Global Automotive Cyber Security Market Overview
Automotive cyber security is a collective method to detect, protect, correct and avoid threats. The new generation automotive cyber security cars are expected to include hardware based protection around the engine control unit, network monitoring system, software implemented in vehicle to defense them and enforcement inside and cloud security services. Automotive cyber security protects the system of the vehicle which is liable to any cyber-attack. Now days most of the vehicles are connected to the internet therefore automotive industries are working with the internet service providers and others concerned players to provide better cyber security systems to the consumers.
Market Size and Forecast
The automotive cyber security market, in terms of value, is expected to grow rapidly during the forecasted period at a good CAGR as now days most of the cars are connected from OEMs and rising security concerns among the end-users. The growing integration of advanced features and increasing adoption of telematics services in automobile sector are also expected to boost the growth of the automotive cyber security market globally over the forecasted period.
The global automotive cyber security market is studied for the Asia Pacific (China, Japan, India and rest of Asia Pacific), North America (the U.S., Mexico, and Canada), Europe (the U.K, Germany) and Rest of the World.North America is projected to register the largest market share and is anticipated to grow with a highest CAGR during the forecast period due to the rise in demand for cars owing to the convergence of the information and communication technologies. The need for cyber security is rapidly rising owing to the increase in adoption of connected cars in this region.Asia Pacific is anticipated to be the fastest growing market for automotive cyber security in terms of revenue due to various cross industry collaborations taking place between automotive industries and mobile network operators. Increase in disposable income among population, changing lifestyle coupled with increasing urbanization anticipated to drive the Asia Pacific automotive cyber security market during the forecasted period.Europe is expected to show a lucrative growth over the forecasted period due to growing large number of enterprises and small to medium businesses are adopting cloud-based cyber security solutions. Leading automotive OEMs are working into manufacturing automobiles by using telematics technology and technological advances adopted by these regions expected to boost the market demand for automotive cyber security over the forecasted period.
Passenger car holds the largest share in automotive cyber security market. Automotive cyber security provides the safety features to the vehicle which reduces the cyber threats such as hacking and providing safety to the automobile. Passenger cars are relatively cheaper to other cars so increase in purchasing power of customer; demand for safer vehicles has increased the automotive cyber security market.
Our-in depth analysis of the global automotive cyber security market includes the following segments:
Global automotive cyber security market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Growing adoption of telematics services in the vehicles are expected to drive the market of automotive cyber security globally over the forecasted period. Automotive cyber security market also expected to increase over the forecasted period due to increasing threats of cyber-attacks in the automotive and transportation systems so there will be a need of automotive cyber security.
It is anticipated that the demand for connected and autonomous vehicles will grow in the near future and many companies are working on advance technology in the field of connected and autonomous vehicles which further increase the demand for automotive cyber security market globally over the forecasted period. The rising probability of hacking of automobiles also expected to increase the demand for security mechanisms in the automotive security market.
Connected cars use antivirus and other software security technologies to detect threats. Steady entry of new threats influences the development of advanced techniques. These factors are expected to increase the demand for automotive cyber security market globally over the forecasted period. Technological advancement in automotive cyber security market, usage of ECU’s, customer awareness towards their comfort and safety, change in their lifestyle are the key factors that has stimulate the demand of automotive cyber security market globally over the forecasted period.
Several countries across the globe has set strict legal regulatory policies which penalize any act of involving partial or complete loss of data or threatens the integrity of data to any extent which also expected to contribute in the growth of automotive cyber security market globally over the forecasted period.
Key factors that act as barriers to the growth of automotive cyber security market are high cost of cyber security equipment and high installation cost are some of the challenges that automotive cyber security market expected to face in the near future.
Some of the examples of market players in the global automotive cyber security market identified across the value chain include:
Scope and Context
Overview of the Parent Market
The global automotive cyber security market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment.
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