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Automotive Cybersecurity Market Latest Trends, Technological Advancement, Driving Factors and Forecast to 2027
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Evolution in Automaking Indicates Positive Outlook for Global Automotive Cybersecurity Market
Prominent automakers such as Daimler AG have collaborated with Uber for developing self-driving vehicle technology. Meanwhile, Tesla Motors has been consistently working on bringing in self-driving vehicles. As these technologies pave the way for futuristic automobiles, they are likely to show a higher demand for safety features as the nature of cyber-attacks gets complicated. As a result, automakers are making considerable investments in developing top-notch cyber-security software, giving the market new products to experiment with.
Uptake of ADAS to Bode Well for Automotive Cybersecurity in Vehicles
Advanced driver assist systems (ADAS) is anticipated to lead the way in the global automotive cybersecurity market. These systems are already being deployed in premium and luxury vehicles. The emergence of connected vehicles, electrification, autonomous driving, and shared mobility have collectively created a potential for cyber-attacks, thereby fuelling the demand for new-age automotive cybersecurity solutions. In the coming years, these solutions will be crucial in safeguarding hacking, information theft, cyber-attacks, and more.
The introduction of electric vehicles in the premium segment is also expected to come with ADAS functionalities. These systems are in continuous interaction with the electronic control units and chipsets, either on the cloud or locally. This nature of the systems is expected to make the function of automotive cybersecurity measures critical in ensuring long-term passenger and driver safety.
North America and Asia Pacific to Exhibit Phenomenal Growth Opportunities
The global automotive cybersecurity market is being led by North America due to supportive government regulations that are being designed to combat any kind of cyber security threat that may cause disastrous data leaks. The introduction of connected vehicle eco-systems in new-age vehicles as ICT and the automotive industry join hands to create seamless operations for end users is likely to fuel the growth of the automotive cybersecurity market in the region.
Increasing purchasing power that has encouraged vehicle production has also created a demand for improved vehicle safety norms. As the number of passenger vehicles rises in the market, analysts anticipate it will directly affect the automotive cybersecurity market. This trend is especially intensifying as Asia Pacific is witnessing an influx of vehicles. Production and sales of vehicles in the developing economies of China and India are expected to create an excellent opportunity for the automotive cybersecurity market in the region during the forecast period.
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Some of the key players operating in the automotive cybersecurity market are Karamba Security, Harman, Continental, Vector, Escrypt, NXP, Argus Cyber Security Ltd., Cisco Systems, Inc., and BT Security. The competition in the market is expected to intensify as new entrants make their way.
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