CHICAGO, Jan. 21, 2022 /PRNewswire/ -- According to the new market research report "Automotive Cybersecurity Market by Form (In-Vehicle, External Cloud Services), Offering (Hardware & Software), Security, Application Type, Vehicle Type, Propulsion, Vehicle Autonomy, Approach, EV Application, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Automotive Cybersecurity Market size is projected to grow from USD 2.0 billion in 2021 to USD 5.3 billion by 2026, at a CAGR of 21.3%.
Increasing sales of connected vehicles and semi-autonomous vehicles led to increasing use of electronic component for a vehicle. This increased the complexity of vehicle E/E architecture and software coding thus a vehicle is now becoming more vulnerable against a cyber-attack. Thereby, to safeguard the vehicles from such kind of attack the demand for automotive cybersecurity solutions increased at a rapid pace globally. Moreover, the recent launch of UNECE WP.29 regulation and "Auto Data" regulation are further expected to accelerate the markets growth momentum in the coming years globally.
Browse in-depth TOC on "Automotive Cybersecurity Market"
253 – Tables
102 – Figures
369 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=170885898
Passenger vehicle segment is expected to dominate the global Automotive Cybersecurity Market
The passenger vehicles segment is expected to lead the Automotive Cybersecurity Market during the forecast period, owing to the demand for connected vehicle services and growing sales of mid-luxury and luxury vehicles. The electrical/electronic (E/E) architecture of passenger vehicles is more complex and critical than that of LCVs and HCVs. Passenger vehicles are equipped with a considerable number of ECUs and are more prone to cyberattacks compared with the other two categories of vehicles. The key factor driving the passenger vehicles segment is the increasing adoption of V2X technologies due to the growing concerns over traffic, safety, and pollution levels. There are several passenger cars equipped with V2X available in the market, such as Audi A4 and Cadillac CTS. Moreover, the increasing adoption of ADAS features in passenger cars is also another major factor creating the need for cybersecurity solutions globally.
Endpoint security is expected to be the fastest-growing security type in global Automotive Cybersecurity Market.
The endpoint security segment is expected to witness the fastest growth in Europe and Asia Pacific during the forecast period. This growth can be attributed to the increased use of mirror link apps in these regions. Increasing safety and security concerns in these regions are also likely to propel the demand for endpoint security solutions. Presently, new vehicles contain approximately 100 million lines of code and are deployed with complex software by automobile manufacturers. To maintain the safety as well as security of a vehicle's entire code base, OEMs are opting for endpoint security solutions. Moreover, the trend of a mobile workforce, BYOD, social media, and cloud synchronizing tools is expected to influence the expenditure on endpoint security solutions.
Software segment is expected to dominate the global Automotive Cybersecurity Market.
In terms of market share in the global automotive cybersecurity industry, the hardware to software ratio per vehicle is around 20:80. This is expected to change over the years with variations in hardware prices. Cybersecurity software inside the vehicle requires the implementation of a few security functionalities such as secure protocols, identity and access management, intrusion detection, and abstraction layers for crypto functions. These functionalities are then used by the functional ECUs to secure communications and avoid the creation of backdoors. Therefore, the software segment is expected to hold the largest share in Automotive Cybersecurity Market during the forecast period globally.
Request FREE Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=170885898
Asia Pacific is expected to be the largest market during the forecast period
Asia Pacific is estimated to account for the largest market share in 2021, followed by Europe and North America. The rising awareness of active and passive safety features among people and increasing sales of mid-sized and luxury vehicles are the key factors driving the Automotive Cybersecurity Market in Asia Pacific. Several OEMs have shifted their automobile manufacturing plants to emerging countries because of low labor costs, ease of doing business, and the availability of raw materials. Several well-known semiconductor companies have their manufacturing hubs in the Asia Pacific region as well. This helps them maintain an effective supply chain of their products for the automakers.
Moreover, the growing sales of V2X equipped vehicles and significant growth in ride-sharing industries are likely to increase the demand for automotive cybersecurity solutions in the Asia Pacific region. OEMs in Japan and South Korea, such as Hyundai, Kia, Nissan, Honda, and Toyota, are focused on the development of self-driving cars. This is further expected to spur the demand for related cybersecurity solutions. Similarly, in the Indian market, OEMs such as MG Motor, Kia, and Mahindra have already started offering car models with level 1/2 features, which would further support the demand for cybersecurity solutions in the coming years. Apart from this, Asia Pacific is home to some of the top players in the Automotive Cybersecurity Market, such as Autotalks and AutoCrypt. Growing electric vehicle adoption and an increasing number of vehicles with connected car features would boost the need for automotive cybersecurity in the region. All these factors put together are expected to drive the Asia Pacific Automotive Cybersecurity Market during the forecast period.
The Automotive Cybersecurity Market is dominated by global players such as Robert Bosch GmbH (Germany), Continental AG (Germany), Harman International (US), DENSO Corporation (Japan), Aptiv PLC (Ireland), Karamba Security (Israel), SafeRide Technologies (Israel), Arilou Technologies (Israel), GuardKnox Cyber Technologies Ltd. (Israel), Upstream Security Ltd. (Israel), and Green Hills Software. These companies have adopted strategies of new product development, expansions, collaborations, partnerships, and acquisitions to gain traction in the market. Collaborations were the most adopted strategy, among others.
Browse Related Reports:
Self-driving Cars Market by Component (Radar, LiDAR, Ultrasonic, & Camera Unit), Vehicle (Hatchback, Coupe & Sports Car, Sedan, SUV), Level of Autonomy (L1, L2, L3, L4, L5), Mobility Type, EV, and Region - Global Forecast to 2030
Automotive ECU Market by Application, ECU Capacity (16-bit, 32-bit, 64 bit), Propulsion (BEVs, HEVs, ICE), Level of Autonomous Driving, Vehicle Type (LDV, HCV, Construction & Mining Equipment, Agricultural Tractors), and Region - Global Forecast to 2025
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/cyber-security-automotive-industry-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/cyber-security-automotive-industry.asp