Automotive Cyber Security Market in Asia Pacific 33% CAGR till 2024: Volvo Cars, Volkswagen AG, Tesla, General Motors, Ford Motor Company, BMW Group, AUDI AG, Nissan Motor Corporation, Symantec, Lear Corporation, Cisco, AT&T, BT
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Automotive Cyber security Market is benefiting from the investments made by the leading investors, who support automotive firms. These funds are used by the companies to scale up their cybersecurity profile, fighting against the rising cyberattacks. For instance, in April 2018, Denso an international American firm invested USD 2 million in Dellfer, an automotive cybersecurity company. The company plans to use the funding to enhance its operations in the cyber protection of automobiles.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
4. Volvo Cars
5. Volkswagen AG
7. General Motors
8. Ford Motor Company
9. BMW Group
10. AUDI AG
11. Nissan Motor Corporation
Automotive Cyber security Market was estimated to be over USD 187 million in 2017 and is set to exceed USD 837 million by 2024; according to a new research report by Global Market Insights, Inc.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.
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North America dominates the automotive cyber security 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.
Powered by the dynamism in the growth portfolio, investors are highly optimistic toward the revolutionizing automotive cyber security market outlook and are betting big to exploit the potential opportunities it is likely to offer. The renowned Japanese automotive component manufacturer Denso’s USD 2 million investment in Dellfer, the renowned cybersecurity and IOT giant this year marks the onset of this approach by the automotive sector.
The deal also implicates the rising focus of the auto giants toward protecting the connected vehicles from potential and rather sophisticated cyber threats. It is overt that with the increasing commercialization of autonomous and connected vehicles, the deployment of cybersecurity technologies is deemed to be humongous. In terms of profitability, the global automotive cybersecurity market is slated to record a double-digit growth rate over 2018-2024.
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:
Cloud security is the fastest growing segment in the automotive cyber security market and it is projected that by 2024, approximately 30% of the vehicles globally will be deployed with cyber security 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 On-board Diagnostics (OBD) automotive cyber security 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. Furthermore, with the usage of these ports in various applications such as fleet management, consumer vehicle diagnostics, and mile-based insurance, the automobile providers should perform early security investigation of these devices to regulate their common vulnerabilities and control security risks.
The aforementioned instances only bear a fraction of the developments underlining automotive cyber security market, which as per Global Market Insights, Inc., would surpass a valuation of USD 837 million by 2024. The growing deployment of in-vehicle connectivity such as infotainment services, navigation, mobile phone connectivity, voice recognition, and communication in modern vehicles has further allowed the automotive cyber security market to make profound inroads in consumer vehicle segment. As per estimates, this particular application segment procured almost 90% of the global share in 2017.
Some of the major vendors operating in the automotive cyber security 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.
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