Automotive Cybersecurity Market Size USD 16.73 Bn by 2032| at a CAGR 21.3%
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Market Overview
Published Via 11Press: By 2032, the global automotive cybersecurity market size is expected to reach USD 16.73 Bn from its current value of around USD 2.43 Bn in 2022, growing at a compound annual growth rate (CAGR) of 21.3% from 2023-2032.
Automotive cybersecurity refers to the protection of automotive electronic systems, communication networks, and control systems from unauthorized access, malicious attacks, or damage. With vehicles becoming more connected to external networks and the growing complexity of vehicles themselves, cyber threats and attacks are becoming increasingly likely. The automotive cybersecurity market provides products and solutions for preventing, detecting, and responding to cybercrimes as well as consulting services for cybersecurity training and support.
The market is primarily driven by the increasing adoption of connected cars and autonomous vehicles, rising concerns over data privacy and security, as well as an increase in cyberattacks against automotive systems. It can be divided into solutions and services, by region into North America, Europe, Asia-Pacific, and the Rest of the World.
Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Request for PDF sample report
Key Takeaways
- The global automotive cybersecurity market is projected to experience a compound annual growth rate (CAGR) of around 21.3% from 2023-2032.
- The market is being propelled forward by the increasing adoption of connected cars and autonomous vehicles, mounting concerns over data privacy and security, as well as an uptick in cyberattacks on automotive systems.
- North America is expected to lead the automotive cybersecurity market, followed by Europe and Asia-Pacific.
- The solution segment is projected to hold the largest share of this market, while service revenue is anticipated to expand at the highest compound annual growth rate during the forecast period.
- The major players in the automotive cybersecurity market include Harman International Industries, Karamba Security, Argus Cyber Security, Symantec Corporation, and Intel Corporation.
Regional Snapshot
North America leads the automotive cybersecurity market due to the presence of major automotive manufacturers and technology providers in the region, as well as high adoption rates for connected cars and autonomous vehicles. Europe follows, buoyed by its robust regulatory framework for cybersecurity and increasing investment in advanced technologies. Asia-Pacific is expected to experience the highest growth rate due to the rapid expansion of the automotive industry in countries such as China, Japan, and South Korea.
Drivers
- Rising adoption of connected cars and autonomous vehicles
- Increased concerns over data privacy and security
- The growing number of cyber attacks against automotive systems.
- Advancements in automotive technologies and their integration with IoT and AI
- Strict government regulations and standards for automotive cybersecurity
Restraints
- High cost of implementing cybersecurity solutions
- Lack of skilled professionals and expertise in automotive cybersecurity
- Difficulty integrating legacy systems with new cybersecurity technologies.
- The complexity of automotive supply chains requires collaboration among multiple stakeholders to ensure success.
Opportunities
- Growing Adoption of Connected and Autonomous Vehicles: The growing popularity of connected and autonomous vehicles presents an immense opportunity for the automotive cybersecurity market, as these vehicles are more vulnerable to cyber threats due to their dependence on electronic systems and communication networks.
- Growing Demand for Cloud-Based Cybersecurity Solutions: Cloud-based cybersecurity solutions are expected to see an uptick in demand within the automotive industry, as these options provide scalability, flexibility, and cost efficiency compared to traditional on-premises solutions.
- Rising Need for Regulatory Compliance: As regulatory requirements such as UN Regulation No. 155 – which requires all new vehicles to be equipped with cybersecurity features – become ever more stringent, there is an increasing opportunity for companies to provide cybersecurity solutions and services.
Challenges
- Complexity and Diversity of Cyber Security Threats and Attacks: Companies face a formidable obstacle when it comes to developing effective solutions that can detect and prevent these incidents.
- Limited Interoperability and Standardization: Due to a lack of interoperability and standardization among cybersecurity solutions, it can be challenging to guarantee seamless integration and compatibility between different systems and components.
- Balancing Security With Other Design Priorities: Companies often face the dilemma of balancing cybersecurity with other design considerations such as cost, performance, and usability. Unfortunately, this can often lead to compromises or trade-offs between these priorities.
- Lack of Awareness and Understanding: Many consumers and stakeholders lack awareness and comprehension regarding the significance of cybersecurity in vehicles, which could limit demand for cybersecurity solutions and services. Grow your profit margin with Market.us – Acquire this Report
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Recent Developments
- On January 2022, BlackBerry Limited unveiled its new automotive cybersecurity product, BlackBerry Jarvis 2.0. This platform provides real-time threat detection and response capabilities for connected vehicles.
- On October 20, 2021, GuardKnox Cyber Technologies Ltd. and DENSO Corporation officially announced a collaboration to develop a secure, high-performance gateway solution for connected vehicles.
- In September 2021, Symantec Corporation and Renesas Electronics Corporation announced a collaboration to offer an enhanced secure platform for automotive ECUs (Electronic Control Units), using Renesas’ R-Car SoCs (System-on-Chips) and Symantec’s Anomaly Detection Service for Automotive.
Key Market Segments
Solution Type
- Software-based
- Hardware-based
- Network & Cloud
- Others
Application
- Passenger Cars
- Commercial Vehicles
Key Market Players
- Arilou Technologies
- Cisco systems
- Harman International
- Argus
- Intel Corporation
- ESCRYPT
- NXP Semiconductors
- Trillium Secure, Inc.
- Secunet AG
- Security Innovation, Inc.
- Utimaco GmbH
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Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 2.43 Bn |
| Revenue forecast by 2032 | USD 16.73 Bn |
| Growth Rate | CAGR Of 21.3% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
Frequently Asked Questions
Q: What is Automotive Cybersecurity?
A: Automotive cybersecurity refers to the protection of electronic systems, communication networks and control systems within vehicles from cyber threats such as unauthorized access or disruption.
Q: What are the major drivers of the automotive cybersecurity market?
A: The major factors driving growth in this space include increasing adoption of connected cars and autonomous vehicles, growing concerns over data privacy and security, as well as an increase in cyberattacks against automotive systems.
Q: What are the key segments of the automotive cybersecurity market?
A: The automotive cybersecurity market can be divided into solutions and services. Solutions encompass products and software for preventing, detecting, and responding to cyber threats while services include consulting training, and support.
Q: Who are the major players in the automotive cybersecurity market?
A: Notable players include Harman International Industries, Karamba Security, Argus Cyber Security, Symantec Corporation, and Intel Corporation among others.
Q: What are the primary challenges confronting the automotive cybersecurity market?
A: The automotive cybersecurity market faces numerous challenges, such as the complexity of cybersecurity threats and attacks, and lack of awareness.
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