Automotive Cybersecurity Market size worth US$11.874 billion by 2029

Automotive Cybersecurity Market

The automotive cybersecurity market is expected to grow at a CAGR of 21.79% during the forecasted period, with a market valuation of US$4.431 billion in 2024, and is expected to reach US$11.874 billion by 2029.

The rapid expansion of vehicle connectivity presents numerous opportunities for cutting-edge new features and enticing business plans. With time, cyberattacks that target networks involved with automobile production are becoming common occurrences. Cyber-attacks have led to decreased trustworthiness and safety of cars leading to monetary losses as well.

Recently, autonomous vehicles have advanced significantly with the integration of technologies such as edge computing, private 5G, machine learning, artificial intelligence, and high-performance processing units. To lower latency and allow cars to make decisions based on data in real time, edge computing helps autonomous EVs manage a lot of data at the edge.

Furthermore, because of the technologies that are being adopted, it is essential that manufacturers and suppliers in the automotive sector follow the regulations set forth by the National Highway Traffic Safety Administration (NHTSA) and give vehicle cyber security top priority. Another aspect of making vehicle cyber security a high priority is establishing internal procedures and policies to guarantee systems will be secure in anticipated real-world circumstances, including the presence of potential vehicle cyber security threats. The field of automotive cyber security is always in transition and is anticipated to alter frequently.

Numerous cyber security concerns affect the world of car manufacturing. A car’s enhanced driver assistance and safety systems may be hijacked by hackers or may also be made worse than that, they may change any mechanized characteristics just to provoke an accident. In a bid to counteract the escalation of cyber-attacks on electric cars, cybersecurity specialists are reporting their findings on inserting protection devices into the. With the development of self-driving software and hardware features, incorporating a defence mechanism becomes an essential design component.

Using a cloud platform, standard technology is used to link autonomous cars to the internet. It is risky to connect cars to the networks. As more vehicles are connected to the networks, the attack surface increases. Nowadays, there is an increase in the installation of software and sensors for use in cars. More than 150 sensing devices scattered throughout the vehicle are used by connected cars to collect data. It can track everything, including the location of the vehicle and the driving habits of the user.

The automotive cybersecurity market, by service, is divided into two types- In-vehicle service and external cloud service. In-vehicle-connected services are technologies that allow connections between internal systems in the vehicle and external systems or remote systems. Due to its mobile connectivity, the most connected gadget in a modern car. As consumer expectations and demands have increased, automakers have had to adjust, resulting in ever-more-advanced technologies.

Furthermore, the growth of external cloud services is outpacing that of cloud infrastructure and frameworks due to their advancement. Considering the volume of data generated by automated cars, cloud services offer a very dependable technology. Furthermore, cloud technology will accelerate the rate of information exchange as more cars and devices become cloud-connected.

The automotive cybersecurity market, by offering, is divided into two types:  Software and hardware.  As the automotive industry grows, vehicles will support more complex use cases for wireless communication. For this reason, it will be crucial to think about building protected wireless technology based on a strong equipment foundation and software layers created to secure software development methodologies.

The automotive cybersecurity market, by type, is divided into three types: Endpoint, wireless, and application. Automotive specialists can concurrently monitor hundreds of data channels during test runs due to the Wi-Fi-based wireless system, which allows them to track vehicle operational factors and modify the test as it is being conducted. A modern vehicle contains multiple networks for information sharing, including wireless channels, to support a variety of application scenarios.

Moreover, mobile applications that facilitate a seamless user interface and owner experience are now frequently offered by automakers. Numerous features are available with these programs, such as wireless car starting, advanced inspections, and fuel level monitoring. Furthermore, the creation of new mobile applications has benefited automobile owners in several ways.

The automotive cybersecurity market, by application, is divided into six types: ADAS and safety, infotainment, powertrain systems, body control and comfort, communication systems, and others.  It is projected that the market for safety systems and ADAS will expand at a remarkable rate. With the help of ADAS technology, cars may act like drivers by keeping an eye on the weather, identifying objects on the road, and making decisions in real-time to increase safety. Automatic clutch control, driver monitoring, front pedestrian recognition, and collision avoidance are a few instances of ADAS capabilities.

With the market for autonomous driving technology developing at a rapid pace, there will likely be a greater need for a continuous connection between the vehicle’s electronic control unit (ECU) and multiple cloud services that improve sensor processing and subsequently vehicle navigation.

During the projected timeframe, it is anticipated that the market for automotive cybersecurity will experience remarkable growth within North America. The automotive cybersecurity market will receive a significant contribution from North America. Just like in the US, the region has a vibrant automotive sector characterized by sophisticated automobiles. There exist partnerships between car manufacturers in this region and high-tech devices such as infotainment systems, telematics and autonomous driving features. At present, automobile security is among the best options to incorporate into vehicles on account of data protection and safe driving. On account of these technologies, many cyber threats can be found targeting vehicles on the road.

The research includes several key players from the automotive cybersecurity market, such as Vector Informatik GmbH, NXP Semiconductors, HARMAN International, Broadcom, DENSO CORPORATION., Honeywell International Inc., GUARDKNOX, AT&T, Intel Corporation, and Aptiv.

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The analytics report categorizes the automotive cybersecurity market using the following criteria:

Segmentation:

  • By Service
    • In-Vehicle Service
    • External Cloud Service
  • By Offering
    • Software
    • Hardware
  • By Type
    • Endpoint
    • Wireless
    • Application
  • By Application
    • ADAS and Safety
    • Infotainment
    • Powertrain System
    • Body Control and Comfort
    • Communication Systems
    • Others
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Taiwan
      • Thailand
      • Indonesia
      • Others