The growing technological advancements in the road vehicles and other major driving factors is expected to favor the rise in the global automotive cyber security market
Reports and Insights has published a new report titled, “Automotive Cyber Security Market: Opportunity Analysis and Future Assessment 2022-2030”
Global Automotive Cyber Security Market, By Component (Hardware (Hardware Security Modules (HSMs), Secure Vehicle Network Gateways, Trusted Platform Modules (TPM), Others), Software (Embedded Firewalls, Encryption & Cryptography, Biometrics & Authentication, Others), Services (Professional Services (Security Consulting & Risk Assessment, Integration & Deployment, Support & Maintenance), Managed Security Services), By Application (Telematics, Infotainment Systems, Powertrain Systems, ADAS & Safety Systems, Body Control Systems, Others), By Vehicle (Fuel-based Vehicles (Passenger Cars, Commercial Vehicles), Electric Vehicles (Passenger Cars, Commercial Vehicles)) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
Cyber security is the novel advanced safety considering the fact that software drives modern road vehicles. A regular electric vehicle runs over 100 million lines of code, contingent on what supplementary attributes are outfitted with it. Thus, the security of automotive vehicles from cyber security threats have become more crucial than ever before.
The rapidly transforming automotive industry, in the present times, along with the increased number of vehicles on the road equipped with advanced technologies is primarily projected to drive the growth of the global automotive cyber security market. In addition to that, the emergence of smart technologies in the automotive industry and the rising connectivity among vehicles have majorly established a new ecosystem within the automotive industry.
However, it has brought a new set of challenges along with it, including issues with data analytics, privacy, and security as well as aggregation due to the enormous volumes of information being retrieved and shared.
Moreover, the increased incidence of data breach and cyber-attacks incidents is further stimulating the need for an effective automotive cyber security system across the global markets. Owing to which, the global automotive cyber security market is estimated to rise significantly in the following years.
Furthermore, growth in demand for passenger and commercial vehicles developed with equipped advanced technologies along with the increased disposable income among end-consumers is further anticipated to offer lucrative opportunities to the market growth over the years.
Having said that, the hefty cost of installment of an effective cyber security system as well as heavy cost of new vehicles in which the system is already equipped is one of the major restraints which is likely to slow down the market growth in the coming years. With the same token, the inadequacy of technological advancements coupled with scarcity of awareness in emerging countries is further estimated to hold back the market growth over the forecast period.
Reports and Insights Study identifies some of the key participating players in the automotive cyber security market globally are Continental (Argus Cyber Security), Guardknox Cyber Technologies Ltd., Vector Informatik GmbH, Karamba Security, Synopsys, Upstream Security, Sectigo Limited, ESCRYPT, RunSafe Security, Inc., Trend Micro, Harman International, Trillium Secure Inc., STMicroelectronics, Infineon Technologies AG, NXP Semiconductors, Bosch Mobility Solutions, Microchip Technology, Aptiv, Irdeto, among others.
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