Cybersecurity Market to Reflect Impressive Growth Rate of 49.5% by 2023 | Global Key Players - Intel Corporation, Towersec, Karamba Security, Lear, Escrypt GmBH, Continental AG, Infineon Technologies AG and Cisco Systems

The cybersecurity market for cars was valued at USD 78.48 million in 2017, and is expected to reach a value of USD 586.14 million by 2023, at a CAGR of 49.5% over the forecast period (2018 - 2023). The scope of the report is limited to solutions offered by players, including providers of hardware, software, professional services, and integration solutions. While the regions considered in the scope of the report include the United States, Europe, Japan, and the Rest of the world. The study also emphasizes on the various attack points in a car, automotive security evaluations, cyber security standards, and cyber security initiatives, such as SPY car act, NIST cybersecurity framework, work done by NHTSA, and FTC, among others.

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The automotive industry is undergoing a wave of innovation and with the advent of groundbreaking technologies, such as the Internet of Things (IoT), making vehicles safer than ever beforeu2014is witnessing a paradigm shift from the traditional models. With enhanced GPS, location and maintenance live recording, reminders, driving assistance, and Wi-Fi services, the demand for connected cars has been soaring and it is estimated that connected cars will account for 75% of the 92 million cars shipped globally in 2020.

Alongside the burgeoning connectivity, the increasing number of electronic control units and lines of code have increased the complexity of the products; thus, the concerns for security are on the rise. Further, the fragmented supply chain for this market has made it difficult to monitor the security policies at every stage. In order to counter these security risks, cybersecurity has become an indispensable aspect of connected cars. In addition, the growing number of government regulations and standards for these connected cars have been instrumental in driving the adoption of cybersecurity for cars.

Top Players:

The key players in this market include Intel Corporation, Towersec (Harman International Industries Inc.), Karamba Security, Lear Corporation, Escrypt GmBH, Continental AG, Infineon Technologies AG and Cisco Systems Inc. Other players include Delphi Automotive PLC, Arilou Technologies, Visteon Corporation, Argus Cybersecurity, Secunet AG, Trillium Incorporated, and NXP Semiconductors N.V, among others.

Key Developments in the Market
• May 2017 - Karamba Security raised USD 12 million in Series B funding, bringing total investment in the company to USD 17 million, one year after closing a seed round. The funding was driven by investors into Karamba’s unique automotive cyber prevention technology. The investment was aimed at expanding the customer support, sales and R&D organizations to meet the rapidly growing demand for automotive security.
• September 2017 - Honeywell and Lear Corporation collaborated to focus on developing automotive software technology and infrastructure solutions to address threats associated with emerging connected and autonomous vehicle development. As the industry increases system communications within the vehicle and external connectivity via cellular and satellite communications, this collaborative effort aims to provide automakers with an architecture to address vehicle prognostics and help ensure passenger vehicle safety and security.
• June 2017 - Intel acquired Mobileye N.V. for USD 15.3 billion. Mobileye develops products related to computer vision and machine learning, data analysis, localization and mapping for advanced driver assistance systems and autonomous driving. This acquisition by Intel was aimed at accelerating the innovation for the automotive industry and positioning the company as a leader in technological solutions for fully autonomous vehicles.

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Japan to Register the Fastest Growth over the Forecast Period

The connected cars market in Japan is expected to register robust growth with the first AD-Level 2 commercialized vehicle in the passenger car market. Since the automotive sales have witnessed a decline, the automotive OEMs are opting for new revenue streams, which include connected cars. This strategy is further buoyed by the Japanese government’s plans to improve the connected cars division before Olympics 2020, in an effort to protect transport infrastructure, which encompasses connected cars, trains, and airplanes. These have led the Japanese OEMs to display the AD technologies, to increase the consumers’ awareness for automated driving systems. While this is expected to aid the growth of the market for connected cars, it also involves taking stringent measures against activists and developing authentic cybersecurity for cars, which is expected to be a driving factor for the market.

Growing Number of Connected Cars and Rising Concerns over Cybersecurity

The growing connected ecosystem has made these cars more vulnerable to cyber-attacks. Fiat Chrysler Automobile, a market leader in connected cars (FCA) recently recalled 1.4 million vehicles after suspecting a remote hack in the Jeep Grand Cherokee, Cherokee SUV, and Dodge Ram Pickup vehicles. Further, security researchers Charlie Miller and Chris Valasek demonstrated that it was possible for hackers to control a Jeep Cherokee from a remote location using the car's entertainment system, which is connected to the mobile data network, and even made it possible to "kill" the engine, remotely activate or disable the brakes, and track the vehicle's location. Such instances have created major concerns over cybersecurity and generated the demand for “hacker-proof” vehicles, contributing to the growth of the automotive cyber security market.

Software-based Solutions to Witness the Greatest Adoption

Since connected vehicles are wholly dependent on the connected software for all aspects of their operation, they are vulnerable to a broad spectrum of cybersecurity attacks. Karamba Security, a company that develops security systems for connected cars, recently introduced a new carwall system for automotive cybersecurity. The software’s automated sealing approach is known to immediately detect and prevent cyber-attacks that exploit software bugs in the code. Further, to safeguard internal vehicle systems from attacks, and ensure data integrity while also providing data privacy and secure vehicle-to-cloud communications in millions of vehicles, there is a high demand for these software-based solutions.

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