Adoption of Automotive Cybersecurity Solutions To Surge in Asia-Pacific in Future
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Additionally, the rising requirement for greater vehicle safety and the increasing implementation of strict vehicle safety regulations by the governments of several countries are driving the demand for the integration of AI-powered solutions in automobiles. As these technologies are highly vulnerable to cyberattacks, their increasing adoption is fueling the requirement for cybersecurity solutions. Besides this factor, the growing popularity of in-vehicle connectivity is also propelling the advancement of the automotive cybersecurity market.
According to the estimates of the market research company, P&S Intelligence, the revenue of the market will rise from $1,152.7 million in 2019 to $7,280.2 million by 2030. The market is also predicted to advance at a CAGR of 18.5% from 2020 to 2030. Due to the rising requirement for connectivity with the outside world, even while traveling, among customers, automakers are increasingly adopting in-vehicle connectivity features, such as roadside assistance, smartphone connectivity, automobile diagnostics, and real-time traffic monitoring and collision warning systems in their products, via partnerships with various consumer electronics and information technology (IT) vendors.
Furthermore, the mushrooming deployment of connected cars is pushing up the requirement for security solutions that can protect the automobile’s functions from manipulation. Automotive cybersecurity solutions are integrated in both commercial vehicles and passenger cars. Between these, the adoption of these solutions is predicted to rise at a faster pace in commercial vehicles in the coming years. This is credited to the implementation of strict government regulations and the rising incorporation of cloud-based solutions by automobile fleet owners across the globe.
Geographically, the demand for automotive cybersecurity solutions is expected to rise at the fastest pace in the Asia-Pacific (APAC) region in the coming years. This is attributed to the ballooning automobile manufacturing and the increasing disposable income of people in the developing nations of APAC, such as China and India. In addition, rapid technological advancements, growing public awareness about the importance of cybersecurity solutions, and the enactment of stringent government policies regarding data security and vehicle safety are also contributing toward the surge in the automotive cybersecurity market in the APAC region.
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Hence, it is clear that the demand for automotive cybersecurity solutions will rise sharply in the coming years, mainly on account of the growing requirement for greater vehicle safety, increasing adoption of AI-driven solutions in automobiles, and surging enactment of strict government policies regarding data security and vehicle safety across the world.
Market Segmentation by Application
Advanced driver-assistance systems (ADAS) & Safety System
Market Segmentation by Vehicle Type
Market Segmentation by Form
External Cloud Services
Market Segmentation by Region
By vehicle type
By country – U.S. and Canada
By vehicle type
By country – Germany, the U.K., Italy, France, and Rest of Europe
By vehicle type
By country – China, Japan, India, South Korea, and Rest of APAC
By vehicle type
By country – Brazil, Mexico, Argentina, and Rest of LAMEA
This study covers
1. Historical and the present size of the Automotive Cybersecurity Market
2. Future potential of the market through its forecast for the period 2020– 2030
3. Historical and the present size of the market segments and understand their comparative future potential
4. Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
5. Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
6. Major players operating in the market and their service offerings
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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