Automotive Cyber Security Market Capture a CAGR of 18.5%, to Reach USD 8.94 Billion Valuation by 2030 - Report by Market Research Future (MRFR)
Market Research Future
Updated 6 min read
Market Research Future
Automotive Cyber Security Market Growth Boost by Cloud Security Denotes a Broad set of Policies & New Technologies
New York., US, June 20, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Cyber Security Market Information by Security Type, Vehicle Type, Application, and Region - Forecast till 2030”, Automotive Cyber Security Market Could thrive at a rate of 18.5% between 2022 and 2030. The market size will be reaching around USD 8.94 Billion by the end of the year 2030.
Automotive Cyber Security Market Overview
Automotive Cyber Security refers to the technologies, practices, and systems implemented to protect vehicles and their networks from cyber threats and unauthorized access. With the increasing integration of advanced technologies and connectivity features in modern vehicles, ensuring the security of automotive systems and data has become crucial. Automotive Cyber Security encompasses various solutions and measures that aim to prevent cyberattacks, detect potential vulnerabilities, and respond effectively to emerging threats.
Automotive Cyber Security plays a vital role in protecting connected vehicles from cyber threats. It safeguards critical vehicle systems such as engine control units, infotainment systems, telematics, and communication networks. By implementing robust security measures, Automotive Cyber Security helps prevent unauthorized access, data breaches, vehicle tampering, and remote control exploits. It also ensures the integrity and privacy of sensitive data, such as driver information, vehicle diagnostics, and real-time communication.
The affluent companies in the Automotive Cyber Security industry include
Intel Corporation
Escrypt Embedded Systems
Secunet
Cisco Systems Inc
Harman International Industries Inc
NNG Software Developing and Commercial
Argus Cyber Security
Intel Corporation
NXP Semiconductors
Karamba Security
Among others.
March 2022
Siemens Canada announced its expansion in New Brunswick, reinforcing its presence and broadening its cybersecurity services. The company has unveiled the inauguration of the Critical Infrastructure Defense Center (CIDC), a pioneering establishment in the Siemens domain dedicated to Critical Infrastructure Protection (CIP) and specialized in Operational Technology (OT). With this strategic move, Siemens Canada aims to enhance its cybersecurity capabilities and offer comprehensive defense measures tailored to safeguard critical infrastructure systems.
The COVID-19 pandemic had a mixed impact on the Automotive Cyber Security market. On one hand, the pandemic highlighted the importance of secure and reliable vehicle connectivity, as remote diagnostics and over-the-air software updates became essential. However, the overall market witnessed a slowdown due to disrupted production schedules and reduced vehicle sales. Post-COVID, as the automotive industry recovers and rebounds, the market for Automotive Cyber Security is expected to regain momentum. The increasing focus on connected and autonomous vehicles, coupled with a heightened awareness of cyber threats, will drive the demand for robust security solutions
Report Scope:
Report Metrics
Details
Market Size 2030
2030: USD 8.94 billion
CAGR during 2022-2030
18.5 % CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Security Type, Vehicle Type, Application and Region
Key Market Opportunities
Through broadcast media to the vehicle and intelligence in real time
Key Market Dynamics
Cloud security denotes a broad set of policies & technologies
The growing integration of connected technologies and digital features in vehicles, such as infotainment systems, GPS navigation, and vehicle-to-everything (V2X) communication, amplifies the need for robust cyber security. As vehicles become more connected, the risk of cyberattacks also increases, necessitating advanced security solutions. Governments and regulatory bodies worldwide are imposing stringent regulations and standards for automotive cyber security. Compliance with these regulations, such as the UN Regulation on Cyber Security and Software Updates, drives the adoption of Automotive Cyber Security solutions. The automotive industry is becoming an attractive target for cybercriminals due to the value of data and the potential impact of vehicle compromise. The increasing frequency and sophistication of cyber threats, including ransomware attacks, data breaches, and remote vehicle hijacking, create a strong demand for robust Automotive Cyber Security solutions.
Market Restraints:
One major market restraint for Automotive Cyber Security is the high cost associated with implementing comprehensive security measures. The integration of sophisticated security systems and ongoing monitoring and maintenance can be financially challenging for some automotive manufacturers and stakeholders. Additionally, the lack of standardized security protocols and the complexity of securing diverse automotive architectures present significant challenges for market growth. Collaborative efforts, industry-wide standards, and cost-effective solutions are crucial to overcoming these restraints.
By Security Type, the segment includes Network Security, Endpoint Security, Application Security, Wireless Security, and Cloud Security.
By Vehicle Type
By Vehicle Type, the segment includes Passenger Cars, Commercial Vehicles.
By Application
By Application, the segment includes Telematics, On Board diagnostics (OBD), Infotainment, Communication Channels, Powertrain, Safety Systems, and Others.
North America holds a significant market share in Automotive Cyber Security. The region's strong automotive industry, advanced technological infrastructure, and emphasis on consumer safety contribute to the demand for robust cybersecurity solutions.
Europe is a key region in the Automotive Cyber Security market, driven by the presence of leading automotive manufacturers and a high adoption rate of connected vehicles. Stricter regulations and initiatives aimed at enhancing vehicle security and data protection propel the market growth in Europe.
The Asia Pacific region is witnessing rapid growth in the Automotive Cyber Security market due to the increasing production of automobiles, particularly in countries like China, Japan, and South Korea. The rising demand for connected and electric vehicles, along with government initiatives to strengthen cyber security in the automotive sector, drives market expansion in this region.
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