The global automotive cyber security market is projected to reach USD 5.56 billion by 2025, according to Million Insights. A growing data breaching incidence owing to increasing number of automated and connected vehicles is a major factor driving the market growth. In addition, a rising focus on implementing automotive cyber security policies is projected to surge the demand for the market in the next few years. Automotive data taxonomy, Cloud infrastructure, and mobile cross platforms are other major factors expected to augment market growth.
For seamless connectivity, technological advancement in the automotive industry is gaming traction due to rising a huge volume of data exchange, which is also anticipated to have a positive impact on market growth. In addition, electronic information control systems such as fixed-speed cruise control, auto-braking sensors, tire-pressure, and electric power steering have become compulsory in all vehicles. Other systems like ADAS, powertrain, safety systems, and infotainment are also being used in automotive electronics operations. This factor will exhibit vehicle-to-everything communication, which is expected to open lucrative opportunities for the automotive cybersecurity market.
North America is expected to lead the market owing to the rising adoption of autofocus vehicles coupled with the integration of new technologies such as connected car systems and smart antennas. Moreover, stringent norms regulated by the government for automotive cyber security and growing investment in automotive sectors are projected to augment the regional market growth. The major players operating in this industry are HARMAN International, Continental AG, Argus Cyber Security Ltd, Argus Cyber Security Ltd, ESCRYPT, and NXP Semiconductors N.V.
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Further key findings from the report suggest:
• In Europe, the passenger segment is projected to hold more than 77.0% by 2025 owing to implementation of cyber security strategies, rising scope of data exchange, and growing production of Electric Vehicles (EVs).
• In China, infotainment application led the automotive cyber security market owing to early adoption of Infotainment application.
• Wireless network security segment is projected to hold the largest market share by 2025.
• OEMs are focusing on features offered by connected car systems which is expected to contribute positive impact on market growth.
Million Insights has segmented the global automotive cyber security market on the basis of security, vehicle type, application, service, and region:
Automotive Cyber Security Outlook (Revenue, USD Million, 2015 - 2025)
• Wireless Network
Automotive Cyber Security Vehicle Type Outlook (Revenue, USD Million, 2015 - 2025)
• Passenger Car
• Commercial Vehicle
• Electrical Vehicle
Automotive Cyber Security Application Outlook (Revenue, USD Million, 2015 - 2025)
• ADAS & Safety System
• Body Electronics
Automotive Cyber Security Service Outlook (Revenue, USD Million, 2015 - 2025)
• In-vehicle Services
• External Cloud Services
Automotive Cyber Security Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• South Korea
• Rest of World
• South Africa