As per Inkwood Research, the Global Automotive Cybersecurity Market is expected to grow at a CAGR of 18.36% in terms of revenue over the forecasting period of 2024-2032.
Automotive cybersecurity focuses on protecting vehicles from digital threats and unauthorized access. As vehicles increasingly incorporate advanced technology and connectivity, safeguarding against cyberattacks is crucial to ensure safety and privacy.
This field addresses vulnerabilities in onboard systems, communication networks, and external interfaces to prevent malicious exploitation and ensure secure operation.
Rising EV Sales to Propel Automotive Cybersecurity Market Growth
The surge in electric vehicle (EV) sales is driving significant growth in the global automotive cybersecurity market. As EVs integrate sophisticated technologies and extensive connectivity features, they become more vulnerable to cyber threats, necessitating robust security measures. The increasing reliance on software and data communication in EVs amplifies the need for advanced cybersecurity solutions to protect against hacking and unauthorized access. This heightened demand for security is prompting automakers and technology providers to invest heavily in cybersecurity innovations. Consequently, the expanding EV domain is fueling rapid advancements and growth in the automotive cybersecurity sector, ensuring safer and more secure vehicle operations.
Connected Vehicle Security is Estimated to be the Leading Security Type
Connected network security is crucial for protecting a vehicle’s connections to external networks, such as cellular and Wi-Fi, from threats like man-in-the-middle attacks. This involves securing the Telematics Unit (TMU), which transmits sensitive data, through encryption and authentication methods to ensure secure communication. Proactive vulnerability management, including identifying and patching software and firmware weaknesses, is also essential. Additionally, Security Information and Event Management (SIEM) systems play a key role by analyzing real-time data to swiftly detect and address threats. Advanced diagnostics and remote monitoring by automotive manufacturers further enhance security by providing early detection and insights for effective response to potential cyberattacks.
In 2023, Asia-Pacific was the Largest Region in the Automotive Cybersecurity Market
The APAC, with major automotive markets like China, Japan, and India, demands strong cybersecurity for its growing fleet of connected and autonomous vehicles. China leads the global automotive market, driving high demand for automotive cybersecurity due to extensive production, electric vehicle adoption, and advanced infotainment systems, supported by government initiatives. Japan also faces rising cybersecurity risks, prompting the government to enhance protections through bodies such as JAMA and JAPIA, addressing threats to vehicles and associated IT/OT systems.
The global automotive cybersecurity market is highly competitive, with numerous players striving to innovate and secure advanced vehicle systems against evolving cyber threats. Key industry rivals include established tech giants and specialized cybersecurity firms, all vying for dominance in an expanding sector driven by increasing vehicle connectivity and regulatory demands. Some of the leading companies operating in the market include Infineon Technologies AG, NXP Semiconductors NV, Robert Bosch GmbH, etc.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.
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