Automotive Cybersecurity Market to grow from USD 2.5 billion in 2023 to USD 6.0 billion by 2028

"Increasing focus towards connected vehicles technology coupled with rising penetration of electric vehicles fuelled the growth of automotive cybersecurity solutions globally."

The global automotive cybersecurity market size is projected to grow from USD2.5 billion in 2023 to USD 6.0 billion by 2028, at a CAGR of 18.5%.Rising demand for connected vehicles has increased the electronic content per vehicle. This raised a vehicle's vulnerability against a cyber-attack, which has increased the demand for automotive cybersecurity solutions across the globe. Moreover, the advent of software-defined vehicles and rising sales of electric vehicles are also expected to bolster the revenue growth of the automotive cybersecurity market in the coming years globally. The automotive cybersecurity market, however, is expected to witness a significant boost in the coming years owing to the increase in vehicle production in different countries, the launch of UNECE WP.29 regulation as well as various government regulations that have compelled automotive OEMs to install additional safety systems in vehicles for better safety.

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The wireless network security segment is estimated to grow at a higher CAGR during the forecast period

During the forecast period, the wireless network security segment is anticipated to be the fastest-growing security type segment of the global automotive cybersecurity market. This segment will likely witness significant growth in the Asia Pacific region, followed by Europe and North America regions. . This is owing to the incorporation of V2X technology in vehicles and the rising demand for connected vehicles. Wireless network security solutions help to protect respective wireless networks from unauthorized access attempts. Wireless network security is typically delivered through wireless devices such as wireless switches and wireless routers that encrypt and secure wireless communications. All these factors above are expected to bolster the revenue growth for wireless network security segment of the automotive cybersecurity market during the forecast period.

ADAS & safety system segment is likely to dominate the automotive cybersecurity market during the forecast period

The ADAS & safety segment is expected to have significant growth opportunities in the automotive cybersecurity market during the forecast period. The demand for ADAS is increasing rapidly, particularly in emerging economies such as India and China, driven by improving road safety standards, supporting legislation, and consumer awareness. Several countries in Europe, North America, and Asia Pacific have introduced regulations that mandate incorporating various types of ADAS in passenger cars and commercial vehicles. For instance, from July 2022, European Commission introduced new "Vehicle General Safety Regulation". It introduced a range of mandatory advanced driver assistant systems to improve road safety and enable fully driverless vehicles in the European Union. Therefore, government mandates and increasing awareness of vehicle safety are expected to fuel the demand for ADAS & safety systems. The need for automotive cybersecurity solutions is also anticipated to grow globally rapidly during the forecast period.

Asia Pacific shows high growth potential for automotive cybersecurity market

Asia Pacific is projected to have largest share in the global automotive cybersecurity market during the forecast period. In Asia Pacific region, countries such as China, Japan, and South Korea are expected to take the lead in autonomous driving technology in the coming years. Leading automotive manufacturers in this region, such as Toyota, Honda, and Hyundai, leverage the advantages of safety systems and have made essential safety features a standard across their models. The anticipated rise in the penetration of autonomous vehicles coupled with increasing adoption of ADAS equipped vehicles would also support the growth of the automotive cybersecurity market in Asia Pacific region. This in turn is expected to create opportunities for stakeholders in the automotive cybersecurity ecosystem. All these aforementioned factors are expected to bolster the revenue growth of the automotive cybersecurity market in Asia Pacific region during the forecast period.

As vehicles become more connected and autonomous, the future of automotive cybersecurity becomes increasingly critical. The automotive industry's rapid integration of advanced technologies such as Internet of Things (IoT) connectivity, Artificial Intelligence (AI), and vehicle-to-everything (V2X) communication brings forth new opportunities, but it also opens the door to potential cyber threats.

The shift towards electric and self-driving cars amplifies the urgency to fortify automotive cybersecurity. Hackers can exploit vulnerabilities in connected systems to gain unauthorized access, leading to severe safety risks for drivers and passengers. Ensuring the integrity of vehicle systems and safeguarding user data are paramount to building trust in the evolving automotive landscape.

Manufacturers are taking significant strides to stay ahead of cyber threats. Implementing robust security protocols, such as encryption, secure boot processes, and multi-factor authentication, is becoming standard practice. Additionally, over-the-air (OTA) software updates enable prompt deployment of security patches and further protect vehicles from emerging threats.

Collaboration between automakers, cybersecurity experts, and regulatory bodies will be crucial to establishing industry-wide best practices. A unified approach will promote information sharing about potential vulnerabilities and facilitate a coordinated response to cybersecurity incidents.

The future of automotive cybersecurity will also involve leveraging AI and machine learning algorithms. These technologies can analyze vast amounts of data from connected vehicles in real-time, identifying anomalies and potential cyber attacks swiftly. AI-driven cybersecurity solutions will play a crucial role in predicting and preventing threats proactively.

In conclusion, as the automotive industry moves towards a future of connected and autonomous vehicles, cybersecurity must be a top priority. Embracing innovative technologies, fostering collaboration, and implementing robust security measures will be instrumental in safeguarding vehicles and ensuring a safer, more secure transportation ecosystem for everyone. Only by staying ahead of cyber threats can we fully realize the potential of a smart and connected automotive future.

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This release was published on openPR.