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Automotive Cybersecurity Market Growth Report 2024 By Key Players: AUDI AG, BMW Group, Ford Motor Company, General Motors, Hyundai Motor Company, Nissan Motor Corporation, Tesla, Volkswagen AG, Cisco, Intel Corporation, Symantec, Lear Corporation
Automotive Cybersecurity Market
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.
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Automotive Cybersecurity Market was estimated to be over USD 187 million in 2017 and is set to exceed USD 837 million by 2024. Improvements in the standard of living and increased disposable income have caused a shift toward the adoption of advanced vehicles offering various benefits such as in-car infotainment systems, navigation, and telematics. As these systems have become increasingly complex, they are more vulnerable to cyberattacks, contributing to the automotive cybersecurity attacks. The government agencies are also partnering with software providers for telematics cybersecurity solutions driving the automotive cybersecurity market growth.
Cloud security is the fastest growing segment in the automotive cybersecurity market and it is projected that by 2024, approximately 30% of the vehicles globally will be deployed with cybersecurity cloud services. They examine and manage the fleets of vehicles through software such as management service, which enables them to assess the irregularities and identify unauthorized efforts to attack the connected vehicles. The automotive industry is making huge investments in the cloud technology to secure the automotive cloud environment. For instance, in May 2016, Ford invested USD 182.2 million in Pivotal to use its cloud-based technology in Ford’s auto and mobility services.
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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. AUDI AG
2. BMW Group
3. Ford Motor Company
4. General Motors
5. Hyundai Motor Company
6. Nissan Motor Corporation
7. Tesla
8. Volkswagen AG
9. Cisco
10. Intel Corporation
11. Symantec
12. Lear Corporation
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Automotive Cyber Security Market, By Security
o Hardware Security
o Software Security
o Network Security
o Cloud Security
Automotive Cyber Security Market, By Type
o Passenger/Consumer Vehicle
o Commercial Vehicle
Automotive Cyber Security Market, By Application
o On-board Diagnostic (OBD)
o Communication
o Safety Systems
o Infotainment
o Telematics
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. For instance, in January 2018, Honeywell entered into a memorandum of understanding with LG Electronics to develop an automotive software and infrastructure to address the rising risk associated with the connected vehicle technology. Furthermore, the U.S. and Canada are the main contributors of new automobiles deployed with the latest technologies, driving the automotive cybersecurity market growth.
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. Moreover, increasing research in the fields of malware detection and improved software in connected vehicles are also contributing to the growth.
Various companies operating in the software and automobile industries are entering into strategic partnerships and collaborations to develop advanced automobile solutions, showcasing tremendous growth opportunities in this sector. The prominent vendors present in the automotive cybersecurity market include AUDI AG, BMW Group, Capio, Cognata Ltd, Daimler Trucks North America, Ford Motor Company, General Motors, American Honda Motor Company, Inc., Hyundai Motor Company, Nebula Systems Ltd., Nissan Motor Corporation, Tesla, TriLumina Corp., Volkswagen AG, Volvo Cars, Argus Cyber Security Ltd., Arilou Technologies, AT&T, Automatic, BT, Cisco, Continental, Intel Corporation, Karamba Security, Lear Corporation, and Symantec.
Browse key industry insights spread across 300 pages with 273 market data tables & 51 figures & charts from the report, Automotive Cybersecurity Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-cybersecurity-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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