Automotive Cybersecurity Market to be Worth $13.9 Billion by 2030 - Exclusive Report by Meticulous Research®

Automotive Cybersecurity Market by Offering (Hardware, Software, Services), Security Type (Network Security, Endpoint Security), Deployment Mode, Application (ADAS & Safety, Telematics, and Infotainment), and Geography - Global Forecast to 2030


Redding, California, March 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, Automotive Cybersecurity Market by Offering (Hardware, Software, Services), Security Type (Network Security, Endpoint Security), Deployment Mode, Application (ADAS & Safety, Telematics, and Infotainment), and Geography - Global Forecast to 2030,’ the automotive cybersecurity market is projected to reach $13.9 billion by 2030, at a CAGR of 19.9% from 2023–2030.

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Automotive cybersecurity solutions & services protect automotive electronic systems, communication networks, control algorithms, software, users, and underlying data from malicious attacks, damage, unauthorized access, or manipulation. Automotive cybersecurity is gaining traction due to the rapidly growing connectivity of vehicles and rising concerns regarding vehicle safety. In addition, the benefits offered by automotive cybersecurity, such as reliability, comprehensive vulnerability coverage, efficiency, and security of real-time applications, drive the market's growth.

The growing adoption of telematics and cellular network in the automotive sector, rising incidents of cyberattacks and data breaches, the growing number of connected cars, and increasing government mandates for vehicle data protection are key factors driving the growth of the automotive cybersecurity market. However, the high costs of automotive cybersecurity solutions restrain the market’s growth.

Furthermore, the growing cloud-based applications in the automotive industry and the emergence of electric vehicle wireless battery management systems are expected to offer significant opportunities for the market’s growth. However, misconceptions and lack of knowledge about automotive cybersecurity solutions and the growing complexity in vehicle electronic systems are major challenges for the players operating in this market.

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The automotive cybersecurity market is segmented based on offering (hardware, software, services), security type (application security, endpoint security, network security), deployment mode (in-vehicle, external cloud services), application (ADAS & safety, body control & comfort, infotainment, telematics, powertrain systems, communication systems, and other applications). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, in 2023, software segment is expected to account for the largest share of the automotive cybersecurity market. The large market share of this segment is attributed to the increasing focus on software-centric security capabilities, the rising vulnerabilities on IoT devices, and the growing number of connected cars. In addition, the growing demand for advanced security solutions and the rising need to protect data and connected devices from cyberattacks, further augment the growth of this segment.

Based on security type, in 2023, the network security segment is expected to account for the largest share of the automotive cybersecurity market. The large market share of this segment is attributed to the growing demand for filtering and monitoring network traffic, the growing sophistication of cybercrimes, and the rising need to ensure network security via restricted device management in-vehicle terminals. The network security segment is also projected to register the highest CAGR during the forecast period.

Based on deployment mode, the automotive cybersecurity market is segmented into in-vehicle and external cloud services. In 2023, the in-vehicle segment is expected to account for the largest share of the automotive cybersecurity market. The large market share of this segment is attributed to the rising concerns about vehicle safety, increased installation of cutting-edge safety devices in automobiles, and the rising use of endpoint applications, such as radio, mobile, and smart antenna, in automobiles. However, the external cloud services segment is slated to register a higher CAGR during the forecast period. The growth of this segment is driven by the rise in data breaches and security concerns and the growing number of cloud-connected devices and vehicles.

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Based on application, in 2023, the communication systems segment is expected to account for the largest share of the automotive cybersecurity market. The large market share of this segment is attributed to the rise in data breaches and security concerns, the emergence of electric vehicle wireless battery management systems, and growing cloud-based applications in the automotive industry. The communication systems segment is also projected to register the highest CAGR during the forecast period.

Based on geography, the automotive cybersecurity market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the automotive cybersecurity market. Asia-Pacific’s major market share is attributed to the presence of leading automotive cybersecurity providers and their increasing focus on developing advanced security solutions and increasing cybersecurity guidelines for vehicles in the region.

Furthermore, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to infrastructural growth in APAC, particularly in China, South Korea, Australia, Singapore, and Japan, the rapid economic growth in developing countries in the region, increasing penetration of connected cars, and increasing demand for infotainment and navigation services.

Some of the key players operating in the automotive cybersecurity market are Thales Group (France), NXP Semiconductors N.V. (Netherlands), UL LLC (U.S.), HARMAN International (U.S.), Renesas Electronics Corporation (Japan), STMicroelectronics N.V. (Switzerland), Garrett Motion Inc. (Switzerland), Argus Cyber Security Ltd (Israel), Vector Informatik GmbH (Germany), Karamba Security Ltd. (Israel), Synopsys, Inc. (U.S.), DENSO Corporation (Japan), Guardknox Cyber-Technologies Ltd. (Israel), and Infineon Technologies AG (Germany).

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Scope of the Report:

Automotive Cybersecurity Market, by Offering                              

  • Software
  • Hardware
  • Services

Automotive Cybersecurity Market, by Security Type

  • Network Security
  • Application Security
  • Endpoint Security

Automotive Cybersecurity Market, by Deployment Mode

  • In-vehicle
  • External Cloud Services

Automotive Cybersecurity Market, by Application

  • ADAS & safety
  • Body Control & Comfort
  • Infotainment
  • Telematics
  • Powertrain Systems
  • Communication Systems
  • Other Applications

Automotive Cybersecurity Market, by Geography

  • North America
      • U.S.
      • Canada
  • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
  • Asia-Pacific
      • Japan
      • China
      • India
      • South Korea
      • Rest of Asia-Pacific
  • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
  • Middle East & Africa

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