CHICAGO, April 5, 2019 /PRNewswire/ -- According to the new market research report "Automotive Cyber Security Market by Form (In-Vehicle, External Cloud Services), Security (Endpoint, Application, Wireless Network), Application (Infotainment, Powertrain, ADAS & Safety), Vehicle Type, EV Type, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Automotive Cyber Security Market is projected to grow at a CAGR of 23.16% during the forecast period, to reach USD 5.77 billion by 2025 from an estimated USD 1.34 billion in 2018.
The increasing amount of vehicle electronics and the growing adoption of advanced vehicle technologies such as virtualization of software, digital twinning of vehicles, connected vehicles and self-driving vehicles have made modern vehicles vulnerable to cyberattacks. The increase in mid-size and luxury vehicle sales in recent years is driven by the changing preferences of end-users and lifestyle of the young population. The increasing use of e-mobility in regions such as Asia Pacific, South America, and the Middle East & Africa is driving the market for automotive cyber security. Technological developments in semi-autonomous and autonomous vehicles to boost the demand for cyber security measures.
Consumer Electronics Show (CES) is a huge annual trade show for technology enthusiasts across various sectors. CES 2019, held at Las Vegas in January, showcased modern and disruptive technologies in different sectors. A key attraction at CES 2019 for the automotive industry was the demonstration of various automotive cyber security-related products and technologies. Companies such as Karamba Security (Israel), SafeRide Technologies SafeRide Technologies (Israel), Trillium Secure SafeRide Technologies (US) showcased their automotive cyber security solutions.
Future vehicles will share data with external data centers for the proper functioning of several applications. Thus, automotive cyber security providers and Tier 2 and Tier 3 companies can leverage the opportunities and create new revenue pockets, which in turn would expand the ecosystem of connected and autonomous vehicles.
Asia Pacific to be the largest and fastest growing market for automotive cyber security in 2025
Asia Pacific is projected to be the largest and fastest growing market for automotive cyber security from 2018 to 2025. The market growth in this region can be attributed to the increasing vehicle production, changing in-vehicle electronic architecture, increasing in-vehicle services connected to the external cloud, and expansion of leading OEMs and automotive component suppliers. The market growth in the region can also be attributed to the increasing sales of connected vehicles and government initiatives regarding the use of environment-friendly electric vehicles. In recent years, global OEMs like MG Motors (UK) and KIA Motors (South Korea) have expanded their regional presence and entered into the market like India. These OEMs are offering vehicles that are equipped with advanced connectivity and in-vehicle digital features.
In-vehicle segment, by form type, is estimated to hold the largest market share during the forecast period
The Automotive Cyber Security Market for the in-vehicle segment is estimated to be the largest during the forecast period. The increasing number of ECUs in various applications inside the vehicle is driving the market for automotive cyber security. In-vehicle applications that operate on separate ECUs can be hacked by professional hackers. Lot of OEMs as well as Tier 1 and 2 suppliers are focusing on improving in-vehicle application security.
Endpoint security segment for automotive cyber security is estimated to be the largest segment, by security type, from 2018 to 2025
The Automotive Cyber Security Market for endpoint security is estimated to be the largest. It is used in most of the vehicles equipped with devices such as Wi-Fi, smartphone, and ethernet that are connected to endpoint application. Increasing use of smartphone mirror link applications such as Android Auto and Apple Car Play is likely to drive the growth of this segment.
The Automotive Cyber Security Market is dominated by a few globally established players such as Harman (US), Continental (Germany), NXP (Netherlands), Escrypt (Germany), Vector (Germany), Trillium Secure (US), GuardKnox Cyber Technologies(Israel), SafeRide Technologies (Israel) and Karamba Security (Israel).
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