How much is the automotive cybersecurity market worth?
The global automotive cybersecurity market size reached US$ 3.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.2 Billion by 2032, exhibiting a growth rate (CAGR) of 17.68% during 2024-2032.
Factors Affecting the Growth of the Automotive Cybersecurity Industry:
-
Increasing connectivity in vehicles
One of the primary factors driving the market growth is the rapid increase in vehicle connectivity. The automotive industry is undergoing a transformative shift with the advent of connected cars and the proliferation of advanced technologies such as vehicle-to-everything (V2X) communication, telematics, and infotainment systems. These innovations enhance the driving experience, provide real-time data, and enable seamless communication between vehicles and external systems. This increased connectivity is creating more entry points for malicious actors to exploit, and the risk of unauthorized access, data breaches, and manipulation of critical vehicle functions becomes more pronounced. As a result, the demand for robust cybersecurity solutions has surged to counteract these evolving threats and secure the interconnected ecosystem of modern vehicles.
-
Rising complexity of in-vehicle electronics
The escalating complexity of in-vehicle electronics is presenting lucrative opportunities for market expansion. Modern vehicles are equipped with a multitude of electronic control units (ECUs), sensors, and embedded systems that govern various aspects of vehicle functionality, including propulsion, braking, steering, and safety features. The integration of these advanced electronic components enhances vehicle performance and introduces innovative features, but it also intensifies the challenges associated with cybersecurity.
As a result, there is a rising demand for comprehensive cybersecurity solutions to protect against unauthorized access and manipulation of in-vehicle electronics. Concurrent with this, manufacturers are increasingly investing in technologies that can detect and mitigate cybersecurity threats in real-time, ensuring the integrity and reliability of electronic systems within vehicles, which is further strengthening the market growth.
-
Stringent regulatory frameworks and standards
The implementation of stringent regulatory frameworks and standards, such as ISO/SAE 21434 and UN Regulation No. 155 within the automotive industry, emphasizing the importance of proactive measures to secure vehicles against cyber threats, is acting as another significant growth-inducing factor. Compliance with these regulations is a legal requirement and a crucial element in maintaining consumer trust and confidence in vehicle safety. The automotive industry's commitment to adhering to these standards serves as a catalyst for the adoption of advanced cybersecurity solutions. Consequently, manufacturers are compelled to invest in technologies that align with regulatory requirements, ensuring that vehicles meet cybersecurity standards throughout their lifecycle.
Request to Get the Sample Report: https://www.imarcgroup.com/automotive-cybersecurity-market/requestsample
Automotive Cybersecurity Market Report Segmentation:
By Security Type:
- Application Security
- Wireless Network Security
- Endpoint Security
Wireless network security dominates the market due to the pervasive integration of connected car technologies, necessitating robust protection against cyber threats targeting wireless communication protocols and networks.
By Form:
- In-Vehicle
- External Cloud Services
In-vehicle cybersecurity represents the largest market segment due to the rising integration of advanced in-vehicle technologies, spurring the need for cybersecurity solutions to protect these intricate systems.
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
- Electric Vehicle
Passenger cars account for the majority of the market share because of their widespread adoption and the increasing connectivity features in consumer vehicles.
By Application:
- ADAS and Safety
- Body Control and Comfort
- Infotainment
- Telematics
- Powertrain Systems
- Others
Infotainment represents the largest segment based on application due to the rising integration of entertainment and connectivity features in vehicles.
Regional Insights:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
North America enjoys the leading position in automotive cybersecurity, driven by the region's early adoption of connected car technologies, stringent regulatory frameworks, and a heightened awareness of cybersecurity risks.
Ask An Analyst– https://www.imarcgroup.com/request?type=report&id=7049&flag=C
Who are the key players operating in the industry?
Automotive Cybersecurity Key Companies:
- Aptiv PLC
- Capgemini SE
- Continental AG
- DENSO Corporation
- GuardKnox
- HARMAN International (Samsung Electronics Co. Ltd.)
- Karamba Security Ltd.
- NXP Semiconductors N.V.
- Upstream Security Ltd.
- Vector Informatik GmbH
Global Automotive Cybersecurity Market Trends:
The increasing adoption of autonomous and semi-autonomous vehicles driving the incorporation of complex software systems and artificial intelligence (AI) within vehicles represents one of the key factors driving the demand for automotive cybersecurity. Moreover, the growing integration of connected car features, encompassing critical functions such as advanced driver assistance systems (ADAS), is creating a positive outlook for market expansion. In addition to this, the increasing demand for advanced cybersecurity solutions tailored to the unique vulnerabilities of different vehicles is contributing to the market growth.
Furthermore, the expanding integration of over-the-air (OTA) software updates in vehicles, as automakers increasingly deploy software-driven features and functionalities, is propelling the market forward as these updates also introduce new avenues for cyber threats.
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Media Contact:
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: sales@imarcgroup.com
Phone: +1-631-791-1145
Address: 134 N 4th St
City: Brooklyn
State: NY
Country: United States
Website: https://www.imarcgroup.com
