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Automotive Cybersecurity Market size worth $2 Bn by 2030

  • Published Date: August 22, 2022

Automotive Cybersecurity Market size is expected to cross USD 2 billion by 2030, according to a new research report by Global Market Insights Inc.

The report identifies the increasing investments by leading venture capitalists focusing on expanding cybersecurity profiles of industry participants as a prominent growth driver for the automotive cybersecurity industry.

The software security segment recorded a valuation of USD 117.1 million in 2021. The shifting consumer inclination towards safer and connected traveling has encouraged leading automobile manufacturers to develop technologically advanced autonomous vehicles with improved software connectivity.

U.S. Automotive Cybersecurity Market Share, By Security

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The hardware security segment accounted for about 15.32% of the market share in 2021. It may further experience decent growth owing to rising concerns pertaining to vehicle security against intentional or accidental damage.

The proliferating demand for commercial vehicles will bring about lucrative opportunities for automotive cybersecurity market leaders. The commercial vehicles segment is projected to exhibit a CAGR of about 24.3% through 2030.

Browse key industry insights spread across 250 pages with 300 market data tables & 42 figures & charts from the report, “Automotive Cyber Security Market Size By Security (Hardware Security, Software Security, Network Security, Cloud Security), By Type (Passenger/Consumer Vehicles, Commercial Vehicles), By Application (On-board Diagnostic [OBD], Communication, Safety Systems, Infotainment, Telematics), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030 in detail along with the table of contents:

Commercial vehicles are more prone to cyber-attacks due to the emerging trends of vehicle connectivity and surging hybridization, electrification, and automation in automobile technology. These vehicles emerged as a critical part of the infrastructure during the pandemic. Policymakers and regulatory authorities globally have been framing regulations and standards to ensure security in these vehicles, which will propel product sales in the forthcoming years.

The deployment of infotainment systems in automobiles to provide a range of entertainment, information, and communication services will remain significant through the coming years.  Infotainment segment held almost 11.6% of the market revenue share in 2021, as these systems provide information associated with navigation, climate forecast, and traffic congestion.

Asia Pacific automotive cybersecurity market surpassed USD 109.18 million in 2021 on account of the surging demand for connected vehicles. The region has experienced a substantial rise in the utilization of web services driven by ongoing infrastructural development. However, the increasing incidences of cybercrimes may trigger the demand for cybersecurity solutions, consequently strengthening the industry outlook.

The competitive landscape of the automotive cybersecurity industry is likely to be defined by novel product launches and portfolio expansion by key industry participants.

Prominent players profiled in the automotive cybersecurity market include Argus Cyber Security Ltd, Arilou Technologies Ltd, AT&T Inc., Audi AG, Bayerische Motoren Werke (BMW) AG, BT Group (BT Security), Capio, Inc., Cisco Systems, Inc., Cognata, Continental AG, Daimler AG, Ford Motor Company, General Motors, Honda Motor Company Ltd, Hyundai Motor Company, Intel Corporation, Karamba Security, Lear Corporation, Nebula Systems, Ltd, Nissan Motor Corporation, Symantec Corporation, Tesla Inc., TriLumina Corporation, Volkswagen AG and Volvo Group.

Authors: Preeti Wadhwani, Smriti Loomba