Automotive Cybersecurity Market

Automotive Cybersecurity Market Size (2023-2028):

The Global Automotive Cybersecurity Market was worth US$ 2.91 billion in 2022 and is anticipated to reach a valuation of US$ 7.63 billion by 2028 and is predicted to register a CAGR of 21.30% during 2023-2028.

The emerging fame of digitalization has influenced companies to rely on digitized data. Sharing essential data in the external and internal environment to has made corporations prey to cybercrime in the form of various sorts of assault. A successful digital charge can harm or eradicate the organization, therefore the need for automotive cybersecurity came into existence.

Market Drivers:

Cloud and mobile computing are the latest innovations in the world that have created numerous opportunities for the global automotive cybersecurity market. The progression of a reliant cloud software infrastructure, open-car standard interfaces, mobile cross platforms, and automotive data provide various growth avenues to the worldwide market. The industry is gradually evolving to enable smartphone support with car systems for autonomous vehicles. This is often assumed to create huge growth potential for the creation of intelligent transport systems. Rising cases of attacks because of owing to the adoption of connected cars will also drive the market.

Market Restraints:

Safety-related issues commonly accepted measures, and financial impacts are a number of the factors that will hamper the business expansion.

Market Recent Developments:

• Upstream Security's 2020 Automotive Cybersecurity Report shows in-depth insights and stats gleaned from observing 367 publicly reported automotive cyber incidents crossing the past years, highlighting vulnerabilities and ideas recognized during 2019.
• Riyadh announces global cybersecurity initiatives that would open collaboration with India
• Governor of Saudi Arabia's Riyadh Region Prince Faisal bin Bandar has announced two global initiatives to spice up cybersecurity. This is often the brainchild of Prince Mohammed bin Salman.
• Modern vehicles have lots of computers onboard, and they're not only for running GPS or playing music. Computers monitor and control nearly every system in your car, including steering, brakes, and therefore the engine itself. This is often why automotive cybersecurity is essential.
• In olden times, what happened in your vehicles typically remains in vehicles only, which is not possible now. The inrush of digital innovations, from infotainment connectivity to over-the-air (OTA) software updates, is banging cars into information clearinghouses. While providing efficient consumer value, these changes also open up vehicles to the seamier side of the digital revolution.

AUTOMOTIVE CYBERSECURITY MARKET REPORT COVERAGE:

Market Segmentation:

Automotive Cybersecurity Market - By Application:

• ADAS & Safety System
• Infotainment
• Body Electronics
• Powertrain
• Telematics

The ADAS & Safety System is witnessing groundbreaking technological improvements in ADAS and autonomous driving technologies, which is predicted to reinforce the demand for a continuous connection from the vehicle's ECU to many cloud services that enhance sensor processing and subsequent vehicle maneuvering.

Automotive Cybersecurity Market - By Security:

• Endpoint
• Application
• Wireless Network

The wireless network is the leading segment. Rising use to ensure network security via restricted device management in-vehicle terminals thanks to the increasing number of connected cars leading to a high chance of attacks on network interfaces will fuel the growth in this segment. The application segment is foreseen to witness the fastest CAGR of about 24% from 2020 to 2025.

Automotive Cybersecurity Market - By Vehicle Type:

• Commercial Vehicle
• Passenger Car
• Electrical Vehicle

The commercial vehicle sector in the global automotive cybersecurity market is relied upon to grow at a CAGR of 35.4% over the coming years as these vehicles assume an exciting role in conveying the nation's merchandise and ventures and thus, protecting them from the rising cybercrime. These vehicles additionally use applicable modifications to expand their network and help the organizations to promote their working productivity. It encourages them to lessen fuel costs and improves vehicular profitability, boosting their demand.

Automotive Cybersecurity Market - By Service:

• In-vehicle Services
• External Cloud Services

In-vehicle services are the leading segment. The rise in the usage of endpoint applications, such as radio, mobile, smart antenna, and others in automobiles is kindling the demand for in-vehicle services.

Market Reginal Analysis:

The Global Automotive Cybersecurity Market Report includes the segmentation of regions:

• North America - U.S, Canada

• Europe - Norway, Germany, Sweden

• Asia Pacific - China, India, Japan

• Latin America - Brazil, Mexico, Argentina

• Middle East and Africa - Middle East, Africa

North America is predicted to accumulate the most important share of the worldwide market during the forecast period. The rise in demand for cars in this region, due to the convergence of the ICT and automotive sectors has resulted in the emergence of the connected car ecosystem. The necessity for cybersecurity thus is about to rise steadily driven by the increasing adoption of connected cars in North America. Germany led the European market in 2018 on account of the presence of prominent automobile manufacturers, such as Porsche, Audi, Ford, Opel, BMW, Volkswagen, and Mercedes-Benz. Asia Pacific (APAC) is projected to be the second-largest market thanks to changing consumer lifestyles alongside increasing purchasing power and rapidly growing urbanization in the region.

Market Key Players:

1. Infineon Technologies AG
2. Argus Cyber Security
3. Intel Corporation
4. Trillium Inc.
5. Harman International Industries, Inc.
6. Delphi Automotive PLC
7. Lear Corporation
8. SBD Automotive & Ncc Group
9. Arilou Technologies
10. Karamba Security
11. ESCRYPT GmbH