Automotive Cyber Security Market is Expected to Grow USD 8.94 billion by 2030, at a CAGR of 18.5%

Automotive Cyber Security Market Overview:

Automotive Cyber Security Market is expected to grow from USD 2.36 billion in 2022 to USD 8.94 billion by 2030, at a CAGR of 18.5% during the forecast period (2022 - 2030)

The automotive cyber security market is garnering significant traction. Factors such as the emerging autonomous driving/driverless vehicle and connected car concepts drive the market growth. The risk of cyberattacks in automobiles is becoming a paramount concern for the automotive industry, and so is growing the need to establish mechanisms to protect and monitor vehicles from cyber-attacks.

With the increasing demand for connected cars and safe & secure mobility, the market is likely to witness a substantial rise in the next few years. In this regard, Market Research Future (MRFR), a renowned research firm, states that the global automotive cyber security market would garner significant growth by 2030, registering a modest CAGR during the review period (2022 - 2030).

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What are the cybersecurity issues in the automotive industry?

The automotive industry has witnessed a proliferation of connected vehicles and advanced technologies, introducing a range of cybersecurity challenges. Here are some key cybersecurity issues in the automotive industry:

Connected Car Vulnerabilities:

As vehicles become more connected, with features such as infotainment systems, navigation services, and connectivity to external networks, they become susceptible to cyberattacks. Hackers may exploit vulnerabilities in these systems to gain unauthorized access to vehicle functions.

Remote Hacking and Unauthorized Access:

The ability to remotely access a vehicle's systems introduces the risk of unauthorized control. Malicious actors could exploit weaknesses in communication protocols or software to remotely manipulate critical functions, such as braking or acceleration.

Infotainment and Telematics Risks:

Infotainment systems and telematics, while enhancing the driving experience, can also be entry points for cyber threats. Malware or unauthorized access to these systems may compromise user privacy, safety, and overall vehicle security.

Inadequate Software Security:

Software vulnerabilities in vehicle systems can be exploited by attackers. Issues such as insufficient encryption, weak authentication mechanisms, and lack of secure coding practices can make it easier for malicious actors to compromise the integrity of the vehicle's software.

Lack of Standardization:

The absence of standardized cybersecurity practices across the automotive industry can create inconsistencies in security measures. A lack of uniformity makes it challenging to establish robust security protocols that can be universally applied and maintained.

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For instance, on Mar.01, 2021, Toyota Tsusho, a leading global business corporation, and Cybellum, a leading vehicle cybersecurity risk assessment solution provider, announced their partnership to provide automated cyber risk assessment for Japanese automotive manufacturers.

The partnership would introduce Cybellum's Cyber Digital Twins platform to the Japanese automotive OEM and suppliers to speed up the WP.29 regulation readiness. Toyota Tsusho's vast expertise and rich experience in the automotive industry, along with the strong automotive cybersecurity risk assessment expertise of Cybellum, combine to create a powerful alliance.

Rising Adoption is a Major Industry Trend

Besides, government mandates for developing safe, connected cars, electric vehicles, and autonomous vehicles boost the market share. Automotive engineers are continually alarming threats that could hack the processing power of cars for other activities such as mining bitcoins. Also, the demand for improved connectivity to enhance the driving experience is growing. All these factors would continue to push the market demand.

Additionally, rising technical expertise, enormous investments in developing cybersecurity technologies, and the proliferation of integrated & embedded connectivity are other major trends observed in the market. Rapid advances in digital technology and increasing demand for automotive cybersecurity solutions positively impact the market growth. The rapidly growing awareness for cybersecurity features influences the market rise.

Lack of Awareness Obstruct the Market Growth

Despite demonstrating major growth prospects, the market still witnesses major setbacks, such as the lack of awareness for these systems. Nevertheless, rising passenger car sales in emerging regions would support the market growth throughout the assessment period. Also, the spurring rise in automobile industries and technological advancements influence the growth of the regional market.

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COVID- 19 Impacts on the Automotive Cyber Security Market

The onset of COVID- 19 affected the automotive cyber security industry severely. Pandemic-led logistics problems posed major challenges, such as obtaining raw components and attracting workforces from quarantine required to develop cybersecurity systems and delivering end products to the market. However, the market is gradually picking up and is expected to grow exponentially further in 2021 and beyond.

Segmentation

The automotive cyber security market analysis is segmented into security type, vehicle type, application, and region. The security type segment is bifurcated into network security, endpoint security, application security, wireless security, cloud security, and others. The vehicle type segment is bifurcated into commercial and passenger vehicles.

The application segment is sub-segmented into telematics, on-board diagnostic (OBD), infotainment, communication channels, powertrain, safety systems, and others. By regions, the market is sub-segmented into Europe, Americas, Asia Pacific, and rest-of-the-world.

Regional Segmentation

North America holds the largest share in terms of the global automotive cyber security market value. Numerous cross-industry collaborations are happening between automotive original equipment manufacturers (OEMs) and mobile network operators (MNOs) to enhance the connected living experience for users while driving. Also, the demand for undisrupted internet connectivity inside a vehicle by users boosts the automotive cyber security market size.

Significant technological advances and the presence of various connected mobility solution providers in the region influence the automotive cyber security market share. Besides, the futuristic infrastructure in the region drives the automotive cyber security market growth, bringing about advanced connected mobility platforms. Moreover, the rising efforts of automakers in discovering new technologies to eliminate cyber attacks and give a safe journey experience influence region's market share.

Competitive Analysis:

Highly competitive, the automotive cyber security market appears fragmented with the presence of several well-established players. To gain a larger competitive share, these players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/technology launch.

Key players active in the market are Harman International Industries

Inc. (U.S.)

Argus Cyber Security (Israel)

Karamba Security (Israel)

Cisco Systems Inc. (U.S.)

Intel Corporation (U.S.)

NNG Software Developing and Commercial LLC (Hungary)

NXP Semiconductors N.V. (Netherlands)

Intel Corporation (U.S.)

Secunet AG (Germany)

and Escrypt Embedded Systems (Germany)

among others.

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