New York, April 27, 2023 (GLOBE NEWSWIRE) -- The global automotive cyber security market size accounted for USD 3.2 billion in 2022. It is expected to reach USD 22.2 billion by 2032 with a CAGR of 22%. Automotive Cybersecurity is a database that guards automotive communication systems, internet-connected vehicles, users, and data against unauthorized access, and damage. The automotive cyber security market is growing due to an increase in the cases of automotive cyber-attacks.
To get additional highlights on major revenue-generating segments, Request an Automotive Cyber Security Market sample report at https://market.us/report/automotive-cyber-security-market/request-sample/
Key Takeaway:
- By Type, in 2022, the Wireless Network segment has generated a revenue share of 35.2%.
- By Vehicle, the Passenger Car segment dominated the market with a revenue share of 60% in 2022.
- By Application, the Infotainment segment has generated the highest revenue share of 37% in 2022
- In 2022, Asia Pacific dominated the market with the highest revenue share of 36%.
- North America accounted for the second-largest automotive cybersecurity market and is expected to grow at the highest CAGR during the forecast period.
Factors affecting the growth of the automotive cyber security industry
Several factors can affect the growth of the automotive cybersecurity industry. Some of these factors include:
- Use of electronic components: The use of electronic components for reducing the overall weight of vehicles is made on a large scale which, in-turns inclined the automotive industry more exposed to cyber-attacks.
- Wireless Network Security: Wireless network security generally protects a wireless network from unauthorized access, which is helping to drive Automotive Cyber Security Market.
- Increasing Use Of Infotainment in Vehicles: Instant access to communication and information is essential in such a fast-changing world which made the automotive vehicle more inclined to cyber-attacks which in turn has given the growth in acceptance of cyber security solutions in vehicles.
- Multiple Pricing Models: Implementation of multiple pricing models by Software Companies Affecting Cybersecurity Solution Providers.
- Use of Adaptive Security Technique: Adaptive security technique is likely to boost market growth which analyses behaviors and events to prevent and adapt the attacks before they occur.
- COVID-19 Impact: Ban on Import–Export of Raw Materials During Lockdown Forced Manufacturers to Completely Shut their Operations and affected market growth.
To understand how our Automotive Cyber Security Market report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/automotive-cyber-security-market/#inquiry
Top Trends in the Global Automotive Cyber Security Market
Increasing use of infotainment in vehicles which includes connectivity, information, entertainment, communication, lifestyle, leisure, fashion, and gaming activities. Instant access to communication and information is essential in such a fast-changing world which made the automotive vehicle more inclined to cyber-attacks which in turn has given the growth in acceptance of cyber security solutions in vehicles.
The use of adaptive security techniques in the automobile industry is likely to boost market growth. Various companies are using this adaptive security technique to continuously analyze risk and prevent vehicles from cyber-attacks. Using analytics and automation, adaptive security protects against adaptable and targeted cyberattacks as well as trusted insiders and other insider threats.
Market Growth
Digitization and connected vehicles are increasing the chances of cyberattacks on the automobile industry. Malware and ransomware attacks are the major thefts in the automotive industry that generate the need for automotive cyber security. Instant access to communication and information is essential in such a fast-changing world which made the automotive vehicle more inclined to cyber-attacks which in turn has given the growth in acceptance of cyber security solutions in vehicles. The advancement of vehicle connectivity has made vehicles more inclined to cyber-attacks. The rising advent of smart transportation systems and government stringent emission norms in commercial vehicles is fueling the automotive cyber security market.
Regional Analysis
In 2022, Asia Pacific dominated the market with a revenue share of 36%, and growth of the region is expected to be steady during the forecast period. Lack of protection measures and Growing acceptance of work-from-home arrangements have resulted in a rise in cyberattacks. Malware and ransomware attacks are the major thefts for the region, which generally needs automotive cyber security. Attacking vital vehicle data leads owners to suffer huge losses.
Competitive Landscape
Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets. Furthermore, businesses in the automotive cybersecurity market are developing advanced software and portfolio expansion strategies through investments and mergers, and acquisitions. In addition, several key players are now focusing on different marketing strategies which are boosting the target products' growth.
Have Queries? Speak to an expert or Click Here To Download/Request a Sample
Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 3.2 Billion |
| Market Size (2032) | USD 22.2 Billion |
| CAGR (from 2023 to 2032) | 22% |
| APAC Revenue Share | 36% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Automotive cyber security is experiencing a fast revolution by socio-economic and environmental drifts due to new manufacturing methods and consumer-challenging technologies The automotive cyber security market is witnessing a rise in demand as cyber –attacks on vehicles are increasing. For reducing the overall weight of vehicles, electronic components are used on a large scale which made automotive vehicles more exposed to cyber-attacks which has created the need for the adoption of cyber security solutions in vehicles. The advancement of vehicle connectivity has made vehicles more inclined to cyber-attacks.
Market Restraints
The COVID-19 pandemic had a negative impact on the automotive cybersecurity market. During the COVID-19 outbreak there was to implementation of stringent lockdown and ban on the import–export of raw materials. This led to a sudden fall in the availability of important raw materials for manufacturing automobiles. Another major restrain for the automotive cybersecurity market is multiple pricing model implementations by software companies affecting cybersecurity solution providers.
Market Opportunities
The use of adaptive security techniques in the automobile industry is anticipated to fuel market growth. Various companies are using this adaptive security technique to continuously analyze risk and prevent vehicles from cyber-attacks. Using analytics and automation, adaptive security protects against adaptable and targeted cyberattacks as well as trusted insiders and other insider threats. Adaptive security also protects the ecosystem of an automobile manufacturer, which is expanding daily as a result of connected car activities. Thus, during the projected period, an increase in adaptive security in the automobile industry is anticipated to fuel market growth.
Grow your profit margin with Market.us - Purchase This Premium Automotive Cyber Security Market Report at https://market.us/purchase-report/?report_id=22888
Report Segmentation of the Automotive Cyber Security Market
Type Insight
The wireless network security segment held the majority share, in 2022 in the automotive cyber security market and is expected to grow at the highest CAGR during the forecast period. Wireless network security generally protects a wireless network from unauthorized access. The application segment covers the second-largest revenue share, in 2022. Application security is the technique of testing and developing security features within the applications to avoid security susceptibilities against threats like unauthorized access and modification. Cloud security contains protections related to data encryption, database monitoring, multifactor authentication, application, server, scanning, and analytics tools.
Vehicle Insight
Based on vehicle type market can be segmented into passenger cars and Commercial vehicles. Passenger cars dominated the market with a revenue share of 60%, in 2022. As they become generally connected to external cloud services for quick management software and telematics which makes them exposed to cyber–attacks. The automotive cyber security market is expanding due to increasing demand for safety, comfort, and convenience features in the vehicle. Demand for the cyber security market in commercial vehicles is also increasing with the rise in technological advancements, the increasing amount of vehicle electronic, the rising advent of smart transportation systems, and government stringent emission norms in commercial vehicles.
Application Insight
Based on application market is segmented into Onboard Diagnostic [OBD], Communication, Safety Systems, Infotainment, and Telematics. The infotainment segment dominated the market, in 2022 with the largest revenue share of 37% and is anticipated to increase at a remarkable growth rate during the forecast period. Infotainment applications include connectivity, information, entertainment, communication, lifestyle, leisure, fashion, and gaming activities. Instant access to communication and information is essential in such a fast-changing world which made the automotive vehicle more inclined to cyber-attacks which in turn has given the growth in acceptance of cyber security solutions in vehicles.
For more insights on the historical and Forecast Automotive Cyber Security Market data from 2016 to 2032 - download a sample report at https://market.us/report/automotive-cyber-security-market/request-sample/
Market Segmentation
By Type
- Wireless Security
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
By Vehicle
- Passenger Cars
- Commercial Vehicles
By Application
- On-board Diagnostic
- Communication
- Safety Systems
- Infotainment
- Telematics
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Intel Corporation
- Argus Cyber Security
- NXP Semiconductors N.V
- Guardknox Cyber-Technologies Ltd.
- Argus Cyber Security
- Vector Informatik GmbH
- Arilou Technologies
- Arxan Technologies, Inc.
- Bayerische Motoren Werke (BMW) AG
- Broadcom Inc.
- C2A Security Ltd.
- Centri Technology Inc
- Dellfer, Inc.
- ESCRYPT GmbH
- Ford Motor Company
- Guardknox Cyber-Technologies Ltd.
- Mocana Corporation
- Nvidia Corporation
- Saferide Technologies Ltd
- Toyota Motor Corporation
- Trillium Secure Inc.
- Upstream Security
- Volkswagen AG
- Other key players
Recent Development of the Automotive Cyber Security Market
- November 2021: Ford Motor Company has collaborated with NXP Semiconductors, to give enhanced driver experience and convenience. Updated services like over-the-air will be delivered by the company in its upcoming models.
- March 2022: with the advancement of cybersecurity services, Siemens Canada has expanded its footprint in New Brunswick by launching a critical infrastructure defense center.
Browse More Related Reports:
- Cyber Security Market size is expected to be worth around USD 534 Billion by 2032 from USD 193 Billion in 2023, growing at a CAGR of 11% during the forecast period from 2022 to 2032.
- Cloud Security Market was valued at USD 20.5 Billion in 2022. Between 2023 and 2032, this market is estimated to register the highest CAGR of 22.5%.
- Cyber Insurance Market growth was worth USD 8,64,2.6 million in 2021. It is projected to grow at a 26.2% CAGR over the forecast period.
- Security Safes Market was valued at USD 2,670.1 Mn in 2022 and is expected to reach USD 13,055.8 Mn by 2028 at a CAGR of 17.2%.
- Endpoint Security Market was worth USD 20,120 million in 2021. The market will be driven by the emerging BYOD concept across organizations
- Managed Security Services Market was valued at USD 25.9 Bn in 2022 and is expected to grow at a CAGR of roughly 11.4% over the forecast period of 2023-2032.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn | Facebook | Twitter
Our Blog:
