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With the evolution of smart technology, the automotive industry has witnessed considerable technological changes, globally. These advanced technologies have been integrated among themselves, enabling increased safety and convenience as well as ensuring cost-effectiveness.

The automotive industry today is largely driven by consumer preferences and innovations. The concept of connected vehicles highlights the development of vehicles with technologies that enable connectivity with other devices, cloud storage, and infrastructure, among others.

The rise of connected vehicles is expected to increase the need for automotive cybersecurity. The automotive cybersecurity market generated revenue of $1.26 billion in 2018. The revenue is projected to reach $6.03 billion by 2029, growing at a CAGR of 14.25% during the forecast period, 2019-2029, according to a market intelligence report Global Automotive Cybersecurity Market – Analysis and Forecast, 2019-2029 by BIS Research.

Factors Shaping the Global Automotive Cybersecurity Market

The automotive cybersecurity market is driven by factors such as increasing number of connected vehicles, rising cyber-threats, and increasing number of electronic components in vehicles.

The increasing number of connected vehicles is supported by growing concerns related to road safety, increasing congestion, and rising demand for vehicle connectivity that have led governments and automotive manufacturers to collectively encourage the growth of connected vehicles. In 2018, connected vehicles accounted for 44% of the total vehicles produced globally.

Although the increasing technological advancements in the automotive industry are leading to several innovations in the autonomous vehicle sector, they are also giving rise to cyber-threat, owing to the increase in data and connectivity of vehicles. Connected vehicles are considered a part of the integrated transport system and are expected to build effective, efficient, and reliable transport systems utilizing real-time data from passenger vehicles, commercial vehicles, and transport infrastructure. However, the computed data is stored in the vehicle, which always has a risk associated with security and data breach. This can make the vehicles vulnerable, as they can be accessed remotely by hackers.

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In addition, the increasing number of electronic components in vehicles is propelling  technological advancements across automotive applications such as engine, transmission, and chassis electronics along with driver assistance, passenger comfort, and entertainment systems. However, an increase in the number of electronic components increases the threat of cyber-attack, as many electronic components are connected to each other which increases the network connectivity between the systems.

During the initial years of the forecast period, the increasing number of connected vehicles and rising cyber threats are expected to have a high impact on the industry. However, the impact is expected to reduce over time.

Further, there are opportunities including increasing implementation of MaaS and vehicle platooning, increasing application of automotive cloud to store and share data and over-the-air software update, and high demand for advanced cybersecurity solutions with an increased level of autonomy that can further boost the growth of the market.

Segmentation of the Global Automotive Cybersecurity Market

For the purpose of study, the data pertaining to the segmentation of the market is included in the report. The global automotive cybersecurity market has been segmented on the basis of product type, vehicle type, and region.

The product type segment of the market is further segmented into intrusion detection system (IDS) and intrusion detection and prevention system (IDPS). The IDS system is responsible for observing traffic for malicious and rule breaking activities, whereas the IDPS system is responsible for identifying the vulnerability spots in the network flow to prevent different types of possible attacks.

The IDPS segment is leading the global automotive cybersecurity market, accounting for around 80% of the total market in 2018 and is expected to maintain its dominance during the forecast period. This is mainly due to the benefits of IDPS over IDS, such as preventing vulnerability exploits, blocking-in foreign codes, ensuring zero false positives, not requiring connectivity, having negligible performance impact, and not requiring anti-malware updates.

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The vehicle type segmentation of the cybersecurity market has been divided into passenger and commercial vehicles. Passenger vehicles include connected and autonomous cars and robo-taxi, while commercial vehicles include heavy trucks and heavy buses. The passenger vehicle segment is currently dominating the global automotive cybersecurity market with a share of 74.51% of the total market in 2018 and is projected to maintain its dominance during the forecast period. However, the commercial vehicle segment is projected to grow at a higher CAGR during the forecast period from 2019 to 2029. Some of the factors influencing the growth of the market include the large-scale implementation of vehicle platooning, growing demand for reliable logistics, and an increase in the number of connected and autonomous commercial vehicles.

Region-wise, the market has been segmented into North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW). The Asia-Pacific (APAC) region is currently dominating the global automotive cybersecurity market by contributing 44.32% to the total market share in 2018. Moreover, APAC is anticipated to continue dominating the market during the forecast period.

Automotive Cybersecurity Companies to Watch

  1. Argus Cyber Security
  2. Harman International
  3. Karamba Security
  4. Symantec Corporation
  5. Trilium Secure
  6. Escrypt
  7. Guard Knox
  8. Arilou Automotive Cybersecurity

Where to Learn More

For more information, see the comprehensive automotive cybersecurity market research report by BIS Research, which draws on a mix of primary interviews and secondary research, along with analytical tools that have been used to build forecasts and predictive models. 


About the Publisher: BIS Research is a global market intelligence, research and advisory company that focuses on emerging technology trends that are likely to disrupt the market. Its team includes industry veterans, experts, and analysts with diverse backgrounds in consulting, investment banking, government, and academia.





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