According to The Business Research Company’s Automotive Cybersecurity, The automotive cybersecurity market size has grown rapidly in recent years. It will grow from <b>$2.37 billion in 2023 to $2.82 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. </b> The growth in the historic period can be attributed to increased adoption of connected and autonomous vehicles, stringent government regulations and industry standards , growing demand for advanced driver assistance systems (adas), increasing demand for luxury vehicles, rise in the number of cyber threats targeting automotive systems.
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The automotive cybersecurity market size is expected to see rapid growth in the next few years. It will grow to <b>$5.63 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. </b> The growth in the forecast period can be attributed to growth in the adoption of electric vehicles, integration of 5g technology in connected vehicles, expanding the attack surface, increasing reliance on over-the-air (ota) software updates, expansion of the automotive industry in emerging markets, rise in awareness and investments in proactive cybersecurity measure. Major trends in the forecast period include development of integrated cybersecurity solutions, emphasis on secure vehicle-to-everything (v2x) communication, use of blockchain technology for secure data sharing, collaboration between automakers and cybersecurity firms for threat intelligence, implementation of behavior-based anomaly detection for real-time threat identification.The increase in the number of connected cars is significantly contributing to the growth of the automotive cybersecurity market going forward. A connected car refers to a vehicle that can access the internet through an inbuilt connectivity system. Cyber security in connected cars includes features such as the call for sophisticated threat intelligence, which helps to prevent cars from common security problems. For instance, in June 2021, according to Express Drive, an India-based automobile news provider, in India, more than 350 million connected cars are expected to hit the road by the year 2023 which is almost 24% of all cars worldwide. Therefore, the increase in the number of connected cars is driving the growth of the automotive cybersecurity market.
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The automotive cybersecurity market covered in this report is segmented –
1) By Security Type: Network Security, Application Security, Endpoint Security, Wireless Security, Cloud Security
2) By Form: In-Vehicle, External Cloud Service
3) By Vehicle: Passenger Car, Commercial Vehicle
4) By Application: Telematics System, Body Control and Comfort System, Infotainment System, Powertrain System, Other ApplicationsTechnological innovations are the key trend gaining popularity in the automotive cybersecurity market. Major companies operating in the automotive cybersecurity sector are focused on technological innovations to sustain their position in the market. For instance, in October 2021, Tesla, a US-based car manufacturing company, launched a new technology for connecting cars known as Vehicle-to-everything based on 5G technology. V2X is a net automotive cybersecurity technology that provides authenticated data transmission between vehicles and infrastructure. The technology is launched in innovative V2X services, which contain many features such as RAT, transmission profile, communication mode, and signaling protection mode.
The automotive cybersecurity market report table of contents includes:
- Executive Summary
- Automotive Cybersecurity Market Characteristics
- Automotive Cybersecurity Market Trends And Strategies
- Automotive Cybersecurity Market – Macro Economic Scenario
- Global Automotive Cybersecurity Market Size and Growth
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- Global Automotive Cybersecurity Market Competitive Benchmarking
- Global Automotive Cybersecurity Market Competitive Dashboard
- Key Mergers And Acquisitions In The Automotive Cybersecurity Market
- Automotive Cybersecurity Market Future Outlook and Potential Analysis
- Appendix
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