Automotive Cyber Security Market expected to be worth $5.77 billion by 2025, at a CAGR of 23.16%, from 2018 to 2025 | IoT For All

Automotive Cyber Security Market expected to be worth $5.77 billion by 2025, at a CAGR of 23.16%, from 2018 to 2025

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According to the new market research report Automotive Cyber Security Market by Form (In-Vehicle, External Cloud Services), Security (Endpoint, Application, Wireless Network), Application (Infotainment, Powertrain, ADAS & Safety), Vehicle Type, EV Type, and Region – Global Forecast to 2025″, published by MarketsandMarkets™, The global automotive cybersecurity market is projected to grow at a CAGR of 23.16% from 2018 to 2025, to reach USD 5.77 billion by 2025.

The automotive industry is at the cusp of technological evolution to develop self-driving smart cars in the future while connected cars are becoming the stepping stone for autonomous vehicles. The focus of automobile manufacturers has shifted from fuel efficiency, performance, driver safety, and stability of the vehicle to additional features such as vehicle connectivity, electrification of functions, and digitalization. This change in focus has created a huge opportunity for non-automotive industry players such as IBM, Microsoft, and Cisco to name a few. Also, from the demand side, consumers are more inclined toward connected features such as navigation system, live traffic updates, and easy access to e-mails via the internet in their vehicles. To meet the demand and stay ahead in the competition, automakers have collaborated with software companies to provide various software services such as regular updates for security and remote diagnosis solutions.

On the other hand, the stakeholders plan to monetize this data for future solutions such as Vehicle-To-Everything (V2X), artificial intelligence, and understanding driver pattern and behavior for developing cognitive solutions. All such developments have resulted in the expansion of the connected car ecosystem that includes many players from automakers to software start-ups. Currently, the connected car ecosystem is complex and fragmented and is still constructing its baseline, requiring that business model innovations iteratively organize supply, delivery channels, and bundling of different services. These new business models need to be maintained with the help of strategic partnerships between automotive and non-automotive players.

The automotive industry is witnessing a new wave of technological revolution, which is boosting the idea of connected cars. Consumers are seeking in-car mobile connectivity to make their journey a rich experience. Therefore, automotive manufacturers and semiconductor vendors are spending heavily on research and development (R&D) to fulfill consumer demand. For automotive, connected devices require scalability for resource-constrained devices, feature-rich graphics, improved battery life, security for data storage and transmission, authentication, and architecture to support cloud integration. The Intelligent Transportation System (ITS) uses advanced technologies such as the Internet of Things (IoT) for better traffic management and smart transportation. The ITS concept is well-accepted and directed by the European Union (EU) compared to other regions. The regulatory bodies of the European region are making efforts to implement it effectively. The concept will be implemented under the Cooperative Intelligent Transport System (C-ITS) by 2019. The ENISA plans to improve network and information security in the European region. It follows practices for various automotive technologies including cybersecurity to achieve concrete standards for C-ITS.

External cloud services segment of the automotive cybersecurity market, by form, is expected to grow at the highest CAGR during the forecast period. It is followed by the in-vehicle segment, which is estimated to account for the largest share of the automotive cybersecurity market due to its wide use in connected vehicles in developing economies. The Asia Pacific region is estimated to account for the largest market share in the in-vehicle form segment.

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The application security segment is estimated to be the fastest growing market for automotive cybersecurity. It is followed by wireless network security. Currently, vehicles are equipped with advanced applications such as ADAS & safety system, telematics, infotainment system, etc. These applications run with the help of electronic control units (ECUs) that are vulnerable to cyber attacks. Increase in sales of all classes of vehicles equipped with advanced applications is a key driving factor for the growth of automotive cybersecurity.

The ecosystem of the automotive cyber security market consists of manufacturers such as Harman (US), Continental (Germany), NXP (Netherlands), Escrypt (Germany), and Vector (Germany), as well as research institutes such as Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (ACEA), Canadian Automobile Association (CAA), and Korea Automobile Manufacturers Association (KAMA).

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