Automotive Cybersecurity Market to be Worth $13.9 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Automotive Cybersecurity Market by Offering (Hardware, Software, Services), Security Type (Network Security, Endpoint Security), Deployment Mode, Application (ADAS & Safety, Telematics, and Infotainment), and Geography - Global Forecast to 2030.'

According to this latest publication from Meticulous Research®, the automotive cybersecurity market is projected to reach $13.9 billion by 2030, at a CAGR of 19.9% from 2023 to 2030. The growth of this market is driven by the growing number of connected cars, the growing adoption of telematics and cellular network in the automotive sector, rising incidents of cyberattacks and data breaches, and increasing government mandates for vehicle data protection. However, the high cost of automotive cybersecurity solutions restrains the growth of the automotive cybersecurity market.

The growing cloud-based applications in the automotive industry and the emergence of electric vehicle wireless battery management systems are expected to offer significant opportunities for the market's growth. However, misconceptions and lack of knowledge regarding automotive cybersecurity solutions and the growing complexity of vehicle electronics systems are major challenges for players operating in this market.

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The automotive cybersecurity market is segmented based on offering (hardware, software, services), security type (application security, endpoint security, network security), deployment mode (in-vehicle, external cloud services), and application (ADAS & safety, body control & comfort, infotainment, telematics, powertrain systems, communication systems, and other applications). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the automotive cybersecurity market is segmented into hardware, software, and services. In 2023, the software segment is expected to account for the largest share of the automotive cybersecurity market. The large market share of this segment is attributed to the growing number of connected cars, the increasing focus on software-centric security capabilities, and the rising vulnerabilities on IoT devices. In addition, the benefits offered by cybersecurity, such as reliability, comprehensive vulnerability coverage, efficiency, and security of real-time applications, further augment the growth of this segment. The software segment is also projected to register the highest CAGR during the forecast period.

Based on security type, the automotive cybersecurity market is segmented into network security, endpoint security, and application security. In 2023, the network security segment is expected to account for the largest share of the automotive cybersecurity market. The large market share of this segment is attributed to the rising need to ensure network security via restricted device management in-vehicle terminals, the rising need to detect and prevent attacks on a vehicle, and the increasing need to protect connected network infrastructure. The network security segment is also projected to register the highest CAGR during the forecast period.

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Based on deployment mode, the automotive cybersecurity market is segmented into in-vehicle and external cloud services. In 2023, the in-vehicle segment is expected to account for the largest share of the automotive cybersecurity market. The large market share of this segment is attributed to the rising concerns about vehicle safety, increased installation of cutting-edge safety devices in automobiles, and the rising use of endpoint applications, such as radio, mobile, and smart antenna, in automobiles. However, the external cloud services segment is slated to register a higher CAGR during the forecast period. The growth of this segment is driven by the rise in data breaches and security concerns and the growing number of cloud-connected devices and vehicles.

Based on application, the automotive cybersecurity market is segmented into communication systems, ADAS & safety, body control & comfort, infotainment, telematics, powertrain systems, and other applications. In 2023, the communication systems segment is expected to account for the largest share of the automotive cybersecurity market. The large market share of this segment is attributed to the rising cyber-attacks, the emergence of electric vehicle wireless battery management systems, and growing cloud-based applications in the automotive industry. The communication systems segment is also projected to register the highest CAGR during the forecast period.

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Based on geography, the automotive cybersecurity market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the automotive cybersecurity market. Asia-Pacific's major market share is attributed to the presence of prominent automotive cybersecurity companies in the region, such as Renesas Electronics Corporation (Japan) and DENSO Corporation (Japan). In addition, the increasing penetration of connected cars, growing cyberattacks, and rising IoT deployment contribute to the growth of this regional market. For instance, according to data from the Ministry of Science and ICT, in 202, there were 10 million IoT device subscriptions in South Korea due to the growing use of connected cars and remote-control services.

Furthermore, Asia-Pacific is expected to register the fastest growth rate during the forecast period. The rapid growth of this regional market is attributed to the rapid economic growth in developing countries, growing cybercrimes, and rising demand for connected features in passenger cars, particularly in China, Japan, South Korea, and India driving the demand for automotive cybersecurity.

Key Players:

The key players operating in the automotive cybersecurity market are Thales Group (France), NXP Semiconductors N.V. (Netherlands), UL LLC (U.S.), HARMAN International (U.S.), Renesas Electronics Corporation (Japan), STMicroelectronics N.V. (Switzerland), Garrett Motion Inc. (Switzerland), Argus Cyber Security Ltd (Israel), Vector Informatik GmbH (Germany), Karamba Security Ltd. (Israel), Synopsys, Inc. (U.S.), DENSO Corporation (Japan), Guardknox Cyber-Technologies Ltd. (Israel), and Infineon Technologies AG (Germany).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/automotive-cybersecurity-market-5480
Scope of the Report:

Automotive Cybersecurity Market, by Offering

Software
Hardware
Services

Automotive Cybersecurity Market, by Security Type

Network Security
Application Security
Endpoint Security

Automotive Cybersecurity Market, by Deployment Mode

In-vehicle
External Cloud Services

Automotive Cybersecurity Market, by Application

ADAS & safety
Body Control & Comfort
Infotainment
Telematics
Powertrain Systems
Communication Systems
Other Applications

Automotive Cybersecurity Market, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa

About Meticulous Research®

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