Wilmington, Delaware, United States, Transparency Market Research, Inc. , Oct. 14, 2024 (GLOBE NEWSWIRE) -- The global automotive cybersecurity market (Automobil-Cybersicherheitsmarkt) was projected to attain US$ 4.6 billion in 2023. It is likely to garner a 17.2% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 25.5 billion.
Cyber safety measures for cars serve as barriers to prevent any type of tampering with software and communication networks that are part of connected vehicle systems. Strong security systems, encryption techniques, intrusion detection systems, and secure communication protocols are all part of the vehicle cyber threat prevention measures that are implemented to stop unauthorized access, stop data breaches, and eliminate any risk to passenger safety.
Identification and mitigation of emerging threats are contingent upon threat information, vulnerability assessments, and continuous monitoring. Among the main categories of automotive cybersecurity are network security, application security, endpoint security, wireless security, and cloud security.
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The following companies are well-known participants in the global automotive cybersecurity market:
- Argus Cyber Security
- Harman International
- GuardKnox
- Karamba Security
- Symantec Corporation
- Trend Micro Incorporated
- Upstream Security
- Cisco Systems, Inc.
- ESCRYPT
- Trillium Secure, Inc.
- SafeRide Technologies
- NortonLifeLock Inc.
- Check Point Software Technologies Ltd.
- FireEye, Inc.
- IBM Security
Key Findings of Market Report
- An automobile with voice-activated gadgets and other contemporary gadgets and technology built into the design is referred to as a "connected car." Applications for connected cars increase economy and safety while also increasing the driving experience overall.
- Through mobile data networks, connected automobiles are able to exchange data with external and internal equipment. Certain apps on smartphones or other specialized devices provide access to a number of state-of-the-art services.
- Because cars are becoming more and more linked and dependent on digital systems, there is a growing demand for vehicle cyber protection systems. There is a significant danger to both car owners and manufacturers since hackers may use these systems to obtain unauthorized access to critical data or vehicle controls.
- Consequently, the growing global usage of linked automobiles is boosting the automotive cybersecurity market.
Market Trends For Automotive Cybersecurity
- Leading players in the automotive cybersecurity space are concentrating on enhancing their threat detection systems. In order to effectively apply cutting-edge technologies like artificial intelligence and machine learning algorithms in automobile cyber risk management strategies, they are engaged in research and development.
- Based on 5G technology, Tesla introduced Vehicle-to-everything (V2X), a revolutionary automotive technology, in October 2021. A net automotive cybersecurity system called V2X allows for verified data transfer between infrastructure and automobiles.
- Governments from several nations are passing laws to create cybersecurity best practices and standards that will serve as a guide for stakeholders and manufacturers alike.
Global Market for Automotive Cybersecurity: Regional Outlook
Various reasons propel the automotive cybersecurity market growth throughout the regions. These are:
- In terms of global automotive cybersecurity market share in 2023, Asia Pacific had the greatest share. The region's market is developing thanks to a rise in car production in major manufacturing hubs, including China, India, and Japan.
- In 2022, 278 million privately owned cars were registered in China. In the near future, the nation is probably going to continue to hold the top spot in Asia Pacific's automotive sector.
- According to a global Capgemini report, India's connected automobile industry is expected to increase by more than 20% over the next several years. In India, every luxury and premium automaker provides networked services for every model.
- Across various non-luxury, non-premium OEMs, the availability of connected services varies from 20% to 70% (as a proportion of cars sold when TCU/dongle-based linked services are an option).
- Since the Indian market is quite budget cautious, a number of OEMs are providing free connected services for a maximum of three years. Connected services, however, might provide a significant risk of cyberattacks. For businesses involved in the vehicle security technologies industry, this is generating a lot of commercial prospects related to automotive cybersecurity.
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Global Automotive Cybersecurity Market: Key Players
Companies competing in the global automotive cybersecurity market are collaborating with several automotive cybersecurity platforms to improve overall vehicle security.
They are keeping cybersecurity compliance while drastically cutting cloud connectivity costs by utilizing data and edge computing capabilities to give a wider range of actionable insights in almost real-time.
Key Developments
- In June 2023, BlackBerry Limited declared a collaboration with Upstream Security, the premier automotive cybersecurity platform, to help manufacturers better their cars' entire security posture by utilizing BlackBerry IVY's extensive telemetry data and edge compute capabilities. Upstream's cloud-native Vehicle Detection and Response (V-XDR) a number of top automakers uses technology to assist find operational insights, abnormalities, and cybersecurity risks related to the automotive industry.
- Leading supplier of automotive cybersecurity risk assessment solutions, Cybellum was authorized for purchase by LG Electronics (LG) in September 2021. With this calculated approach, LG can strengthen its cybersecurity skills and move more quickly toward being a partner in innovation for the mobility of the future.
Global Automotive Cybersecurity Market Segmentation
- Security Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Wireless Security
- Vehicle Type
- Two/Three Wheeler
- Passenger Car
- Hatchback
- Sedan
- SUV
- Light Commercial Vehicle
- Heavy Duty Truck
- Bus and Coach
- Off-road Vehicle
- Security Solution
- Intrusion Detection System (IDS)
- Intrusion Prevention System (IPS)
- Authentication System
- Cryptography Solution
- Security Operations Center (SOC)
- Propulsion
- IC Engine
- Gasoline
- Diesel
- Electric
- Battery Electric
- Plug-in Hybrid Electric
- IC Engine
- Component Type
- Hardware
- Software
- Application
- ADAS & Safety
- Body Control and Comfort
- Infotainment
- Telematics
- BMS and Powertrain System
- Charging Management
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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