The Global Automotive Cyber Security Market Size is to grow from USD 2.44 billion in 2022 to USD 18.87 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 22.7% during the forecast period.
Automotive cybersecurity involves protecting vehicles from cyber threats and unauthorized access. As vehicles become more connected and reliant on advanced technologies, the risk of cyberattacks increases. Automotive cybersecurity focuses on securing critical systems and networks within a vehicle, such as infotainment and autonomous driving features. This includes implementing strong security measures, encryption techniques, and intrusion detection systems. Continuous monitoring, threat intelligence, and vulnerability assessments are essential for identifying and mitigating risks. The automotive industry and regulatory bodies are prioritizing cybersecurity standards to ensure the safety and privacy of vehicle users.
The external cloud services segment is expected to grow at a CAGR of around 18.1% during the forecast period
Based on product type, the global automotive cyber security market is segmented into in-vehicle services and external cloud services. The external cloud services segment is anticipated to witness significant growth during the forecast period in the automotive cybersecurity market. Several factors contribute to this trend such as vehicles becoming more connected and generating vast amounts of data, and the demand for cloud-based services to store, process, and analyze this data is increasing. External cloud services offer scalable and flexible solutions for automotive companies to manage and secure their data effectively. The cloud-based cybersecurity solutions provide real-time threat monitoring, advanced analytics, and rapid response capabilities, enhancing the overall security posture of connected vehicles. Moreover, the adoption of cloud services enables automakers to leverage the expertise and infrastructure of cloud service providers, reducing the burden of implementing and managing complex cybersecurity systems internally.
The ADAS & safety system segment is expected to grow at a CAGR of around 20.2% during the forecast period
Based on application, the global automotive cyber security market is segmented into ADAS & safety system, infotainment, body electronics, powertrain, and telematics. The advanced driver assistance system (ADAS) & safety system segment is projected to experience significant growth during the forecast period. This can be attributed to the growing focus on improving vehicle safety and reducing accidents, which has led to increased adoption of ADAS technologies. These systems rely heavily on sensors, cameras, and communication networks, making them potential targets for cyber threats. Therefore, the need for robust cybersecurity solutions to protect ADAS and safety systems is increasing. Additionally, stringent safety regulations and industry standards are driving the integration of advanced safety features in vehicles, further bolstering the demand for automotive cybersecurity in the ADAS and safety system segment.
Asia-Pacific expected to grow at a higher CAGR of around 24.5% over the projected period
Based on region, the Asia-Pacific region is anticipated to experience significant growth during the forecast period. Several factors contribute to this trend, because the booming automotive industry, coupled with the rapid adoption of advanced technologies in vehicles, creates a greater need for robust cybersecurity solutions. The increasing connectivity and digitalization in emerging economies like China and India are driving the demand for automotive cybersecurity. Additionally, the rising number of cyber threats and regulatory initiatives aimed at enhancing cybersecurity in the automotive sector further propel market growth. Moreover, the presence of key automotive manufacturers and the growing awareness among consumers about the importance of vehicle cybersecurity contribute to the region’s expected higher growth rate.
Competitive Analysis
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global automotive cyber security market include Vector Informatik GmbH, Broadcom Inc., Denso Corporation, Honeywell International, Inc., Guard Knox Cyber-Technologies Ltd., Karamba Security, Synopsys, Upstream Security, Sectigo Limited, ESCRYPT, RunSafe Security, Inc., Trend Micro, Harman International, Trillium Secure Inc., STMicroelectronics, Infineon Technologies AG, NXP Semiconductors, Bosch Mobility Solutions, and Microchip Technology.
– Spherical Insights