are growing exponentially, increasing the overall regional market share.
Players leading the global automotive cyber security market include Harman International Industries, Inc. (U.S.), Argus Cyber Security (Israel), Karamba Security (Israel), Cisco Systems Inc. (U.S.), Intel Corporation (U.S.), NNG Software Developing and Commercial Llc. (Hungary), NXP Semiconductors N.V. (Netherlands), Intel Corporation (U.S.), Secunet AG (Germany), and Escrypt Embedded Systems (Germany), among others.
March 23, 2021 — — — Panasonic Corporation and McAfee Co., Ltd. announced their collaboration for building vehicle SOC to commercialize vehicle security monitoring services. These companies would jointly build vehicle SOCs that enable protection against cyber-attacks for connected vehicles around the world. The automotive cybersecurity solutions would help accurate detection and early response to attacks and help strengthen Cybersecurity measures in the automotive industry.
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