Automotive Cyber Security Market to Grow at a CAGR of 23.16%

CITY, Country, 2019-Nov-18 — /EPR Network/ —

The Global Automotive Cyber Security Market is projected to grow at a CAGR of 23.16% from 2018 to 2025, to reach USD 5.77 billion by 2025.

The increasing amount of vehicle electronics and the growing adoption of advanced vehicle technologies such as virtualization of software, digital twinning of vehicles, connected vehicles and self-driving vehicles have made modern vehicles vulnerable to cyberattacks. The increase in mid-size and luxury vehicle sales in recent years is driven by the changing preferences of end-users and lifestyle of the young population. The increasing use of e-mobility in regions such as Asia Pacific, South America, and the Middle East & Africa is driving the market for automotive cyber security. Technological developments in semi-autonomous and autonomous vehicles to boost the demand for cybersecurity measures.

Consumer Electronics Show (CES) is a huge annual trade show for technology enthusiasts across various sectors. CES 2019, held at Las Vegas in January, showcased modern and disruptive technologies in different sectors. A key attraction at CES 2019 for the automotive industry was the demonstration of various automotive cybersecurity-related products and technologies.

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).

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Future vehicles will share data with external data centers for the proper functioning of several applications. Thus, automotive cyber security providers and Tier 2 and Tier 3 companies can leverage the opportunities and create new revenue pockets, which in turn would expand the ecosystem of connected and autonomous vehicles. Autonomous vehicles are gaining an unprecedented amount of traction. Companies such as Mercedes, Ford Motors, and Tesla are investing heavily in their R&D capabilities to revolutionize the traditional way of driving. For instance, Ford Motors has tripled its investment in the autonomous fleet market and is testing 30 autonomous Fusion hybrids in Michigan, California, and Arizona. Similarly, Google, Uber, and Tesla are also ramping up their investments to bring an autonomous vehicle on the road that will comply with all the statutory rules and regulations and make driving a seamless experience. The growth of autonomous vehicles offers unparalleled opportunities to cloud providers, OEMs, and other stakeholders to collaborate and partner with automotive companies to leverage this growth.

The application security segment is estimated to be the fastest-growing market for automotive cybersecurity. It is followed by the wireless network security. Currently, vehicles are equipped with advanced applications such as ADAS & safety systems, telematics, infotainment system, etc. These applications run with the help of electronic control units (ECUs) that are vulnerable to cyberattacks. An increase in sales of all classes of vehicles equipped with advanced applications is a key driving factor for the growth of automotive cybersecurity.

The automotive cyber security market for the in-vehicle segment is estimated to be the largest during the forecast period. The increasing number of ECUs in various applications inside the vehicle is driving the market for automotive cybersecurity. In-vehicle applications that operate on separate ECUs can be hacked by professional hackers. A lot of OEMs, as well as Tier 1 and 2 suppliers, are focusing on improving in-vehicle application security.

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The Asia Pacific is projected to be the largest and fastest-growing market for automotive cyber security 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.