Soaring Demand Set to Propel External Cloud Automotive Cyber Security Services Market to $4.49 Billion by 2029

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What Is the Expected CAGR for the External Cloud Automotive Cyber Security Services Market Through 2025?
The market size of external cloud automotive cyber security services has seen a robust growth in recent years. The market is projected to expand from $2.44 billion in 2024 to $2.67 billion in 2025, with a compound annual growth rate (CAGR) of 9.5%. The accelerated growth in the previous years is due to the surge in connected vehicle numbers and increased in-car connectivity. Furthermore, there's the growing comprehensiveness and intricacy of automotive cyber threats, regulatory measures that focus on cybersecurity within the automotive industry, increasing awareness about cybersecurity risks in the sector, and a surge in cyberattacks targeting automotive systems.

What's the Projected Size of the Global External Cloud Automotive Cyber Security Services Market by 2029?
The market for external cloud automotive cyber security services is anticipated to experience a swift expansion in the coming years, with its value expected to reach $4.49 billion by 2029, growing at a compound annual growth rate (CAGR) of 13.8%. Factors propelling this growth over the forecast period include developments in the electric and autonomous vehicle industry, the continuous evolution of over-the-air (OTA) software updates, the implementation of cloud platforms for vehicle data storage and processing, the increasing alliances between car manufacturers and cybersecurity service providers, and the growing number of cyber threats targeting contemporary vehicles. Predicted trends for this period include the integration of AI and machine learning in automotive cybersecurity, escalating demand for real-time threat intelligence and monitoring, emphasis on comprehensive encryption for in-car and cloud communication, the creation of blockchain-based security solutions for car data, and the inclusion of cybersecurity as a crucial component in the overall process of vehicle design and development.

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Top Growth Drivers in the External Cloud Automotive Cyber Security Services Industry: What's Accelerating the Market?
The expansion of the external cloud automotive cyber security services market is anticipated to be driven by the escalating numbers of connected cars. The term connected car is used to describe a vehicle that carries an integrated connectivity system, thereby allowing it to access the internet and establish connections with other vehicles. Recently, there has been a substantial rise in the number of connected cars and cars boasting intelligent connectivity attributes. While these cars possess the ability to access the internet, they remain susceptible to cyber-attacks. As a consequence, there is a need for robust cyber security services. As reported by the Internet of Business, a UK-based tech news agency, in their connected cars report, it is projected that the volume of connected cars will experience a surge of 270%, resulting in approximately 125 million cars, by 2022. Thus, the escalating number of connected cars is bolstering the demand for growth in the external cloud automotive cyber security services market.

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What Trends Will Shape the External Cloud Automotive Cyber Security Services Market Through 2029 and Beyond?
One notable trend emerging in the external cloud automotive cyber security services market is the progression of technology. Market players are ceaselessly discovering and adopting innovative technologies to stay ahead in the competition. For example, Wipro, a leading information technology firm based in India, unveiled a cutting-edge Cloud Car platform, loaded with a comprehensive cybersecurity system in March 2022. This development enables car manufacturers to tackle software issues through over-the-air updates and separates formerly combined hardware and software, facilitating large-scale software upgrades.

What Are the Main Segments in the External Cloud Automotive Cyber Security Services Market?
The external cloud automotive cyber security servicesmarket 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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Which Top Companies are Driving Growth in the External Cloud Automotive Cyber Security Services Market?
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.

Which Regions Will Dominate the External Cloud Automotive Cyber Security Services Market Through 2029?
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

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