Newark, July 10, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the automotive cyber security market will grow to USD 6.06 billion in 2022 and reach USD 30.05 billion by 2032. In just ten years, the vital manufacturing of passenger automobiles, coupled with the uptake of connected cars & other cutting-edge technology, are helping boost the market growth over the forecast period. Moreover, increasing cyber-attacks on automobiles, growing environmental issues, and a rising population are expected to propel market growth over the forecast period.
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Key Insight of the Automotive Cyber Security Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest market share in automotive cyber security. Key factors favouring the growth of the automotive cyber security market in Asia Pacific include increasing sales of mid-sized, medium & luxury automobiles and increasing consciousness of active & passive safety systems. Moreover, the increased awareness of both active and passive security measures among consumers, different technological advancements, and the implementation of stringent government regulations regarding incorporating safety features in automobiles is expected to drive market growth.
The electrical vehicle segment is expected to augment the automotive cyber security market during the forecast period.
The vehicle type segment is divided into commercial vehicles, passenger cars, and electric vehicles. The electrical vehicle segment held the largest market share in 2022 and is expected to continue during the forecast period owing to key market players' growing funding & investments.
The wireless network security segment market size was USD 2.61 billion in 2022
The security type segment is divided into application security, endpoint security, and wireless network security. The wireless network security segment market size was USD 2.61 billion in 2022 due to the increased use of modern telecommunications and the Internet of Things.
The external cloud services segment is anticipated to dominate the market by 62.03% in 2032.
The form segment is divided into external cloud services and in-vehicle services. The external cloud services segment is anticipated to dominate the market in the forthcoming years due to the increasing support from government regulatory bodies for vehicle security & protection.
The telematics segment is anticipated to dominate the market by 38.04% in 2032.
The application segment is divided into body electronics, ADAS & safety systems, infotainment, telematics, and powertrain. The telematics segment is anticipated to dominate the market in the forthcoming years due to the rise in demand for connected cars.
Advancement in market
For illustration, in January 2023, the international centre for automotive technology ( ICAT), which certifies motors for protection and compliance with original regulations, has blazoned that it intends to invest in an installation that will develop cyber security chops.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 17.37% |
| 2032 Value Projection | USD 30.05 Billion |
| Base Year | 2021 |
| Automotive Cyber Security Market Size in 2022 | USD 6.06 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 238 |
| Segments covered | Vehicle Type, Security Type, Form, Application |
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Market Dynamics
Driver: The rising adoption of advanced technologies in the automotive sector:
The increasing adoption of advanced technologies in the automotive sector is the prime reason for the proliferation in demand for an effective & efficient protection system. Further, machine learning (ML) and Artificial intelligence (AI) are gaining popularity in the automotive industry, especially cybersecurity. ML and AI algorithms can detect suspicious activity in a vehicle's system and take preventative measures against potential cyberattacks. The increasing use of ML and AI in cybersecurity technologies will drive market growth over the forecast period.
Restraint: The lack of qualified cybersecurity:
The lack of technological advancement and awareness in underdeveloped countries is restraining market growth. Moreover, the high initial investment expenses and the adoption of cutting-edge cyber security systems are expected to hinder market growth. Additionally, misconceptions, a lack of knowledge about automotive cybersecurity solutions, and the increasing complexity of vehicle electronics systems hinder market growth.
Opportunity: The rising intercity transportation and logistics services:
The rising intercity transportation and logistics services are the opportunity factors for market growth. Further, the rising trend of mobility services and shared transportation requires secure and protected vehicle networks, which is expected to propel market growth. Moreover, the increase in demand for high-performance, fuel-effective & low- emigration vehicles is expected to drive market growth. Additionally, the transformational trends in incorporating cybersecurity solutions are reshaping the vehicle design and development landscape in the automotive industry. Integration of cybersecurity solutions throughout the entire vehicle lifecycle, from design to decommissioning, also propels the market growth.
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Some of the major players operating in the automotive cyber security market are:
• Continental AG
• Aptiv PLC
• DENSO Corporation
• HARMAN International (Samsung Electronics Co. Ltd.)
• Capgemini SE
• Karamba Security Ltd.
• GuardKnox
• Vector Informatik GmbH
• Upstream Security Ltd.
• NXP Semiconductors N.V.
Key Segments cover in the market:
By Vehicle Type:
• Commercial Vehicle
• Passenger Car
• Electrical Vehicle
By Security Type:
• Application Security
• Endpoint Security
• Wireless Network Security
By Form:
• External Cloud Services
• In-Vehicle Services
By Application:
• Body Electronics
• ADAS & Safety System
• Infotainment
• Telematics
• Powertrain
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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