The Automotive Cyber Security Market is projected to grow at a CAGR of 23.16% during the forecast period, to reach USD 5.77 billion by 2025 from an estimated USD 1.34 billion in 2018.
The automotive cyber security market is dominated by a few globally established players such as Harman (US), Continental (Germany), NXP (Netherlands), Escrypt (Germany), Vector (Germany), Trillium Secure (US), GuardKnox Cyber Technologies(Israel), SafeRide Technologies (Israel) and Karamba Security (Israel).
• Growing Cloud-Based Applications in the Automotive Industry
• Exceptional Technological Development in Autonomous Vehicle Space
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The major growth drivers for the market are the growing number of connected cars and electronic content per vehicle and reinforcement of mandates by regulatory bodies for vehicle data protection. The increasing number of cloud-based applications in the automotive industry and technological advancements in the autonomous vehicle space can create new revenue generation opportunities for automotive cyber security manufacturers.
The global market is segmented by form, security, application, vehicle, electric vehicle, and region. The report discusses two form types, namely, in-vehicle and external cloud services. The in-vehicle segment accounts for the largest share of this market. This segment is driven by factors such as the increasing use of endpoint applications such as mobile, radio, and smart antenna in vehicles in developing economies and rising demand for in-vehicle applications such as telematics, ADAS, and infotainment.
The application security segment is estimated to be the fastest-growing market for automotive cybersecurity, by security type. It is followed by wireless network security. The application security segment is estimated to experience significant growth due to the increasing sales of mid-size and luxury vehicles across the globe.
The powertrain system segment is estimated to be the fastest-growing market for automotive cyber security, by an application. The number of electronic applications in modern vehicles is increasing day by day. Modern vehicles have a powertrain system equipped with the latest mechatronics technologies comprising electronic control units (ECUs). These ECUs are vulnerable to the threat of a cyberattack.
The passenger vehicle segment is projected to be the largest market for automotive cybersecurity. The market growth in this segment can be attributed to the increasing electronic content inside the vehicle that is controlled by ECUs. Moreover, passenger vehicles are connected to external cloud services for telematics and fleet management applications.
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The Asia Pacific is projected to be the largest and fastest-growing market for automotive cybersecurity from 2018 to 2025. The market growth in this region can be attributed to the increasing vehicle production, changing in-vehicle electronic architecture, increasing in-vehicle services connected to the external cloud, and the expansion of leading OEMs and automotive component suppliers. The market growth in the region can also be attributed to the increasing sales of connected vehicles and government initiatives regarding the use of environment-friendly electric vehicles. In recent years, global OEMs like MG Motors (UK) and KIA Motors (South Korea) have expanded their regional presence and entered into the market like India. These OEMs are offering vehicles that are equipped with advanced connectivity and in-vehicle digital features.
• Automotive cybersecurity manufacturers
• Automobile organizations/associations
• Compliance regulatory authorities
• Government agencies
• Investors and Venture Capitalists (VCs)
• Raw material suppliers for automotive cybersecurity
• Traders, distributors, and suppliers of automotive cybersecurity
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