Automotive Cyber Security Market Is Projected to Expand At A CAGR Of 20.5% Between 2023 And 2031. With increasing use of advanced electronics, automotive vehicles are now built with numerous sensors and control units for controlling systems ranging from steering, braking to headlights. In addition, as more number of vehicles get connected, cyber-attacks have emerged as a major cyber-security threat. This has posed as a significant challenge for automotive manufacturers and adjacent technology providers, thereby creating wide array of opportunities for cyber security solutions. Automotive cyber security refers to solution designed to provide protection to vehicles such as connected passenger vehicles, VIP vehicles, police vehicles, defense vehicles and others having high risk of cyber-attack. Automotive electrical components such as sensors, control units, lighting to steering, engine and other drive in parts are connected by means of an internal network. An access to such peripheral electronic control unit (ECU) would enable hackers to take control over various critical components such as engine and brakes.
With consistently growing automotive industry along with the introduction of concept of IoT, connected cars are set to exhibit high growth in the following years. Being more susceptible to cyber-attacks, increasing penetration of connected cars is set to demonstrate high demand for related cyber security solutions. Hackers are getting savvier in perpetrating cyber-attacks more easily and cost effectively on connected vehicles due to limited security in current scenario. Thus, automotive companies are now working closely with software security companies for designing effective cyber security for connected vehicles. Some of the major instances are listed below:
Apart from external communications, a connected vehicle also features internal communications for internal module functioning. Thus, it becomes crucial to secure these modules to ensure seamless functioning of vehicles. In order to address these concerns, technology companies are working together for detecting and providing solution to cyber security problem in automotive industry. For instance, in January 2018, Honeywell International, Inc. and LG Electronics, Inc. signed a memorandum of understanding (MoU) in order to work towards developing new automotive software and infrastructure solutions to address issues pertaining to security threat associated with connected vehicles.
North America is the largest market for automotive cyber security solutions and is set to retain its position in the market over the forecast period. The U.S. is among the largest markets for connected cars, making it the most prominent market for related cybersecurity solutions. With increasing penetration of the overall IoT services, Asia Pacific is set to emerge as the next big market for connected cars. Subsequently, the region would register the highest growth rate for automotive cyber security solutions in the following years.
Key Players Identified in the Automotive Cyber Security Market include but are not limited to:
Cisco Systems, Inc., Argus Cyber Security Ltd., Harman International Industries, Inc., Intel Corporation, ESCRYPT-Embedded Security, SBD Automotive, BT Group plc., NXP Semiconductors NV, Trillium Software, Secunet Security Networks AG, Security Innovation, Inc., Utimaco GmbH. and Others Notable Players.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Cyber Security market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
Segmentation | |
Vehicle Type
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Type
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report