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- 13 August 2019 22:56
Automotive Cybersecurity Market Set for Rapid Growth
Technological advancements in the automotive industry have resulted in the global adoption of cybersecurity solutions. The changing paradigm of consumers as well as major automotive OEMs, a requirement of robust security mechanisms, and protection of connected vehicles are some of the factors substantiating the growth of automotive cybersecurity market. This gradually leads to the advent of advanced security solutions and services, in order to cater to the growing needs for reliability and safety.
However, the growing complexity among connected and autonomous vehicles and lack of cybersecurity skill sets and awareness within the organization are pressing matters to be looked upon in the current scenario. The increasing demand for security provides immense need for developing advance security solutions and services. Owing to the popularity of these solutions and services, major players including Argus Cyber Security, Harman International, Karamba Security, ARILOU Automotive Cyber Security, and Symantec Corporation, among others are competing with each other to increase their market share.
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The global automotive cybersecurity market is segmented into security, type, application and region. On the basis security, the global automotive cybersecurity market is segmented into hardware security, software security, network security and cloud security. On the basis type, the global automotive cybersecurity market is segmented into passenger/consumer vehicle and commercial vehicle. On the basis application, the global automotive cybersecurity market is segmented into On-board Diagnostic (OBD), communication, safety systems, infotainment, and telematics. On the basis of region the global automotive cybersecurity market is bifurcated into Europe, Latin America, North America, Middle East and Africa.
The software security segment in the market is expected to grow at a CAGR of 25.3% over the forthcoming years.
The infotainment application is foreseen to come to a automotive cyber security market income of USD 86 million by 2026 as they convey significant advantages, for example, live music streaming, sound/video calling, route, Bluetooth and USB network, Wi-Fi, and in-vehicle web. These systems approach increasingly more vehicle capacities, making them progressively powerless against the cyber attacks. Different vehicle firms are going into vital organizations to anchor their connected cars. For example, in January 2018, Argus Cyber Security integrated with STMicroelectronics to overhaul the cyber security proportions of connected vehicle innovations.
The software security segment in the market is expected to grow at a CAGR of 25.3% over the forthcoming years. The expansion of ECUs in the cars has likewise expanded the assault surface making vehicles effectively available to aggressors. There are an extensive number of ECUs with various abilities in the automobiles, making them important to give software security to these frameworks.
The commercial vehicle segment in car cybersecurity market is relied upon to develop at a CAGR of 35.4% over the coming years as these vehicles assume a noteworthy role in conveying the nation's merchandise and ventures and thus, shielding them from the rising cybercrime is a need. These vehicles additionally utilize applicable innovations to expand their network and help the organizations to upgrade their working productivity. It encourages them in diminishing fuel costs and expanding vehicular profitability boosting their demand.
Presently, North America region is expected to dominate the global cyber security market. However, the APAC region is anticipated to arise as the fastest-growing regional market with an appreciated CAGR. North America dominates the automotive cybersecurity advertise because of the rising partnership between the automotive cybersecurity makers and programming suppliers to improve their associated vehicle wellbeing and security. For example, in January 2018, Honeywell signed a memorandum of understanding with LG Electronics to build up an automotive cybersecurity programming and framework to address the rising risk related with the associated vehicle innovation. Moreover, the U.S. furthermore, Canada are the fundamental donors of new automotive cybersecurity conveyed with the most recent innovations, driving the automotive cybersecurity market development.
The Asia Pacific automotive cybersecurity market is anticipated to develop at a CAGR of 34.3% over the forthcoming years because of the expanding demand for connected vehicles in this region. Expanding funding to create progressed in-vehicle services and availability foundation are likewise driving the automotive cybersecurity market demand. In addition, expanding research in the fields of malware recognition and enhanced programming in associated vehicles are additionally adding to the development.
The leading companies present in the global automotive cybersecurity market are Symantec Corporation, Audi, Volvo Automotive cybersecurity Group, General Motors, Karamba Security, Ford, Continental AG, BT Security, Lear Corporation, Daimler Trucks, Tesla Motors, Arilou Technologies Ltd., Cisco Systems, Inc., Argus Automotive cybersecurity Ltd., BMW, Nissan, and Honda.