Automotive Cyber Security market is projected to grow at a CAGR of 5.9% by 2034: Visiongain
Visiongain has published a new report entitled *Automotive Cyber Security Market Report 2024-2034**: Forecasts by Form (In-Vehicle, External Cloud Services), by Security (Wireless Network Security, Endpoint Security, Application Security), by Application (ADAS & Safety Systems, Body Control & Comfort Systems, Powertrain Systems, Infotainment Systems, Communication Systems, Telematics Systems), by Vehicle Autonomy (Non-autonomous Vehicles, Semi-autonomous Vehicles, Fully-autonomous Vehicles), by Vehicle Propulsion Type (Electric Vehicles, ICE Vehicles), by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)), by Electric Vehicle Type (BEV, HEV & PHEV) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis*.
The automotive cyber security market was valued at US$2,991.6 million in 2024 and is projected to grow at a CAGR of 19.4% during the forecast period 2024-2034.
*Increasing Consumer Awareness of Cybersecurity Risks in Vehicles Expected to Fuel the Demand for Cyber Security*
In the realm of automotive cybersecurity, a notable market opportunity arises from the escalating awareness among consumers regarding the cybersecurity risks associated with modern vehicles. As digitalization and connectivity become increasingly prevalent in automotive systems, consumers are awakening to the potential vulnerabilities posed by cyber threats and data breaches.
This burgeoning consciousness among consumers offers a strategic opening for automotive cybersecurity firms to address burgeoning concerns and provide cutting-edge solutions aimed at fortifying vehicle security. By engaging in proactive consumer education initiatives to underscore the significance of cybersecurity in vehicles and illuminate the risks tied to cyber threats, firms can establish themselves as trusted advisors while fostering confidence and credibility in the market.
Furthermore, as consumer awareness of cybersecurity risks heightens, there emerges a heightened demand for vehicles outfitted with robust cybersecurity features and technologies. This presents a ripe opportunity for collaboration between automotive manufacturers and cybersecurity entities to co-create integrated solutions that prioritize security without compromising performance or user experience.
Moreover, the escalating consumer awareness of cybersecurity risks is prompting regulatory bodies to implement stringent measures and industry standards aimed at enhancing vehicle security. This regulatory momentum creates a conducive landscape for cybersecurity enterprises to flourish, as governments mandate cybersecurity standards and compliance requirements for automotive players.
The burgeoning awareness of cybersecurity risks in vehicles is spurring a surge in demand for aftermarket cybersecurity solutions and services. Consumers are increasingly seeking avenues to bolster the security of their existing vehicles, driving the need for cybersecurity products such as intrusion detection systems, secure communication protocols, and software updates.
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*How has COVID-19 had a Significant Negative Impact on the Automotive Cyber Security Market?*
The COVID-19 pandemic has significantly impacted the automotive cyber security market, presenting both challenges and opportunities for industry stakeholders. With the widespread adoption of remote work policies and digital solutions, the automotive sector witnessed an accelerated digital transformation, leading to increased connectivity and reliance on digital technologies. This heightened digitalization exposed vehicles to new cyber security risks, as remote access points, in-vehicle infotainment systems, and telematics platforms became potential targets for cyber-attacks.
As automotive manufacturers and suppliers raced to develop connected and autonomous vehicles, the need for robust cyber security measures became more pronounced. The pandemic-induced disruptions in global supply chains and manufacturing operations further complicated cyber security efforts, as companies faced resource constraints and delays in implementing cyber security solutions. Moreover, the shift towards remote working arrangements posed additional challenges for securing remote access to vehicle systems and ensuring the integrity of software updates and patches.
However, the pandemic also brought to light the importance of cyber security in the automotive industry, prompting increased awareness and investment in cyber security solutions. Automotive OEMs and suppliers intensified their efforts to strengthen cyber security measures, enhance threat detection capabilities, and improve incident response protocols. Additionally, regulatory bodies and industry associations emphasized the need for cyber security standards and best practices to mitigate cyber risks in connected vehicles.
*How will this Report Benefit you?*
Visiongain’s 406-page report provides 133 tables and 213 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the automotive cyber security market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for automotive cyber security. Get financial analysis of the overall market and different segments including form, security, application, vehicle propulsion type, vehicle autonomy, vehicle type, and electric vehicle type and capture higher market share. We believe that there are strong opportunities in this fast-growing automotive cyber security market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
*What are the Current Market Drivers?*
*Growth in Electric Vehicles Adoption, Driving Demand for Cyber Security*
The surge in Electric Vehicle (EV) adoption is driving a notable increase in demand for automotive cybersecurity solutions. With their advanced software, sensors, and communication systems, EVs are inherently more connected than traditional internal combustion engine vehicles. This heightened connectivity expands the potential attack surface, necessitating robust cybersecurity measures to safeguard against cyber threats. Moreover, EVs rely heavily on software-controlled systems for critical functions like battery management and vehicle-to-grid communication. Any vulnerabilities in this software could pose serious safety and security risks, underscoring the importance of comprehensive cybersecurity solutions.
Additionally, many EV manufacturers leverage Over-the-Air (OTA) update capabilities to remotely deliver software updates and patches to vehicles, introducing potential security vulnerabilities if not implemented securely. Protecting the vast amount of sensitive data collected and transmitted by EVs, including driving behaviour and location data, is also crucial for maintaining consumer trust and complying with privacy regulations.
Furthermore, as EVs serve as platforms for autonomous driving technology development, ensuring the cybersecurity of these systems becomes paramount to safeguard passengers and pedestrians from potential cyber-attacks. Regulatory bodies are increasingly focusing on cybersecurity standards for connected vehicles, including electric cars, further propelling the demand for cybersecurity solutions tailored to the EV market. The rapid growth of the EV market presents significant opportunities for cybersecurity solution providers to innovate and develop specialized solutions to address the unique cybersecurity challenges associated with electric vehicles.
*Development of Autonomous and Semi-autonomous Vehicles*
The development of autonomous and semi-autonomous vehicles represents a significant driver for the automotive cybersecurity market, as the proliferation of these advanced technologies introduces new challenges and vulnerabilities that need to be addressed. While Tesla may not expect fully self-driving cars for consumers to hit the market immediately, highly autonomous vehicles are rapidly becoming a reality on streets. Companies like Waymo and GM's Cruise are already operating driverless vehicles on public roads, albeit within limited geographical areas. However, the deployment of these autonomous vehicles poses a unique challenge for cybersecurity experts due to their reliance on artificial intelligence (AI) and machine learning (ML) algorithms.
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*Where are the Market Opportunities?*
*Growing Investments in Research and Development Related to Automotive Cyber Security*
The burgeoning investments in research and development (R&D) represent a pivotal trend within the automotive cybersecurity market, indicative of an industry-wide commitment to innovation and technological advancement. As stakeholders across the automotive ecosystem recognize the escalating cybersecurity threats facing modern vehicles, they are channelling substantial resources into R&D initiatives aimed at fortifying cyber defences, enhancing threat detection capabilities, and pioneering novel cybersecurity solutions.
This surge in R&D investments underscores a collective recognition of the imperative to stay ahead of emerging cyber threats and vulnerabilities, driven by the rapid digitization and connectivity of automotive systems. As vehicles become increasingly interconnected and reliant on complex software-driven functionalities, the need for robust cybersecurity measures has never been more acute. Consequently, automotive manufacturers, technology providers, cybersecurity firms, and academic institutions are intensifying their R&D endeavours to develop innovative solutions that mitigate cyber risks and bolster vehicle security.
*Automotive OEMs can Vertically Integrate Cybersecurity Solutions into their Product Offerings*
In the dynamic realm of automotive cybersecurity, a strategic avenue for Original Equipment Manufacturers (OEMs) lies in the vertical integration of cybersecurity solutions into their product offerings. By integrating cybersecurity solutions directly into their vehicles, OEMs can fortify their products against cyber threats while simultaneously enhancing their competitive edge in the market. This approach empowers OEMs to embed cybersecurity features seamlessly into the design and development process of their vehicles, ensuring that security considerations are integral from the outset. By vertically integrating cybersecurity solutions, OEMs can proactively address evolving cyber threats and vulnerabilities, safeguarding both vehicle integrity and customer trust.
*Competitive Landscape*
The major players operating in the automotive cyber security market are Argus Cyber Security, Cisco Systems, Inc., Harman International Industries, Inc., Upstream Security Ltd., NXP Semiconductors, Karamba Security Ltd., secunet Security Networks AG, Infineon Technologies AG, Robert Bosch GmbH, Kaspersky Lab, Vector Informatik GmbH, and VinCSS Cyber Security Service Joint Stock Company. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
*Recent Developments*
· On 17^th April 2024, Argus Cyber Security, a world leader in automotive cyber security, has completed a vehicle-level penetration testing project on the new Ford Trucks F-MAX heavy-duty truck. Aligned with the UNR 155 cyber security regulation, the vehicle-level pen testing was a critical milestone for Ford Trucks in achieving type approval certification for the F-MAX model.
· On 10^th April 2023, Upstream Security, an Israeli auto cybersecurity startup, received an undisclosed investment from Cisco Investments as demand grows for internet-connected vehicles and other devices. Cisco Investments is the corporate venture capital arm of Cisco Systems.
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*To find more Visiongain research reports on the **Automotive** sector, click on the following links:*
· Connected Vehicle Market Report 2024-2034
· Automotive Electronics Market Report 2024-2034
· Automobile AI and Generative Design Market Report 2024-2034
· Vehicle to Grid (V2G) Market Report 2024-2034
· Automotive Composites Market Report 2024-2034
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