Press release
Automotive Cybersecurity Market By Key Vendors: Audi, BMW, Daimler, Ford, General Motors, Honda, Hyundai, Nissan, Tesla, Volkswagen, Volvo Group, Lear Corporation, Symantec, AT&T, Cisco, Continental, Intel Security, Argus Cyber Security
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The network security dominates the automotive cybersecurity market and is projected to generate a market revenue of USD 236.4 million over the forecast timescale. The in-vehicle networks carry a variety of personal and operational identifiable information such as microphone recording, location, and call and navigation history, due to which protecting the data and messages over the network bus is important for privacy and operational security.
The software security segment in automotive cybersecurity market is projected to grow at a CAGR of 24.5% over the forecast period. The proliferation of ECUs in the automobiles has also increased the attack surface making vehicles easily accessible to attackers. There are a large number of ECUs with different capabilities in the automobiles, making them necessary to provide software security to these systems.
The passenger/consumer vehicles held 89.9% of the market share in 2017 and are projected to dominate the market over the forecast period. Cybersecurity plays a key role for consumers when they are purchasing the vehicle due to which various automotive manufacturers are working toward making cybersecurity a priority by adopting multi-layered security approach. Tier 1 companies and OEMs are using comprehensive solutions by combining innovative technologies and cybersecurity services, addressing the security challenges in connected passenger vehicles.
The commercial vehicle segment in automotive cybersecurity market is expected to grow at a CAGR of 34.5% over the forecast timeline as these vehicles play a major role in delivering the country’s goods and services and hence, protecting them from the rising cybercrime is a necessity. These vehicles also use relevant technologies to extend their connectivity and assist the businesses to enhance their working efficiency. It helps them in reducing fuel costs and increasing vehicular productivity boosting their demand.
World Automotive Cybersecurity Market is set to grow from its current market value of $187 million to more than $837 million by 2024, growing at a CAGR of over 23%.
Industry Growth drivers -
• Increasing requirement for cybersecurity in connected cars
• Rising collaboration between the automotive and ICT industry
• Rise in the market or Advanced Driver Assistance System (ADAS)
• Growing advent of telematics and cellular network in automotive sector
• Growing partnerships and funding’s for connected cars cybersecurity
• Improvement in the consumer safety and mobility along with reduction in environment degradation
• Growing government rules and regulations
The communication application is projected to reach USD 231.4 million by 2024 due to the various innovations in the automotive communication technology which include short-range communication, V2V, V2I, and vehicle to internet communication with the aid of embedded modems and Bluetooth-paired smartphones. As these devices are highly prone to cyber-attacks, it is essential to maintain secure communication between these devices and automobiles interior ECUs. Hence, various automotive and software security providers are entering into strategic partnerships and collaborations to enhance the vehicular communication systems safety and security.
The On-board Diagnostics (OBD) automotive cybersecurity market application segment is projected to grow at a CAGR of 31.7% over the forecast timeframe due to the rising advent of smartphones and enhanced miniaturization. The vehicle aftermarket manufacturers and startups attach these devices to the on-board diagnostic port present in the connected cars. As these OBD ports provide direct contact to the Controller Area Network (CAN) bus, it is necessary to protect these ports from cyber attackers.
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The infotainment application is anticipated to reach an automotive cyber security market revenue of USD 83 million by 2024 as they deliver major benefits such as audio/ video calling, navigation, live music streaming, Bluetooth and USB connectivity, Wi-Fi, and in-car internet. These systems have access to more and more vehicle functions, making them more vulnerable to the cyberattacks. Various automobile firms are entering into strategic partnerships to secure their connected cars.
North America dominates the automotive cybersecurity market due to the rising collaboration between the automotive manufacturers and software providers to enhance their connected car safety and security. The U.S. and Canada are the main contributors of new automobiles deployed with the latest technologies, driving the automotive cybersecurity market growth.
Europe automotive cybersecurity market is witnessing a fast growth rate and is projected to reach USD 224 million by 2024. Germany dominates the European automotive cybersecurity market as it is the home to some of the leading automobile manufacturers including Ford, Volkswagen, BMZ, Audi, Mercedes-Benz, Opel, and Porsche. These companies are working with various software cybersecurity providers to increase the security offering aimed at maintaining passenger safety while traveling.
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The Asia Pacific automotive cyber security market is projected to grow at a CAGR of 33.3% over the forecast period due to the increasing demand for connected vehicles in this region. Increasing investments to develop advanced in-car services and connectivity infrastructure are also driving the automotive cybersecurity market demand.
Some of the major vendors operating in the automotive cybersecurity market are Audi, BMW, Capio, Cognata, Daimler Trucks, Ford, General Motors, Honda, Hyundai Motor Group, Nebula Systems, Nissan, Tesla Motors, TriLumina Corporation, Volkswagen, Volvo Car Group, Argus Cyber Security, Arilou Technologies Ltd. , AT&T, Automatic Labs, BT Security, Cisco Systems , Continental AG, Intel Security, Karamba Security, Lear Corporation, and Symantec Corporation.
Market share calculation in this report is not done based on companies covered in it. The calculation of Automotive Cybersecurity Market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
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Traffic Sensor Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024
https://www.marketwatch.com/press-release/traffic-sensor-market-2018-2024-expected-developments-to-be-observed-worldwide-2018-09-20
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