Automotive Cybersecurity Market worth $5.3 billion by 2026 – Exclusive Report by MarketsandMarkets™ -Breaking
According to the new market research report “Automotive Cybersecurity Market by Form (In-Vehicle, External Cloud Services), Offering (Hardware & Software), Security, Application Type, Vehicle Type, Propulsion, Vehicle Autonomy, Approach, EV Application, and Region – Global Forecast to 2026″, published by MarketsandMarkets, the global Automotive Cybersecurity Market size is projected to grow from USD 2.0 billion in 2021 to USD 5.3 billion by 2026, at a CAGR of 21.3%.
The increasing sales of semi-autonomous and connected vehicles has led to an increase in the use of electronic components for vehicles. The complexity and code coding of the vehicle E/E architectures has increased, making it more susceptible to cyber-attacks. To protect vehicles against such attacks, the global demand for automotive cybersecurity solutions has increased rapidly. Moreover, the recent launch of UNECE WP.29 regulation and “Auto Data” regulation are further expected to accelerate the markets growth momentum in the coming years globally.
The global Automotive Cybersecurity Market will be dominated by the passenger vehicle segment
Due to growing demand for connected vehicles and the increasing sales of luxury and mid-luxury vehicles, the passenger vehicle segment will lead the Automotive Cybersecurity Market over the forecast period. The electrical/electronic (E/E) architecture of passenger vehicles is more complex and critical than that of LCVs and HCVs. The ECUs of passenger cars are much more susceptible to cyberattacks than those of other vehicles. Due to growing safety concerns, traffic congestion, and polluting levels, V2X technology adoption is a key driver of the passenger vehicle segment. There are many passenger cars with V2X on the market such as Audi A4 or Cadillac CTS (NYSE :). Global cybersecurity solutions are also needed due to the increased adoption of ADAS features on passenger cars.
The fastest-growing type of security in the global Automotive Cybersecurity Market will be endpoint security.
Europe and Asia Pacific will see the highest growth for the endpoint security segment during the forecast period. Mirror link apps are increasing in popularity in these areas, which can explain this growth. Endpoint security solutions will also be in demand due to increasing safety and security concerns. Automobile manufacturers currently deploy complex software on new vehicles, which contain around 100 million lines code. To maintain the safety as well as security of a vehicle’s entire code base, OEMs are opting for endpoint security solutions. The trend for mobile workforces, BYOD, social networks, cloud synchronizing and cloud computing will also influence endpoint security solution spending.
The global Automotive Cybersecurity Market will be dominated by the software segment.
Global automotive cybersecurity market shares are around 20 to 80. With the rise in prices of hardware, this ratio is likely to fluctuate over time. The vehicle must have cybersecurity software installed. This includes intrusion detection and secure protocols. Functional ECUs use these functions to prevent backdoors from being created and secure communication. Accordingly, software is projected to be the most important segment in Automotive Cybersecurity Market for the entire forecast period.
Get the other side of crypto!
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
With just one click, you can unsubscribe at any time.
Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information, including buy/sell signal data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.