The adoption of connected vehicles, integration of artificial intelligence in the automobile industry, and rising demand for in-vehicle connectivity are the key reasons behind the rising demand for cybersecurity solutions for vehicles. As a result, the automotive cyber security market size is predicted to grow to $7,280.2 million by 2030 from $1,152.7 million in 2019, at a robust 18.5% CAGR during 2020–2030. Such solutions protect the connected infrastructure, vehicle, and information that is processed, stored, and transmitted by automobiles by detecting and responding to cyber threats.
Advanced driver-assistance system & safety system, body electronics, infotainment, telematics, and powertrain are the various categories under the industry’s application segment. Among these, the infotainment category held the largest share in the automotive cybersecurity market during the historical period (2014–2019). The use of a variety of hardware and software for infotainment purposes, to deliver information and enhance the driver and passenger experience, is rising. The infotainment system pairs with people’s smartphones, which makes a robust cybersecurity mechanism necessary to protect personal data.
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In 2019, the automotive cybersecurity market was dominated by North America, as Canada and the U.S. witness some of the highest deployment rates of cybersecurity solutions in automobiles. Another reason for the region holding the largest share in the industry is the government regulations that mandate the installation of such features. For instance, the deployment of electronic logging devices (ELD) in commercial vehicles has been made mandatory by the Federal Motor Carrier Safety Administration (FMCSA) of the U.S. Further, the increasing sale of long-haul trucks with factory-installed fleet and telematics solutions is also driving the regional market.
The highest CAGR in the automotive cybersecurity market during the forecast period is projected to be witnessed by the Asia-Pacific (APAC) region. India, China, and Japan, which are among the largest automobile markets in the world, are witnessing a boom in vehicle production. With rapid industrialization and improvements in infrastructure, the scope for connected vehicles in the region is widening. Further, the increasing disposable income of the people in the region is allowing them to purchase the expensive connected automobiles, thereby propelling the demand for automotive cybersecurity solutions.
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Market Size Breakdown by Segment
- Advanced driver-assistance systems (ADAS) & Safety System
- Body Electronics
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- In-Vehicle Services
- External Cloud Services
- North America
- South Korea
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