Automotive Cybersecurity Market worth over $837mn by 2024
Published Date: July 9, 2018 Authors: Ankita Bhutani, Preeti Wadhwani
Automotive Cybersecurity Market size is set to exceed USD 837 million by 2024, according to a new research report by Global Market Insights, Inc.
Improvements in the standard of living and increased disposable income have caused a shift toward the adoption of advanced vehicles offering various benefits such as in-car infotainment systems, navigation, and telematics. As these systems have become increasingly complex, they are more vulnerable to cyberattacks, contributing to the automotive cybersecurity attacks. The government agencies are also partnering with software providers for telematics cybersecurity solutions driving the cybersecurity growth.
The automotive cybersecurity market is benefiting from the investments made by the leading investors, who support automotive firms. These funds are used by the companies to scale up their cybersecurity profile, fighting against the rising cyberattacks.
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The software security segment is projected to grow at a CAGR of 24.5% over the forecast period. The proliferation of ECUs in the automobiles has also increased the attack surface making vehicles easily accessible to attackers. There are a large number of ECUs with different capabilities in the automobiles, making them necessary to provide software security to these systems.
The commercial vehicle segment is expected to grow at a CAGR of 34.5% over the forecast timeline as these vehicles play a major role in delivering the country’s goods and services and hence, protecting them from the rising cybercrime is a necessity. These vehicles also use relevant technologies to extend their connectivity and assist the businesses to enhance their working efficiency. It helps them in reducing fuel costs and increasing vehicular productivity boosting their demand.
Browse key industry insights spread across 300 pages with 273 market data tables & 51 figures & charts from the report, “Automotive Cybersecurity Market Size By Security (Hardware Security, Software Security, Network Security, Cloud Security), By Type (Passenger Vehicle, Commercial Vehicle), By Application (On-board Diagnostic [OBD], Communication, Safety Systems, Infotainment, Telematics), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
The infotainment applications in the market are expected to reach USD 83 million valuation by 2024 as they deliver major benefits such as audio/ video calling, navigation, live music streaming, Bluetooth and USB connectivity, Wi-Fi, and in-car internet. These systems have access to more and more vehicle functions, making them more vulnerable to the cyberattacks. Various automobile firms are entering into strategic partnerships to secure their connected cars.
North America automotive cybersecurity market accounts for significant chunk of the global revenue share impelled by rising collaboration between the automotive manufacturers and software providers to enhance their connected car safety and security.
For instance, in January 2018, Honeywell entered a memorandum of understanding with LG Electronics to develop an automotive software and infrastructure to address the rising risk associated with the connected vehicle technology. Furthermore, the U.S. and Canada are the main contributors of new automobiles deployed with the latest technologies, driving the market growth.
The OBD applications will rise exponentially throughout the forecast timeframe led by rising advent of smartphones and enhanced miniaturization. The vehicle aftermarket manufacturers and startups attach these devices to the on-board diagnostic port present in the connected cars. As these OBD ports provide direct contact to the Controller Area Network (CAN) bus, it is necessary to protect these ports from cyber attackers.
Furthermore, with the usage of these ports in various applications such as fleet management, consumer vehicle diagnostics, and mile-based insurance, the automobile providers should perform early security investigation of these devices to regulate their common vulnerabilities and control security risks.
Various companies operating in the software and automobile industries are entering into strategic partnerships and collaborations to develop advanced automobile solutions, showcasing tremendous growth opportunities in this sector.
The prominent vendors present in the automotive cybersecurity market include Audi, General Motors, Ford, BT Security, Daimler Trucks, Arilou Technologies Ltd., Argus Cyber Security Ltd., BMW, Honda, Nissan, Cisco Systems, Inc, Tesla Motors, Lear Corporation, Continental AG, Karamba Security, Volvo Car Group, and Symantec Corporation.