Luton, Bedfordshire, United Kingdom, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Cybersecurity Market.
Analyst View
The global automotive cybersecurity market is expected to grow at 16.5% CAGR from 2023 to 2029. It is expected to reach above USD 24.28 billion by 2029 from USD 6.24 billion in 2022.
According to Upstream, the incidence of automotive hacks increased by 225 percent between 2018 and 2021, with remote attacks making up about 85% of all intrusions.
The infrastructure for EVs is more extensive due to the infrastructure for charging. A large network is required to recharge the EV. Even without having to break into or hack into each individual EV directly, all the EV cars would be instantaneously affected if that network was targeted and shut down. The attack surface expands as there are more linked devices or connected services.
The market for automotive cybersecurity is expected to grow from USD 2.0 billion in 2022 to USD 5.3 billion by 2029, driven by an increase in cyberattacks, legislative initiatives supporting better safety and other vehicle systems, and the introduction of 5G telecom networks.
Vehicles with inbuilt connection will account for almost 80% of connected vehicle sales by 2026. According to McKinsey & Company, around 95% of new automobiles sold globally will be connected by 2030, up from approximately 50% today. By 2024, the automotive industry is predicted to lose $505 billion due to cyberattacks. Hackers are growing more sophisticated: in 2021, 84.5% of attacks were carried out remotely. Back-end server assaults accounted for 40.1% of instances.
North America will account for about 36.2% of industry sales in 2021. The growing need for highly connected automobiles, as well as the rise of various cybersecurity and automotive firms, are driving the growth of the automotive cyber security market in North America.
Automotive Cybersecurity Market Driver Growing Number of Linked Automobiles and Increased Usage of Electronics per Vehicle.
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Recent Developments
December 8, 2022, HARMAN International, a wholly-owned subsidiary of Samsung Electronics Co. Ltd., focused on connected technologies for automotive, consumer and enterprise markets,has achieved a tremendous new milestone of 200 million headphone units sold.
December 7, 2022 Continental and Security Matters, specialising in digital tracking using unalterable chemical-based barcodes, have succeeded in verifying beyond doubt a marker substance for natural rubber in a tire, and thus throughout the entire production process.
Automotive Cybersecurity Market Scope-> Buy Now
| Report Attributes | Details |
| Automotive Cybersecurity Market Size (2022) | US$ 6.24 billion |
| Projected Market Value (2029) | US$ 24.28 billion |
| Global Market Growth Rate (2023-2029) | 16.4% CAGR |
| Market Share Automotive Cybersecurity Market | 35 % Asia Pacific |
| Key Companies Profiled | APTIV PLC, Arilou Automotive Cybersecurity, Continental AG, DENSO CORPORATION, GUARDKNOX, HARMAN International, Karamba Security, Robert Bosch GmbH, SafeRide Technologies, Vector Informatik GmbH |
| Market Trends | Innovative technologies for advanced driver assistance and other cutting-edge features have become essential to the driving experience. The industry is placing a high priority on cybersecurity and the training of cybersecurity professionals in addition to these high-tech systems. A significant market trend is the growing use of blockchain technology. |
| Market Drivers |
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Learn about the contribution of each segment summarized in concise info graphics and thorough descriptions. Read Full Report
Segmentation
Based on Security Type
- Application Security
- Network Security - Network security accounted for around 35.45% of the automotive cyber security market share.
- Endpoint Security
Based on Offerings
- Software - Software segment holds 10%CAGR of Automotive Cybersecurity Market
- Hardware - Hardware segment holds 6% CAGR of Automotive Cybersecurity Market
- Processes and Solutions - Processes and Solutions segment holds 4% CAGR Automotive Cybersecurity Market
Based on Form
- In-Vehicle - Bifurcation of in-vehicle services accounts for the majority of the market.
- External Cloud Services
Based on Application
- ADAS & Safety
- Body Control And Comfort
- Infotainment
- Telematics
- Powertrain Systems
- Communication Systems - The communication section accounted for up to 32.2% of total income.
Based on Vehicle Type
- Passenger Vehicle - The passenger vehicle category accounted for more than 81.9% of the automotive cyber security industry.
- Commercial Vehicle
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Regional Share Analysis->
Europe is also another important income source for the automotive cybersecurity industry. The continent is home to some of the top automakers, who are always active in the development of new connected vehicle technologies. The APAC automotive cybersecurity market is predicted to expand the quickest throughout the forecast period.
Check the TOC of Automotive Cybersecurity Market -> https://exactitudeconsultancy.com/reports/7483/automotive-cybersecurity-market/#table-of-content
Best methods for risk management and ensuring a secure design in the long run:
- Automotive industry-specific cybersecurity standards.
- Core pillars of defence in depth and cybersecurity.
- Security by design is used throughout the project lifecycle.
- Countermeasure strategies for reducing threats and protecting the vehicle system
Top 10 Cybersecurity Trends
- Automated Threat Management - 20% of Impact on Automotive Cybersecurity Market
- Cloud Security - 16% of Impact on Automotive Cybersecurity Market
- Zero-Trust Architecture - 13% of Impact on Automotive Cybersecurity Market
- Identity Management - 13% of Impact on Automotive Cybersecurity Market
- Behavioural Analytics - 10% of Impact on Automotive Cybersecurity Market
- Cyber Governance - 9% of Impact on Automotive Cybersecurity Market
- Endpoint Protection - 6% of Impact on Automotive Cybersecurity Market
- Cybersecurity as a Service - 5% of Impact on Automotive Cybersecurity Market
- Blockchain Security - 4% of Impact on Automotive Cybersecurity Market
- Cybersecurity Mesh - 4% of Impact on Automotive Cybersecurity Market
FAQ
- What is the current size of the Automotive Cybersecurity market?
- What are the key factors influencing the growth of Automotive Cybersecurity?
- What are the major applications for Automotive Cybersecurity?
- Who are the major key players in the Automotive Cybersecurity market?
- Which region will provide more business opportunities for Automotive Cybersecurity in future?
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