Automotive Cybersecurity Market

Global Automotive Cybersecurity Market Size (2024 to 2032)

The global automotive cybersecurity market was valued at USD 3.53 billion in 2023 and is anticipated to reach USD 4.28 billion in 2024 from USD 20.07 billion by 2032, growing at a CAGR of 21.30% during the forecast period from 2024 to 2032.

The increase in spending on cybersecurity is mounting as it is going to be hard to stay pace with the rise in cybercrimes and malware assaults on governments, BFSI, and medicinal services associations. The developing risk scene is seen with the surge in cybercrime initiates around the world in recent years. Moreover, the rush in cybercrime is driving the necessity for efficient automotive cybersecurity solutions over the foreseen period.

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.

REPORT COVERAGE

SEGMENT ANALYSIS

Global Automotive Cybersecurity Market Analysis By Application

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.

Global Automotive Cybersecurity Market Analysis By Security

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.

Global Automotive Cybersecurity Market Analysis By Vehicle Type

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.

Global Automotive Cybersecurity Market Analysis By Service

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.

REGIONAL ANALYSIS

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.

KEY MARKET PLAYERS

Infineon Technologies AG, Argus Cyber Security, Intel Corporation, Trillium Inc, Harman International Industries, Inc., Delphi Automotive PLC, Lear Corporatio, SBD Automotive & Ncc Group, Arilou Technologies, Karamba Security, ESCRYPT GmbH. These are the market players that are dominating the global automotive cybersecurity market.

RECENT HAPPENINGS IN THE GLOBAL AUTOMOTIVE CYBERSECURITY MARKET

• 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.

DETAILED SEGMENTATION OF THE GLOBAL AUTOMOTIVE CYBERSECURITY MARKET INCLUDED IN THIS REPORT

This research report on the global automotive cybersecurity market is segmented and sub-segmented into the following categories.

By Application

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

By Security

• Endpoint
• Application
• Wireless Network

By Vehicle Type

• Commercial Vehicle
• Passenger Car
• Electrical Vehicle

By Service

• In-vehicle Services
• External Cloud Services

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa