Automotive Cybersecurity Market Size, Share,Industry, Forecast and outlook (2024-2031)

Market Overview :

The advancement in the automobile sector in the field includes connected devices with Bluetooth, built-in cellular communication, find my car, Wi-Fi for remote start, and many other apps. Besides, vehicle-to-infrastructure, vehicle-to-vehicle, vehicle-to-cloud, and vehicle-to-everything technology also make cars unsafe to hackers. Features such as remote start and automatic braking would take on a very different character if they were under a small adversary's control. Moreover, automotive cybersecurity means implementing defenses to a vehicle, such as GPS location info or data that's a smartphone connected to the Bluetooth speaker, stopping hackers from controlling or manipulating the vehicle, and resetting the oil change counter. Besides, automotive cybersecurity has a wide range of advantages, such as security engineering methods, hardware trust anchors (SHE, HSM, TPM), cryptographic processes, management of crypto material (keys, certificates), secure boot, intrusion detection, and intrusion prevention systems, secure onboard and off-board communication.

Market Trends :

The increasing demand for vehicle electronics and the growing adoption of advanced vehicle technologies, including connected vehicles, self-driving vehicles, virtualization of software, and digital twinning of vehicles, have made automated vehicles unsafe for cyberattacks. The increasing demand for connected vehicles is expected to boost market growth during the forecast period. Moreover, the growing number of government regulations and standards for connected vehicles have contributed to increasing cybersecurity in the automotive market. Besides, the telematics market is expected to boost market growth due to multiple factors like the increased number of accidents, rising vehicle thefts, security issues while traveling, and the demand for navigation services.

However, affordability and less awareness regarding vehicle cybersecurity are expected to hinder market growth during the forecast period. Besides, the wireless and advanced RF communication used in these modules will create more opportunities for hackers. Cybercriminals stealing personal data or manipulating vehicle functionality are other key factors hindering the market growth.

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Market Segmentation :

By security, the market is segmented into the communication network, electronic systems, software, external interfaces, hardware, etc. By vehicle type, the market is segmented into passenger and commercial vehicles. For protection & monitoring, the market is segmented into an external interface, in-vehicle network, in-vehicle state of health, security field, and air software & vehicle update. By application, the market is segmented into ADAS & safety systems, telematics systems, powertrain systems, infotainment systems, body control & comfort system, and others.

ADAS are intelligent systems that reside inside the vehicle and assist the main driver in various ways. These systems may provide important information about traffic, closure & blockage of roads ahead, crowding levels, suggested routes to avoid crowding, and others. These systems will also be used to judge the human driver's fatigue and distraction, make precautionary alerts, assess the driving performance, and make suggestions regarding the same. These systems can take over the human's control on assessing any threat, and perform easy tasks (like cruise control) or complicated maneuvers (like overtaking and parking). The most significant advantage of using assistance systems is that they enable communication between different vehicles, vehicle infrastructure systems, and transportation management centers. The advancement in ADAS technology is expected to boost market growth during the forecast period.

Geographical Share :

The automotive cybersecurity market size was sized at USD 1.26 billion worldwide in 2018. Several cybersecurity providers are headquartered in the Asia-Pacific region, the largest market with some USD 300 million. Increased connectivity and autonomous vehicles have driven and will continue to drive the market's growth during the forecast period.

North America is the dominant automotive cybersecurity market due to the high demand for automatic vehicles. Moreover, the local government's growing investments and critical measures to reduce cyber-attacks in the automotive market are expected to drive the regional market.

APAC's automotive cybersecurity market is expected to witness the fastest growth in the forecast period. Continuous infrastructure developments and industrial development activities in emerging economies have opened new automotive original equipment manufacturers (OEMs) offering connected vehicles. Therefore, due to the increasing adoption of connected vehicles during the forecast period, the region's automotive cybersecurity market is expected to boost the market growth in developing countries such as China, Japan, and India.

Europe is expected to have significant growth in the automotive cybersecurity market during the forecast period. Germany will hold the largest market share in this region due to prominent automobile manufacturers like Audi, Porsche, Ford, BMW, Volkswagen, Mercedes-Benz, and others.

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Competitive Landscape

The automotive cybersecurity market is fragmented with the presence of regional and global players. The competitive outline lies with the increase in the regional company and growing investment in upstream applications. CENTRI, Arxan Technologies Inc., Lear Corporation, Delphi Automotive PLC, Argus Cyber Security, Harman International Industries Inc., SBD Automotive & NCC Group, Intel Corporation, Trillium Inc., and Denso Corporation are the major player in the automotive market. The major players adopt various growth strategies such as product launches, acquisitions, and collaborations, contributing to the global automotive cybersecurity market.

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