PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477097
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477097
Automotive Cybersecurity Market size was valued at USD 3,724.17 Million in 2023, expanding at a CAGR of 20.5% from 2024 to 2032.
The term "automotive cybersecurity" describes the procedures, tools, and techniques used to protect automobiles from online threats and attacks. With capabilities like Bluetooth, Wi-Fi, internet access, and internal networks making cars more and more linked, they also expose them to cybersecurity dangers that are comparable to those that affect PCs and other digital devices.
Automotive Cybersecurity Market- Market Dynamics
The rising connectivity of vehicles drives market growth
One of the main reasons driving the market expansion is the growing trend towards connectivity brought about by several factors, such as the growing need for sophisticated infotainment, navigation, and telematics systems by consumers and the advancement of autonomous and semi-autonomous vehicles. Additionally, the industry is being positively impacted by people's increased preferences for seamless connectivity, cloud-based services, and remote car control via smartphone apps. Because these features depend on complex software, communication networks, and data transfers, cars are more vulnerable to cyberattacks. Furthermore, the advent of semi-autonomous and driverless vehicles adds a whole new level of complexity to automotive cybersecurity. For navigation and decision-making, these vehicles heavily rely on cameras, radar, lidar, sensors, and advanced software algorithms. Additionally, the market is expanding due to the growing need for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communications to create safer and more effective transportation systems. Vehicle interconnectivity with roadside infrastructure and other cars opens up new attack points for hackers, necessitating the protection of these communication channels' integrity and confidentiality.
Automotive Cybersecurity Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 20.5% over the forecast period (2024-2032)
Based on security type segmentation, the Application Security segment is expected to capture a significant market share over the forecast period
Based on vehicle type segmentation, the Electrical Vehicle category dominates the market and is likely to maintain its dominance during the forecast period
Based on region, the Asia Pacific was the leading revenue generator in 2023
The Global Automotive Cybersecurity Market is segmented based on Security Type, Vehicle Type, Service, Application, and Region.
Based on the security type, the market is segmented into Application Security, Endpoint Security and Network Security. The Application Security segment is expected to capture a significant market share over the forecast period. Car manufacturers now frequently provide mobile applications that enable a seamless user interface and owner experience. Numerous features are available with these systems, such as wireless automobile starting, sophisticated inspections, and fuel level monitoring. Additionally, the development of new mobile applications has included several benefits for car owners.
Based on the vehicle type, the global industry is divided into Commercial Vehicles, Passenger Cars and Electrical Vehicle. The Electrical Vehicle category dominates the market and is likely to maintain its dominance during the forecast period. As more people become aware of economic progress and the disadvantages of driving hybrid vehicles, the market has grown. In addition, several local governments are providing financial incentives to encourage the purchase of electric cars in advance of more extensive infrastructure construction.
Automotive Cybersecurity Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. The frequency of cyberattacks has been rising consistently across APAC. However, a lack of security measures coupled with the increasing acceptance of work-from-home arrangements has led to a rapid increase in cyberattacks. The two most prevalent kinds of cyberattacks are those that use malware and ransomware. Malware and ransomware assaults are still 1.6 times more common in APAC nations than they are worldwide. Since 2018, ransomware assaults have increased in frequency across the globe. Cyberattacks in the auto sector have become more common as connected cars and digitization have spread. These assaults cause owners to incur significant losses since they target the car and compromise important vehicle data.
The market players operating in the Automotive Cybersecurity market are Upstream Security, Argus Cyber Security (a subsidiary of Continental AG), Harman International, Karamba Security, Symantec Corporation, BlackBerry Limited, GuardKnox, NXP Semiconductors, Aptiv PLC, Continental AG, Lear Corporation, Intel Corporation, Escrypt (a subsidiary of ETAS GmbH), Arilou Technologies (a NNG company), Trillium Secure, VDOO, Saferide Technologies, Autotalks, OnBoard Security and Cybellum among others. These players adopted various strategies to hold a maximum market share such as product launches, acquisitions, expansion and others.
In October 2023, HARMAN is advancing its reputation as a reliable cybersecurity partner in the worldwide automotive industry by demonstrating its commitment to cybersecurity awareness month. The automotive supply chain for OEM partners has been further strengthened by HARMAN's announcement that its cybersecurity management system has undergone an audit in conformity with ISO/SAE 21434:2021 and has been granted a certificate of compliance. The certification offers a framework for businesses to identify, evaluate, and manage cybersecurity risks across the course of their product lifecycles. It also assists the industry in defining an organized approach to guarantee cybersecurity is included in the design of road vehicles. It is essential for protecting automobiles and their occupants from possible cyberattacks and for encouraging industry-wide standards for automotive cybersecurity.
GLOBAL AUTOMOTIVE CYBERSECURITY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Upstream Security
Argus Cyber Security (a subsidiary of Continental AG)
Harman International
Karamba Security
Symantec Corporation
BlackBerry Limited
GuardKnox
NXP Semiconductors
Aptiv PLC
Continental AG
Lear Corporation
Intel Corporation
Escrypt (a subsidiary of ETAS GmbH)
Arilou Technologies (a NNG company)
Trillium Secure
VDOO
Saferide Technologies
Autotalks
OnBoard Security
Cybellum