Press release
Automotive Cyber Security Market to Grow to USD 32 Million by 2023 at 9% CAGR | Top Players: Argus Cyber Security, Harman International, Karamba Security, Intel, Cisco, NXP, Secunet
Connectivity and cyber security go hand in hand in today’s technology centric world. Growth in use of internet services in connection to the automotive industry has been significant in the recent years with services and features such as navigation, diagnostics, remote access and entertainment becoming more commonplace. The need for automotive cyber security is on the rise and by 2020, it is expected that a majority of cars shipped globally will be able to connect to the internet through embedded, tethered or smartphones and other smart devices. Commercial vehicles are also appropriating relevant technology to use this connectivity to help in furthering efficiency in business and driving practices.
Market Research Future (MRFR)’s report projects a 9% CAGR for the global Automotive Cyber Security Market during the forecast period. The report further goes into detail providing historical data analysis as well as market forecast. The report’s findings show how the growth of the automotive industry is prompting the need for more efficient automotive cyber security.
Connectivity has been found to increase vehicular productivity and reduce fuel costs as well as provide a better transport experience that affects vehicles. In light of the growth and demand for car connectivity, vehicles are the new targets for cyber criminals, creating new digital loopholes and further escalating the risk of data theft for enterprises. This further confirms a significant growth of the automotive cyber security market in the near future.
One assumed threat that stands out significantly is the potential for car hacking. Any physical device that is connected to the internet is automatically at risk. This risk extends to commercial vehicles like trucks as well. Growth in the automotive cyber security is not only relevant to the growing innovation in the automotive industry but it is also vital and required to keep passengers or goods safe.
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Key Players
Some of the prominent contenders in the automotive cyber security market include – Intel Corporation (U.S.), Argus Cyber Security (Israel), Harman International Industries, Inc. (U.S), Karamba Security (Israel), NNG Software Developing and Commercial Llc. (Hungary), Cisco Systems (U.S.), NXP Semiconductors N.V. (Netherlands), Secunet AG (Germany) and Escrypt Embedded Systems (Germany). It is likely that competing solutions will be developed by these key players in the automotive cyber security market.
Market Segmentation
On the basis of security type, the market has been segmented into network, endpoint, application, wireless and Cloud. Based on vehicle type, the market has been segmented into passenger and commercial vehicles. By application type, the market has been segmented into telematics, on board diagnostic, infotainment, communication channels, powertrain, and safety systems.
Latest Industry News
In an effort to contribute toward the development of autonomous driving systems, Baidu has recently revealed its plans to build Apollo Automotive Cyber-security Lab in Beijing. The announcement comes on the occasion of Apollo’s one-year anniversary in Beijing.
This lab has been announced on the tails of a successful unveiling of Apollo 2.5, the newest version of Baidu’s open autonomous driving platforms. The lab will dedicate its capabilities to researching automotive cyber security technology. It will also look into security practices and solutions.
Apollo 2.5 has been developed to be more efficient, includes a debugging tool, a data collector and simulator for cloud-based auto driving.
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Regional analysis
Based on region, the automotive cyber security market has been segmented into North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). North America is expected to remain at the forefront of the global market for automotive cyber security during the forecast period. This is attributable to the increasing inter industry collaborations between automotive manufacturers and mobile network operators for the purpose of maximizing internet connectivity. Another region that is expected to show significant growth in the automotive cyber security front is APAC. With large, internationally recognized enterprises and SMEs in the region adopting cloud based cyber security, growth of the market in this region is likely to be strong over 2023.
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