Market drivers include new regulations, increasing automobile complexity, and new vehicle types
BOULDER, Colo., Dec. 1, 2022 /PRNewswire/ -- A new report from Guidehouse Insights explores the global market for automotive cybersecurity solutions.
Automotive cybersecurity is the protection of connected vehicle systems, including software and communication networks, from tampering of any kind. Underlying the need for automotive cybersecurity is the increasingly complex technology of modern vehicles. According to a new report from Guidehouse Insights, paralleling increasing sales of connected vehicles, the market for automotive cybersecurity solutions is expected to grow steadily over the next 10 years, with revenue reaching more than $445.4 billion by 2031.
"The outlook for the automotive cybersecurity market over the next 10 years is strong. With vehicles becoming more reliant on electronic-based features and greater connectivity, the need for protection is high and growing," writes report author Karen Marcus, research analyst with Guidehouse Insights. "Interconnected systems involve small computers, or electronic control units for specific functions, multiple communication protocols, internal and third-party software, automation features, and cloud connectivity. Each of these components alone and working together creates potential attack vectors that must be protected."
Automotive manufacturers and their suppliers are increasingly driven by new regulations that require them to integrate cybersecurity solutions as a condition of approval for new designs; often, they are working to update their processes and systems before regulations go into effect. Other market drivers include increasing automobile complexity, new vehicle types, and shared vehicle services. Barriers to growth include resistance from research and development teams, high rates of employee resignation, and a chip shortage, all of which impact the industry's ability to provide service as quickly or thoroughly as its leaders would like, according to the report.
The report, Automotive Cybersecurity Market Overview, analyzes the global market for automotive cybersecurity solutions, examines the key technologies in vehicles that require protection, and looks at the competitive landscape. It provides market outlooks for annual vehicle sales and revenue across six world regions—North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa—during the ten-year analysis period 2022 to 2031. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has over 15,000 professionals in over 55 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Automotive Cybersecurity Market Overview, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse
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SOURCE Guidehouse Insights