Automotive Cybersecurity Market Size, Share, Analysis and Growth Forecast Report 2027
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Moreover, the rising number of vehicles, robust expansion in technology have led to the adoption of automotive cybersecurity as it is an effective and efficient solution to handle cyber threats and detect risk, rectify it, and protect computer;'s security systems from future threats.
Nevertheless, the improvement in vehicle security by adopting adaptive security, innovations in telematics and cellular network in the automotive sector, and increased complexity in car electronics systems will create opportunities for growth in the automotive cybersecurity market globally.
The COVID-19 outbreak has implemented strict lockdowns by the government and demand for new vehicles has reduced significantly. Owing to losses in the automotive sector, there was an impact in the usage of cybersecurity technologies. However, the market is anticipated to have a significant boost in 2022 due to increased production of vehicles, regulation by the government to install additional safety systems in vehicles to enhance safety.
Based on application, the communication segment is anticipated to grow at a significant pace due to the increased adoption of technologies in modern vehicles. Through the network built among cars, V2V technology allows vehicles on the road to connect with one another and share data about road conditions and other elements. This connected car technology helps drivers avoid car accidents, minimize traffic congestion, and protect the environment. Thus, sophisticated communication technology necessitates a higher level of cyber security, hence increasing market revenue.
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Asia-Pacific is anticipated to contribute to the largest share in the automotive cybersecurity market owing to the increased awareness of active and passive safety features among people and increased sales of mid-sized and luxury vehicles in the region. The increased sales of V2X technology in vehicles and substantial growth in the ride-sharing industries will propel the demand for the global automotive cybersecurity market.
In October 2021, Renesas Electronics Corporation, a leading provider of advanced semiconductor solutions, has signed a definitive agreement with Celeno Communications, the leading provider of smart, innovative Wi-Fi solutions, under which Renesas will acquire Celeno for approximately US$315 million, assuming the payment of certain milestone payments as set forth in the agreement. This will help in developing more advanced Wi-Fi connectivity capabilities and deliver end-to-end connectivity solutions for clients and access points.
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The prominent players in the global automotive cybersecurity industry include Harman International, Continental AG, Robert Bosch GmbH, Denso Corporation, Aptiv PLC, Symantec Corporation, NXP Semiconductors N.V., Honeywell International Inc., Trillium Secure Inc., and Escrypt GmbH.
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