US Automotive Cyber Security Market Growth Overview:
The US Automotive
Cyber Security Market Growth is garnering significant traction. Factors such as the
emerging autonomous driving/driverless vehicle and connected car concepts drive
the market growth. The risk of cyberattacks in automobiles is becoming a
paramount concern for the automotive industry, and so is growing the need to
establish mechanisms to protect and monitor vehicles from cyber-attacks.
With the increasing demand for connected cars and safe
& secure mobility, the market is likely to witness a substantial rise in
the next few years. In this regard, Market Research Future (MRFR), a renowned
research firm, states that the global US Automotive Cyber Security Market
Growth would garner significant growth by 2030, registering a modest CAGR
during the review period (2022 – 2030).
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Sample Report of US Automotive Cyber Security Market Growth
What are the cybersecurity issues
in the automotive industry?
The automotive industry has
witnessed a proliferation of connected vehicles and advanced technologies,
introducing a range of cybersecurity challenges. Here are some key
cybersecurity issues in the automotive industry:
1.
Connected Car Vulnerabilities:
·
As vehicles become more connected, with features such as infotainment
systems, navigation services, and connectivity to external networks, they
become susceptible to cyberattacks. Hackers may exploit vulnerabilities in
these systems to gain unauthorized access to vehicle functions.
2.
Remote Hacking and Unauthorized Access:
·
The ability to remotely access a vehicle's systems introduces the risk
of unauthorized control. Malicious actors could exploit weaknesses in
communication protocols or software to remotely manipulate critical functions,
such as braking or acceleration.
3.
Infotainment and Telematics Risks:
·
Infotainment systems and telematics, while enhancing the driving
experience, can also be entry points for cyber threats. Malware or unauthorized
access to these systems may compromise user privacy, safety, and overall
vehicle security.
4.
Inadequate Software Security:
·
Software vulnerabilities in vehicle systems can be exploited by
attackers. Issues such as insufficient encryption, weak authentication
mechanisms, and lack of secure coding practices can make it easier for
malicious actors to compromise the integrity of the vehicle's software.
5.
Lack of Standardization:
·
The absence of standardized cybersecurity practices across the
automotive industry can create inconsistencies in security measures. A lack of
uniformity makes it challenging to establish robust security protocols that can
be universally applied and maintained.
For instance, on Mar.01, 2021, Toyota Tsusho, a leading global business corporation,
and Cybellum, a leading vehicle cybersecurity risk assessment solution
provider, announced their partnership to provide automated cyber risk
assessment for Japanese automotive manufacturers.
The partnership would introduce Cybellum's Cyber Digital
Twins platform to the Japanese automotive OEM and suppliers to speed up the
WP.29 regulation readiness. Toyota Tsusho's vast expertise and rich experience
in the automotive industry, along with the strong automotive cybersecurity risk
assessment expertise of Cybellum, combine to create a powerful alliance.
Rising Adoption is a Major Industry Trend
Besides, government mandates for developing safe,
connected cars, electric vehicles, and autonomous vehicles boost the market
share. Automotive engineers are continually alarming threats that could hack
the processing power of cars for other activities such as mining bitcoins.
Also, the demand for improved connectivity to enhance the driving experience is
growing. All these factors would continue to push the market demand.
Additionally, rising technical expertise, enormous
investments in developing cybersecurity technologies, and the proliferation of
integrated & embedded connectivity are other major trends observed in the
market. Rapid advances in digital technology and increasing demand for
automotive cybersecurity solutions positively impact the market growth. The
rapidly growing awareness for cybersecurity features influences the market
rise.
Lack of Awareness Obstruct the Market Growth
Despite demonstrating major growth prospects, the market
still witnesses major setbacks, such as the lack of awareness for these
systems. Nevertheless, rising passenger car sales in emerging regions would
support the market growth throughout the assessment period. Also, the spurring
rise in automobile industries and technological advancements influence the
growth of the regional market.
COVID- 19 Impacts on the US Automotive Cyber Security
Market Growth
The onset of COVID- 19 affected the automotive cyber
security industry severely. Pandemic-led logistics problems posed major
challenges, such as obtaining raw components and attracting workforces from
quarantine required to develop cybersecurity systems and delivering end products
to the market. However, the market is gradually picking up and is expected to
grow exponentially further in 2021 and beyond.
Segmentation
The US Automotive Cyber Security Market Growth analysis
is segmented into security type, vehicle type, application, and region. The
security type segment is bifurcated into network security, endpoint security,
application security, wireless security, cloud security, and others. The
vehicle type segment is bifurcated into commercial and passenger vehicles.
The application segment is sub-segmented into telematics,
on-board diagnostic (OBD), infotainment, communication channels, powertrain,
safety systems, and others. By regions, the market is sub-segmented into
Europe, Americas, Asia Pacific, and rest-of-the-world.
Regional Segmentation
North America holds the largest share in terms of the
global US Automotive Cyber Security Market Growth value. Numerous
cross-industry collaborations are happening between automotive original
equipment manufacturers (OEMs) and mobile network operators (MNOs) to enhance
the connected living experience for users while driving. Also, the demand for
undisrupted internet connectivity inside a vehicle by users boosts the US
Automotive Cyber Security Market Growth size.
Significant technological advances and the presence of
various connected mobility solution providers in the region influence the US
Automotive Cyber Security Market Growth share. Besides, the futuristic
infrastructure in the region drives the US Automotive Cyber Security Market
Growth growth, bringing about advanced connected mobility platforms. Moreover,
the rising efforts of automakers in discovering new technologies to eliminate
cyber attacks and give a safe journey experience influence region's market
share.
Competitive Analysis:
Highly competitive, the US Automotive Cyber Security
Market Growth appears fragmented with the presence of several well-established
players. To gain a larger competitive share, these players incorporate
strategic approaches such as mergers & acquisitions, collaboration,
expansion, and product/technology launch.
Key players active in the market are Harman International
Industries, Inc. (U.S.), Argus Cyber Security (Israel), Karamba Security
(Israel), Cisco Systems Inc. (U.S.), Intel Corporation (U.S.), NNG Software
Developing and Commercial LLC (Hungary), NXP Semiconductors N.V. (Netherlands),
Intel Corporation (U.S.), Secunet AG (Germany), and Escrypt Embedded Systems
(Germany), among others.
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