Automotive Cybersecurity Market Projected to Reach USD 7.6 Billion by 2030 with 18.3% CAGR”

Posted on 2024-04-04 by MarketDigits in Transportation & Logistics // 0 Comments

Richmond, United States, 2024-Apr-04 — /EPR Network/ —

The Automotive Cybersecurity market was valued at USD 2.4 billion in 2023. It is forecasted to attain USD 7.6 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 18.3% during the forecast period from 2023 to 2030.

As vehicles become increasingly connected and autonomous, the automotive cybersecurity market plays a crucial role in safeguarding against potential cyber threats. This blog dives into the dynamic landscape of automotive cybersecurity, highlighting key trends, challenges, and growth opportunities in this rapidly evolving sector.

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Major Vendors In The Global Automotive Cybersecurity Market:

SafeRide Technologies
GUARDKNOX
DENSO CORPORATION
APTIV PLC
HARMAN International
Arilou Automotive Cybersecurity
Vector Informatik GmbH
Karamba Security
Robert Bosch GmbH
Continental AG
Others

Market Trends and Drivers:

Rising Connected Car Adoption: The proliferation of connected car technologies, including infotainment systems, telematics, and vehicle-to-everything (V2X) communication, drives the demand for robust cybersecurity solutions to mitigate the risks associated with cyber threats.
Regulatory Mandates: Stringent regulations and cybersecurity standards imposed by regulatory bodies and industry associations compel automakers and suppliers to prioritize cybersecurity measures, fostering market growth.
Increasing Cyber Threat Landscape: The escalating frequency and sophistication of cyberattacks targeting vehicles and automotive systems underscore the critical need for advanced cybersecurity solutions, driving investment in the automotive cybersecurity market.
Shift Towards Electric and Autonomous Vehicles: The rapid electrification and autonomy of vehicles introduce new cybersecurity challenges, necessitating innovative approaches to secure software, firmware, and communication networks in next-generation vehicles.

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Major Segmentations Are Distributed as follows:

By Offering
- Software
- Hardware
By Application
- ADAS & safety
- Body control & comfort
- Infotainment
- Telematics
- Powertrain systems
- Communication systems
By Form Type
- In-vehicle
- External cloud services
By Security Type
- Application
- Wireless
- Endpoint
By Approach
- Intrusion Detection System
- Security Operations Centre
By Region
- North America
  - US
  - Canada
- Latin America
  - Brazil
  - Mexico
  - Argentina
  - Colombia
  - Chile
  - Peru
  - Rest of Latin America
- Europe
  - UK
  - Germany
  - France
  - Italy
  - Spain
  - Russia
  - BENELUX
  - CIS & Russia
  - Nordics
  - Austria
  - Poland
  - Rest of Europe
- Asia Pacific
  - China
  - Japan
  - India
  - South Korea
  - Thailand
  - Indonesia
  - Malaysia
  - Vietnam
  - Australia & New Zealand
  - Rest of Asia Pacific
- Middle East & Africa
  - Saudi Arabia
  - UAE
  - South Africa
  - Nigeria
  - Egypt
  - Israel
  - Turkey
  - Rest of Middle East & Africa

Recent Developments

In February 2023, a software solution for threat analysis and risk assessment called ESCRYPT C_ycurRISK was made available by ETAS, a Robert Bosch GmbH company. It enables methodical reduction of cyber risks and the identification of security vulnerabilities by automotive OEMs and suppliers during vehicle development.

Key Market Players:

Harman International Industries, Incorporated
Continental AG
Argus Cyber Security Ltd.
GuardKnox Cyber Technologies Ltd.
Karamba Security Ltd.
Symantec Corporation

Solutions and Technologies: Automotive cybersecurity solutions encompass a range of technologies and strategies, including:

Intrusion Detection and Prevention Systems (IDPS)
Secure Communication Protocols
Cryptographic Solutions
Secure Boot and Firmware Validation
Over-the-Air (OTA) Updates and Patch Management
Security Analytics and Threat Intelligence Platforms

Future Outlook: The automotive cybersecurity market is poised for exponential growth, driven by the increasing complexity of vehicle electronics, connectivity, and autonomy. As automakers, suppliers, and cybersecurity vendors collaborate to develop innovative solutions and standards, the market is expected to witness robust expansion in the coming years.

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Conclusion: In an era characterized by rapid technological advancement and digital transformation, automotive cybersecurity emerges as a critical enabler of trust, safety, and reliability in connected and autonomous vehicles. With the convergence of cybersecurity expertise, regulatory mandates, and industry collaboration, the automotive cybersecurity market is poised to shape the future of mobility, ensuring a secure and resilient automotive ecosystem for generations to come.

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