December 5, 2023

Paving the Way for Secure Mobility: Automotive Cybersecurity Market Trends

The global automotive cybersecurity market, which reached nearly US$2 billion in 2022, is poised for robust expansion in the coming years, according to a recent market analysis. Despite recent challenges in the automotive industry, the growth trajectory remains optimistic, fueled by the rapid development of connected, autonomous, shared, and electric vehicles.

Key Report Findings

  • Electric Vehicle Sales Surge: The increasing popularity of electric vehicles (EVs) is expected to drive the growth of the automotive cybersecurity market, as EVs become more connected and reliant on digital technology.
  • Rise of Connected Technology: The automotive cybersecurity market is benefiting from the growing prevalence of connected vehicle technology worldwide, which presents new opportunities for cyber-attacks.
  • Advanced Driver Assist Systems (ADAS): The prominence of ADAS in vehicles is boosting the demand for automotive cybersecurity measures, as these systems play a critical role in vehicle operations and passenger safety.
  • North America Leads: North America is at the forefront of demand for automotive cybersecurity due to supportive government regulations and the convergence of the information and communication technology (ICT) and automotive industries.
  • Key Industry Players: Leading companies in the automotive cybersecurity market include Continental, Karamba Security, Harman, Vector, NXP, and Cisco Systems, Inc.

The Rise of Connected Vehicle Technology

Connected vehicles are expected to revolutionize the future of mobility, making vehicle vulnerability and security a critical concern. The growing threat of malicious cyber-attacks on advanced technology automobiles and accessories is driving the demand for automotive cybersecurity solutions.

Massive Investments by Automakers in Security

Automakers are increasingly focusing on securing vulnerable technologies through the integration of cyber-secure software and hardware. However, the advent of autonomous vehicles is expected to make them more susceptible to cyber-attacks, further emphasizing the need for cybersecurity measures.

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New Technological Advancements

Collaborations between automakers and technology innovators, such as Daimler AG’s partnership with Uber, are expected to drive technological advancements in the industry. Self-driven vehicles are set to mark a major milestone, shaping cybersecurity policies and contributing to the growth of the automotive cybersecurity market.

Supportive Governments and Industry Authorities

Government initiatives, like the SPY Car Act of 2015, have established cybersecurity standards to protect vehicle owners from security and privacy threats. Government interest in developing smart cities and intelligent transport systems (ITS) is also boosting the demand for connected vehicles, driving the growth of automotive cybersecurity.

Growth Opportunities Post-Pandemic

As the global COVID-19 pandemic subsides, new innovation strategies and partnerships are expected to emerge in the automotive cybersecurity market. The preference for private vehicles and advancements in technology niches like automotive cybersecurity are anticipated to shape changes in vehicle sales patterns.

Overview of Key Segments

Advanced driver assist systems (ADAS) are expected to lead the demand for automotive cybersecurity, especially as autonomous driving and connected vehicles gain traction. The digitization of automobiles makes them tempting targets for cyber-attacks, increasing the need for cybersecurity measures.

Growth Opportunities Across Regions

North America currently leads the demand for automotive cybersecurity, while Asia Pacific presents excellent growth potential due to the optimistic prospects of connected vehicles in the region.

Competition Landscape Analysis

Increased connectivity in vehicles is attracting new entrants to the market, intensifying competition. Many automakers are likely to procure cybersecurity solutions from suppliers, leading to potential vulnerabilities. The automotive cybersecurity market is a diverse ecosystem with stakeholders including automakers, hardware manufacturers, and security software suppliers.

Leading Players

Key players in the automotive cybersecurity market include Continental, Karamba Security, Harman, Escrypt, Vector, NXP, Cisco Systems, Inc., Argus Cyber Security Ltd., and BT Security.

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Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad