Automotive Cybersecurity Market worth USD 837 Million, Global Industry to Register an Exponential CAGR of Over 23% over 2018-2024
Automotive Cybersecurity Market growth is boosted by increasing demand for connected vehicles and growing advent of telematics and cellular network in the automotive sector
Selbyville, Delaware – January 30, 2019 /MarketersMedia/ —
Automotive Cybersecurity Market is indeed set to occupy a pivotal stance in smart and sustainable tech space. Improvements in the standard of living and increased disposable income have caused a shift toward the adoption of advanced vehicles offering various benefits such as in-car infotainment systems, navigation, and telematics. As these systems have become increasingly complex, they are more vulnerable to cyberattacks, contributing to the automotive cybersecurity attacks. The government agencies are also partnering with software providers for telematics cybersecurity solutions driving the automotive cybersecurity market growth.
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The automotive cybersecurity market is benefiting from the investments made by the leading investors, who support automotive firms. These funds are used by the companies to scale up their cybersecurity profile, fighting against the rising cyberattacks. For instance, in April 2018, Denso an international American firm invested USD 2 million in Dellfer, an automotive cybersecurity company. The company plans to use the funding to enhance its operations in the cyber protection of automobiles.
The software security segment in automotive cybersecurity market is projected to grow at a CAGR of 24.5% over the forecast period. The proliferation of ECUs in the automobiles has also increased the attack surface making vehicles easily accessible to attackers. There are a large number of ECUs with different capabilities in the automobiles, making them necessary to provide software security to these systems.
The passenger/consumer vehicles held 89.9% of the market share in 2017 and are projected to dominate the market over the forecast period. Cybersecurity plays a key role for consumers when they are purchasing the vehicle due to which various automotive manufacturers are working toward making cybersecurity a priority by adopting multi-layered security approach. Tier 1 companies and OEMs are using comprehensive solutions by combining innovative technologies and cybersecurity services, addressing the security challenges in connected passenger vehicles. For instance, in June 2018, Baidu and Ford entered into a strategic partnership to infuse AI in in-car infotainment services. This partnership will provide a platform enabling features, such as image and voice recognition, to personalize the consumer experience for car owners.
The growing deployment of in-vehicle connectivity such as infotainment services, navigation, mobile phone connectivity, voice recognition, and communication in modern vehicles has further allowed the automotive cyber security market to make profound inroads in consumer vehicle segment. As per estimates, this particular application segment procured almost 90% of the global share in 2017.
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Not to mention, the collaborative approach of the governmental agencies and with software players to provide telematics cybersecurity solutions is another prominent factor characterizing the automotive cybersecurity industry outlook.
The Asia Pacific automotive cyber security market is projected to grow at a CAGR of 33.3% over the forecast period due to the increasing demand for connected vehicles in this region. Increasing investments to develop advanced in-car services and connectivity infrastructure are also driving the automotive cybersecurity market demand. Moreover, increasing research in the fields of malware detection and improved software in connected vehicles are also contributing to the growth.
North America dominates the automotive cybersecurity market due to the rising collaboration between the automotive manufacturers and software providers to enhance their connected car safety and security. For instance, in January 2018, Honeywell entered into a memorandum of understanding with LG Electronics to develop an automotive software and infrastructure to address the rising risk associated with the connected vehicle technology.
The prominent vendors present in the automotive cybersecurity market include Audi, General Motors, Ford, BT Security, Daimler Trucks, Arilou Technologies Ltd., Argus Cyber Security Ltd., BMW, Honda, Nissan, Cisco Systems, Inc, Tesla Motors, Lear Corporation, Continental AG, Karamba Security, Volvo Car Group, and Symantec Corporation.
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Table of Contents (ToC) of the report:
Chapter 7. Automotive Cybersecurity Market, By Application
7.1. Key trends, by application
7.2. On-board diagnostic (OBD)
7.2.1. Market estimates and forecast, 2014 – 2024
7.2.2. Market estimates and forecast, by region, 2014 – 2024
7.3. Communication
7.3.1. Market estimates and forecast, 2014 – 2024
7.3.2. Market estimates and forecast, by region, 2014 – 2024
7.4. Safety systems
7.4.1. Market estimates and forecast, 2014 – 2024
7.4.2. Market estimates and forecast, by region, 2014 – 2024
7.5. Infotainment
7.5.1. Market estimates and forecast, 2014 – 2024
7.5.2. Market estimates and forecast, by region, 2014 – 2024
7.6. Telematics
7.6.1. Market estimates and forecast, 2014 – 2024
7.6.2. Market estimates and forecast, by region, 2014 – 2024
7.7. Others
7.7.1. Market estimates and forecast, 2014 – 2024
7.7.2. Market estimates and forecast, by region, 2014 – 2024
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