automotive-cyber-security-market

Automotive Cyber Security Market By Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)), ByType (Software-based, Hardware-based, Services) - Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

05 Mar 2018 Format PDF icon PPT icon XLS icon Request Sample

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:

  • BMW Group, Intel Corporation, Mobileye an Intel company and Fiat Chrysler Automobiles signed memorandum on June 2016 to join them in developing autonomous driving platform.
  • BMW’s alliance with Aptiv PLC on January 2018 for eight BMW 5 series sedans equipped with automated driving technology.
  • The Renault-Nissan Alliance and Microsoft Corporation have signed a global, agreement on September 2016 to partner on next generation technologies to advance connected driving experiences worldwide.
  • Ericsson collaboration with Zenuity, an automotive software joint venture between Autoliv and Volvo Car Corporation to develop an end-to-end platform for connected safety on June 2014.

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:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Automotive Cyber Security market and their expected impact during the forecast period.

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
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation
Vehicle Type
  • Passenger Cars
  • Light Commercial Vehicles (LCVs)
  • Heavy Commercial Vehicles (HCVs)

Type
  • Software-based
  • Hardware-based
  • Services

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Automotive Cyber Security market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Automotive Cyber Security market?
  • Which is the largest regional market for Automotive Cyber Security market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Automotive Cyber Security market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Automotive Cyber Security market worldwide?
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