Automotive
Cyber Security Market Overview:
The Automotive
Cyber Security Market
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 Automotive Cyber Security Market Growth
would garner significant growth by 2032, registering a modest CAGR during the
review period (2024 – 2032).
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Sample Report of 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.
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 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 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 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 Automotive
Cyber Security Market Growth size.
Significant technological advances and the presence of
various connected mobility solution providers in the region influence the Automotive
Cyber Security Market Growth share. Besides, the futuristic infrastructure in the
region drives the 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 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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