Automotive Cyber Security Market to value $837mn by 2024 | By Auto & Cybersecurity providers: Ford Motor Company, General Motors, Tesla, AT&T, Cisco, Intel Corporation
According to research report by Global Market Insights, Inc., Europe automotive cybersecurity market is witnessing a fast growth rate and is projected to reach USD 224 million by 2024.
SELLBYVILLE, Del., Oct. 17, 2018 /PRNewswire-PRWeb/ -- The commercial vehicle segment in automotive cyber security market is expected to grow at a CAGR of 34.5% over the forecast timeline as these vehicles play a major role in delivering the country's goods and services and hence, protecting them from the rising cybercrime is a necessity. These vehicles also use relevant technologies to extend their connectivity and assist the businesses to enhance their working efficiency. It helps them in reducing fuel costs and increasing vehicular productivity boosting their demand.
The passenger/consumer vehicles held 89.9% of the market share in 2017 and are projected to dominate the automotive cyber security market over the forecast period. Cybersecurity plays a key role for consumers when they are purchasing the vehicle due to which various automotive manufacturers are working toward making cyber security a priority by adopting multi-layered security approach. Tier 1 companies and OEMs are using comprehensive solutions by combining innovative technologies and cybersecurity services, addressing the security challenges in connected passenger vehicles.
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The On-board Diagnostics (OBD) automotive cybersecurity market application segment is projected to grow at a CAGR of 31.7% over the forecast timeframe due to the rising advent of smartphones and enhanced miniaturization. The vehicle aftermarket manufacturers and startups attach these devices to the on-board diagnostic port present in the connected cars.
The infotainment application is anticipated to reach an automotive cyber security market revenue of USD 83 million by 2024 as they deliver major benefits such as audio/ video calling, navigation, live music streaming, Bluetooth and USB connectivity, Wi-Fi, and in-car internet. These systems have access to more and more vehicle functions, making them more vulnerable to the cyberattacks.
The network security dominates the automotive cyber security market and is projected to generate a market revenue of USD 236.4 million over the forecast timescale. The in-vehicle networks carry a variety of personal and operational identifiable information such as microphone recording, location, and call and navigation history, due to which protecting the data and messages over the network bus is important for privacy and operational security.
The software security segment in automotive cybersecurity market is projected to grow at a CAGR of 24.5% over the forecast period. The proliferation of ECUs in the automobiles has also increased the attack surface making vehicles easily accessible to attackers. There are a large number of ECUs with different capabilities in the automobiles, making them necessary to provide software security to these systems.
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The Asia Pacific automotive cyber security market is projected to grow at a CAGR of 33.3% over the forecast period due to the increasing demand for connected vehicles in this region. Increasing investments to develop advanced in-car services and connectivity infrastructure are also driving the automotive cybersecurity market demand.
Europe automotive cyber security market is witnessing a fast growth rate and is projected to reach USD 224 million by 2024. Germany dominates the European market as it is the home to some of the leading automobile manufacturers including Ford, Volkswagen, BMZ, Audi, Mercedes-Benz, Opel, and Porsche.
Some of the major vendors operating in the automotive cyber security market are Audi, BMW, Capio, Cognata, Daimler Trucks, Ford, General Motors, Honda, Hyundai Motor Group, Nebula Systems, Nissan, Tesla Motors, TriLumina Corporation, Volkswagen, Volvo Car Group, Argus Cyber Security, Arilou Technologies Ltd. , AT&T, Automatic Labs, BT Security, Cisco Systems , Continental AG, Intel Security, Karamba Security, Lear Corporation, and Symantec Corporation.
Browse key industry insights spread across 300 pages with 273 market data tables & 51 figures & charts from the report Automotive Cybersecurity Market in detail along with the table of contents:
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