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Growing Connected Car Market Fuels Demand For External Cloud Automotive Cyber Security Services: Key Factor Driving The Growth In The External Cloud Automotive Cyber Security Services Market
External Cloud Automotive Cyber Security Services
What Is the Expected External Cloud Automotive Cyber Security Services Market Size During the Forecast Period?
The market size for external cloud automotive cyber security services has experienced swift growth in recent years. The projections show an increase from $2.44 billion in 2024 to $2.71 billion in 2025, registering a compound annual growth rate (CAGR) of 10.9%. Factors contributing to this historic growth include the emergence of connected vehicles and in-car connectivity, increasing complexity of automotive cyber threats, regulatory measures aimed at cybersecurity in the automotive industry, heightened awareness of cybersecurity risks within the automotive sector, and a surge in the number of cyberattacks targeting automotive systems.
The market for external cloud automotive cyber security services is poised to experience swift expansion in the coming years, with expectations of reaching a value of $4.72 billion by 2029, reflecting a compound annual growth rate (CAGR) of 14.9%. This imminent growth for the specified period can be credited to the increasing proliferation of electric and autonomous vehicles, ongoing advancements in over-the-air (OTA) software updates, the implementation of cloud platforms for handling and storage of vehicle data, enhanced cooperation between car manufacturers and cybersecurity service providers, and the increasing array of cyber threats aimed at contemporary vehicles. The forecast period also anticipates trends such as the introduction of AI and machine learning in the realm of automotive cybersecurity, a heightening demand for real-time threat intelligence and surveillance, the prioritization of end-to-end encryption for in-vehicle and cloud communication, the creation of blockchain-driven security solutions for automotive data, and the strategic positioning of cybersecurity as an integral element in the comprehensive vehicle design and development process.
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What Are the High-Growth Segments in the External Cloud Automotive Cyber Security Services Market?
The external cloud automotive cyber security services market covered in this report is segmented -
1) By Security: Endpoint Security, Application Security, Wireless Network Security
2) By Electric Vehicle Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle
3) By Vehicle Type: Passenger Car, Commercial Vehicle
4) By Application: Telematics System, Infotainment System, Powertrain System, Body Control And Comfort System, Communication System, ADAS And Safety System
Subsegments:
1) By Endpoint Security: Antivirus And Anti-Malware Solutions, Endpoint Detection And Response (EDR), Device Control Solutions
2) By Application Security: Web Application Firewalls (WAF), Application Security Testing (AST), Secure Software Development Lifecycle (SDLC) Tools
3) By Wireless Network Security: Intrusion Detection Systems (IDS), Virtual Private Networks (VPN), Secure Access Service Edge (SASE)
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What Key Drivers Are Expected to Influence Future External Cloud Automotive Cyber Security Services Market Growth?
The swell in the prevalence of connected cars is predicted to fuel the expansion of the external cloud automotive cyber security services market. Connected cars are vehicles equipped with inherent systems allowing internet access and vehicle-to-vehicle communication. There has been a noticeable surge in the volume of such cars and those with smart connectivity capabilities. While these cars can link to the internet, they are exposed to cyber threats, necessitating cyber security measures. As an example, the Internet of Business, a UK-based tech news outlet, in their report on connected cars, forecasted a 270% surge in connected cars reaching 125 million by 2022. Hence, the escalating quantity of connected cars is boosting the demand for, and growth of, the external cloud automotive cyber security services market.
Which Companies Hold the Largest Share Across Different External Cloud Automotive Cyber Security Services Market Segments?
Major companies operating in the external cloud automotive cyber security services market include Continental AG, Denso Corporation, Aptiv PLC, NXP Semiconductors N. V., Honeywell International Inc., Trillium Secure Inc., Escrypt GmbH, Vector Informatik GmbH, Karamba Security, Guardknox Cyber Technologies Ltd., Upstream Security Ltd., Capgemini SE, Robert Bosch GmbH, SafeRide Technologies, Arilou Automotive Cybersecurity, Argus Cyber Security, BlackBerry, Cybellum Technologies LTD, MIRA Ltd., BT Security, Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., International Business Machines Corporation, Microsoft Corporation, Palo Alto Networks Inc., Trend Micro Inc., Check Point Software Technologies Ltd.
What Trends Are Driving Growth in The External Cloud Automotive Cyber Security Services Market?
The surge in technological advancement is a significant trend gaining traction in the external cloud automotive cyber security services arena. Market participants are consistently introducing and integrating novel technologies to dominate the industry. For example, in March 2022, India-based IT firm, Wipro, unveiled a Cloud Car platform fortified with a comprehensive cybersecurity system. This platform will allow car manufacturers to tackle software glitches through over-the-air updates. It aims to separate previously paired hardware and software, thus empowering manufacturers to carry out software upgrades on a broader scale.
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What Are the Emerging Geographies for The External Cloud Automotive Cyber Security Services Market Growth?
North America was the largest region in the external cloud automotive cyber security services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the external cloud automotive cyber security services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the External Cloud Automotive Cyber Security Services Market?
2. What is the CAGR expected in the External Cloud Automotive Cyber Security Services Market?
3. What Are the Key Innovations Transforming the External Cloud Automotive Cyber Security Services Industry?
4. Which Region Is Leading the External Cloud Automotive Cyber Security Services Market?
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