Automotive Cyber Security Market : Top Players – Audi, Argus Cyber Security Ltd., Arilou Technologies Ltd., BMW, BT Security, Cisco Systems, Inc., Continental AG, Karamba Security, Symantec Corporation, Daimler Trucks

What are the parameters contributing to the expansion of the global automotive cybersecurity market from commercial vehicle segment?

The global automotive cyber security market size is anticipated to witness a massive momentum during 2017-2024, perhaps attributing to the onset of smart transportation systems comprising various innovative information and communication proficiencies, across the globe.

The automobiles deployed with internet access, deliver numerous provisions such as improved communication between the vehicles, real time traffic updates, navigation, in-car infotainment, and improved fuel efficiency. However, with the automobiles gaining higher internet connectivity and automation, it calls for higher cyber security threats.

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This allows the hackers to obtain access to the labilities of the internet car eventually resulting in the disclosure of person’s private information. For instance, Nissan’s LEAF electric car in 2016 encountered some substantial flaws which could allow the potential hackers to control its features and access the vehicle’s information of recent trips while sitting at any corner of the world. Hence, this calls for an urgent need of cybersecurity system deployment in the automobile sector which would finally drive the market trends.

Further, huge investments made by prominent investors have propelled the growth of automotive cybersecurity market share worldwide. Apparently, the funds would be extensively utilized by the automotive firms to build up their cybersecurity profile, combating the elevating cyberattacks.
Also, the strategic start of telematics and cellular network in the sector is likely to propel the industry outlook owing to the onset of 5G networks for incredible growth opportunities.

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Report by Global Market Insights, Inc. suggests that the global automotive cybersecurity market is anticipated to be valued at USD 837 million by 2024.
What are the factors fostering the software security segment of the automotive cybersecurity market?
With the automotive cyber security threats rising exponentially across the globe, various cyber security systems viz-a-viz hardware system, software security system, and the network security systems have been deployed by the industries to ensure the safety and security of the data.

The escalated growth of the software security segment in the market can be aptly credited to the proliferating cyber-attacks on the electronic control units. This encounters for an urgent need of the software security for the ECUs which would thereby bolster the market size.

As per estimates, the software security segment is predicted to record a CAGR of over 24.5 per cent through 2024.

On the other hand, the network security sector has been claimed to further dominate the market share and is anticipated to account for over USD 236.4 million by 2024.

Which are the significant parameters that drive the commercial vehicle segment in automotive cybersecurity market?

The commercial vehicle segment has been acquiring rapid prominence as a considerable vehicle type for the global cybersecurity market owing to the delivery of country’s products and services and protecting them from the increasing cybercrime.

Additionally, these vehicles embed appropriate technologies to expand the connectivity and provide an assistance to the business thereby augmenting the working efficiency.

Commercial vehicle segment is predicted to record a CAGR of over 34.5 per cent through 2024.
Meanwhile, several reports claim that the passenger or consumer vehicles accounted for over 89.9 per cent of the global automobile cybersecurity market share in 2017. In the following decades, the segment is likely to observe commendable proceeds accounting to the initiatives undertaken by the automobile manufacturers’ for abolishing cyber threats.

How will Asia Pacific automotive cybersecurity market growth supplement the industry trends?

The growth of the APAC region can be acknowledged to the mounting demands for the internet deployed automobiles on the grounds of expanding population and disposable incomes of the citizens of the developing economies.

It has been apprehended that the Asia Pacific automotive cyber security industry size would witness a CAGR of over 33.3 per cent over 2024 and is expected to flourish in the following years, whilst augmenting the industry expansion.

Furthermore, the booming investments to build advanced in-car services and connectivity framework would bolster the market demand in the region.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

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.

This release was published on openPR.