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Automotive Cybersecurity Market projected to reach USD 7.6 Billion by 2030, growing at a CAGR of 18.3% during the forecast period of 2023-2030 | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware


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The Global Automotive Cybersecurity Market was valued USD 2.4 Billion in 2023 and projected to reach USD 7.6 Billion by 2030, growing at a CAGR of 18.3% during the forecast period of 2023-2030.

Richmond, Nov. 17, 2023 (GLOBE NEWSWIRE) — According to a research report Automotive Cybersecurity Market, by Offering (Software, Hardware), Form Type (In-vehicle, External Cloud Services), Security Type (Application Security, Wireless Security, Endpoint Security), Approach (Intrusion Detection System, Security Operations Centre), Application (ADAS & Safety, Body Control & Comfort, Infotainment, Telematics, Powertrain Systems, Communication Systems) and Region.

Global Automotive Cybersecurity Market Report Scope:

Report

Details

Market size value in 2023

USD 2.4 Billion

Market size value in 2030

USD 7.6 Billion

CAGR (2023-2030)

18.3%

Forecast Period

2023–2030

Historic Data

2019

Forecast Units

Value (USD Million/USD Billion)

Segments Covered

Offering, Component, End User and Region

Geographies Covered

North America, Europe, Asia Pacific, and RoW

 

 

Sample of Companies Covered

 

 

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TOC Covers in Depth & Breath on Automotive Cybersecurity Market
178 – Market Data Tables
66 – List of Figures
232 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

The global automotive cybersecurity market plays a pivotal role in ensuring the security and resilience of modern vehicles in an increasingly connected and digitalized automotive ecosystem. As vehicles become more integrated with advanced technologies such as telematics, infotainment systems, and autonomous features, the risk of cyber threats has escalated. The automotive cybersecurity market addresses these concerns by providing solutions that safeguard vehicles from potential cyber-attacks, protecting critical systems like engine control units, electronic control units, and in-vehicle networks. This market’s significance lies in its ability to fortify automotive cybersecurity measures, fostering trust among consumers and stakeholders while facilitating the continued evolution of smart and connected vehicles.

The automotive industry’s reliance on digital technologies for vehicle functionality and user experience amplifies the importance of a robust cybersecurity framework. A breach in vehicle security not only poses risks to passenger safety but also threatens the integrity of the entire automotive ecosystem. The global automotive cybersecurity market, therefore, not only benefits manufacturers by mitigating potential damages to their reputation but also contributes to the sustained growth of the automotive industry by instilling confidence in consumers regarding the safety and security of modern vehicles. As the automotive landscape continues to evolve, the role of cybersecurity in this market becomes increasingly indispensable, fostering innovation, connectivity, and a safer driving experience.

Major vendors in the global automotive cybersecurity market:

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Increasing Connectivity in Vehicles

The automotive industry is experiencing a paradigm shift with the integration of advanced technologies, particularly in the form of connected vehicles. Modern automobiles are equipped with sophisticated infotainment systems, telematics, and other connectivity features that enhance the overall driving experience. While this connectivity brings numerous benefits, it also exposes vehicles to cybersecurity threats. As more vehicles become connected to the internet and communicate with each other through Vehicle-to-Everything (V2X) communication, the attack surface for cyber threats expands. Hackers can exploit vulnerabilities in software, communication protocols, and embedded systems, posing serious risks to vehicle safety and data integrity.

The automotive cybersecurity market is being driven by the imperative to secure these interconnected systems. Manufacturers are investing in robust cybersecurity solutions to protect vehicles from unauthorized access, data breaches, and potential malicious manipulations. The demand for solutions such as intrusion detection systems, secure communication protocols, and over-the-air (OTA) update security is on the rise as the automotive industry seeks to safeguard vehicles against evolving cyber threats.

Market Dynamics

Drivers:

  • Increasing connectivity and digitalization in vehicles.

  • Growing threat of cyber-attacks on automotive systems.

  • Stringent government regulations for vehicle cybersecurity.

  • Rise in the adoption of connected and autonomous vehicles.

Opportunities:

  • Emergence of advanced technologies such as IoT and AI in automotive systems.

  • Growing awareness and focus on cybersecurity among automotive manufacturers.

  • Expansion of the electric and hybrid vehicle market.

  • Collaboration between automotive and cybersecurity companies for integrated solutions.

Stringent Regulatory Frameworks

Governments and regulatory bodies across the globe are increasingly recognizing the critical importance of cybersecurity in the automotive sector. The growing number of cyber-attacks on vehicles has prompted the development of stringent regulations to ensure the safety and security of connected and autonomous vehicles. Compliance with these regulations is a significant driver for the adoption of cybersecurity solutions in the automotive industry.

Regulatory frameworks, such as the UN Regulation on Cybersecurity and Software Updates for Automotive Vehicles (UN R155), are pushing automakers to implement robust cybersecurity measures in their vehicles. Failure to comply with these regulations not only exposes manufacturers to legal consequences but also poses a reputational risk. Consequently, the automotive industry is witnessing a surge in the implementation of cybersecurity solutions to meet regulatory requirements, driving the growth of the global automotive cybersecurity market.

North America dominates the market for Automotive Cybersecurity.

The dominating region in the global automotive cybersecurity market is North America, with the United States being a key player in this sector. The region’s dominance is attributed to the high adoption of connected vehicles and the presence of major automotive manufacturers investing heavily in cybersecurity solutions. North America held a significant share of the automotive cybersecurity market, with the United States contributing prominently due to the rapid integration of advanced technologies in vehicles.

In terms of upcoming countries with high growth potential, the Asia-Pacific region, particularly China, stands out. The automotive market in China is witnessing rapid expansion, driven by the increasing demand for connected and electric vehicles. As China strives to become a global leader in electric and autonomous vehicles, the need for robust cybersecurity measures becomes paramount. The country’s focus on smart transportation and the proliferation of connected car technologies positions it as a key growth area for automotive cybersecurity solutions. The rising number of automotive cyber-attacks globally further emphasizes the critical role of cybersecurity in the Asia-Pacific region, making it an emerging hotspot for the automotive cybersecurity market.

The Security Type Segments is anticipated to hold the Largest Market Share during the Forecast Period

In the global automotive cybersecurity market, the security type segment encompasses application security, wireless security, and endpoint security. This segment dominates the market due to the increasing integration of advanced technologies in modern vehicles. Application Security ensures the protection of software applications within the automotive ecosystem, safeguarding against vulnerabilities and cyber threats. Wireless Security becomes crucial as connected vehicles rely on extensive communication networks, making them susceptible to cyber-attacks. Endpoint Security focuses on securing individual devices and systems within the automotive infrastructure. As vehicles become more connected and autonomous, the demand for robust cybersecurity solutions across these key segments has surged, driving the dominance of the Security Type segment in the automotive cybersecurity market.

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