Global Automotive Cyber Security Market Expected to Reach a Value of US$ 1,150.6 Mn by 2028

Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Global Market Study on Automotive Cyber Security: Burgeoning Demand from Mobile Apps, Social Networking, and Cloud to Heighten Growth of Managed Security Services” offers a detailed analysis of the market providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the Global Automotive Cyber Security Market have been elaborated upon in the research report.

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The global automotive cyber security market currently values around US$ 460 Mn and is likely to observe stellar growth over the next decade, reaching a value beyond US$ 1 Bn. The global market for automotive cyber security is expected to reach US$ 1,150.6 Mn by 2028 end, at a booming CAGR of 12.1% during the eight-year forecast period. The report has been segmented on the basis of the technology, component, and geography. By region, the automotive cyber security market in Japan is identified to present the most attractive opportunities during the forecast period. Whereas, among the component-based segments, services are anticipated to gain higher traction by 2026 end.

Hefty Revenue Generation Predicted Through Managed Security Services

Based on the technology, the global automotive cyber security market is classified as managed security services, end-point security services, integration services, consulting services, unified threat management, and others. Among all the sub-segments, managed security services has been the dominant segment and it will reportedly continue to capture the largest revenue share of over 19% through to 2026.

Evolving information security threats compel businesses to deploy a system for round-the-clock monitoring and a top notch network-wide coverage, including cloud solutions, which is presumed to push the demand for managed security services in next few years. Evidently growing adoption by SMEs and exploding demand for social networking and mobile apps security will also play a key role in strengthening this segment through to 2026. Increasing security threats to cloud infrastructure is poised to create multiple growth opportunities for this technology segment. Managed security services, being relatively more agile and cost-effective than others, is slated to gain higher traction during the projection period.

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Managed security services segment is estimated to observe robust growth at a CAGR of 12.1% over 2018-2026, followed by consulting services and unified threat management, accounting for a collective value share of around 34% by the end of 2026. Consulting and integration services, and end-point security are likely to gain higher traction in near future, primarily attributed to widespread penetration of connected devices and soaring number of cyber-attacks on industrial control systems. While consulting services segment is foreseen to thrive at the highest CAGR of over 13%, revenues through the end-point security segment is presumed to expand at a CAGR of above 12% between 2018 and 2026.

Increasing ICT Expenditure to Escalate Need for Vehicular Cyber Security 

Predominantly, significantly growing worldwide ICT spending following increasing adoption of connected devices for the Internet usage has been driving the demand for automotive cyber security. Constant innovation and launches of ICT technologies since the past few years will also continue to fuel the global automotive cyber security market in next few years. Technological development by OEMs, coupled with rapid adaptation among SMEs is anticipated to support the growth of market in near future. Increasing digitization has been spurring the incidences of cybercrimes such as cyber-attacks and threats, followed by rising awareness about the need for information security.

Emergence and Innovation of Connected Cars Continue to Foster Growing Demand for Cyber Security

Successful emergence of the connected vehicle ecosystem, and soaring adoption of IoT and cloud technologies is also slated to provide a strong impetus to the market growth. Governments are addressing the connected car ecosystems and setting up regulatory standards for connected car security, which is apprehended to act as a strong factor impacting the prospects of the global automotive cyber security market.

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This release was published on openPR.