Vehicles nowadays are vulnerable to hacking while being on the road via the IT systems to which they are connected. With the burgeoning connectivity in vehicles, cyber threat is becoming a serious threat to the automotive sector. Customers fear their cars will be quite easily hacked, and to reassure them cybersecurity has become a crutial factor. In the ecosystem of a connected vehicle, it can communicate with other vehicles involving data exchange. This data exchange creates a potential threat with the presence of savvy hackers. To minimize the threats, it is crucial to secure these channels which are interconnected via cybersecurity, and this is increasingly becoming an indispensable aspect for connected vehicles.
The rise of cyber attacks in the automotive and transportation sector is propelling the growth of the global automotive cybersecurity market. Another major factor which is creating a huge growth opportunity for this market is the rise in demand for security in the ecosystem of connected vehicles. The collaboration between the manufacturers of connected vehicles and the IT sector is one of the rising trends inthe global market. Further, the surge in demand for connected vehicles is another key factor which is driving the market for automotive cybersecurity. Connected vehicles have an inbuilt modem with direct internet access, aiding drivers regarding updationsabout the traffic, speed limits, and road warnings.Furthermore, with the wave of groundbreaking technologies, and innovation the automotive industry is witnessing a paradigm shift, resulting in increased demand for connected vehicles.
The automotive cybersecurity market in the report is segmented by type of vehicles which includes passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Based on the solution type, the automotive cybersecurity market is analyzed as hardware-based, software-based, and professional-based. Moving forward, based on security type, the market is segregated into application, cloud, endpoint, network, and wireless security. The area of application for automotive cybersecurity in the report includes communication, infotainment, on-board diagnostic, safety, telematics, and others. Furthermore, the global automotive cybersecurity market has been segmented geographically into North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa.
Further down among the different solutions of automotive cybersecurity, the software-based solution segment is estimated to witness a high rate of adoption over the forecasted period. Software-based solutions safeguard internal vehicle systems from cyber attacks while ensuring data integrity and providing data security. Based on the security type, network security segment is estimated to lead the market as it helps customers to connect their devices to the vehicles seamlessly, and experience interactive applications while on the go.
Among the regions, North America is witnessing a boost in the demand for vehicles, along with the convergence of transportation, information and communication technology (ICT), and automotive sector. Meanwhile, Europe is also estimated to be a leading market holder in relation to the technological developments in connected vehicles. Furthermore, Asia-Pacific is projected to witness a robust growth, especially in Japan owing to improved AD-Level 2 commercialized vehicle in the passenger car market.However, low consumer acceptance, cyber invasion, and price sensitivity may pose a threat to the global automotive cybersecurity market over the projection period.
The key players in the global automotive cybersecurity are Argus Cyber Security Limited, ArilouTechnologies Limited, Cisco Systems, Inc., Delphi Technologies, ESCRYPT Embedded Systems, Harman International Industries, Intel Corporation, NXP Semiconductors, and Renesas Electronics Corporation.
Global Automotive Cybersecurity Market: By Vehicle Type
Global Automotive Cybersecurity Market: By Solution
Global Automotive Cybersecurity Market: By Security
Global Automotive Cybersecurity Market: By Appilcation
Global Automotive Cybersecurity Market: By Geography