Automotive Cybersecurity Market to Reach USD 8.61 Billion By 2027 | CAGR of 21.7%: Emergen Research

VANCOUVER, BC, Sept. 22, 2020 /PRNewswire/ -- The Global Automotive Cybersecurity Market is projected to reach USD 8.61 billion by 2027, according to a recent report by Emergen Research. The market is driven by high-level package integration into vehicle ECUs, and therefore the want for cybersecurity in connected cars has been magnified. Additionally, demanding knowledge privacy laws resulting in increasing demand for automotive cybersecurity is anticipated to spice up the expansion of the market additionally.

Security issues within the automotive business have come up in conjunction with Automotive Cybersecurity and connected cars around the corner. This has resulted in an associate multiplied level of cyber-attacks within the automotive business that has fueled the requirement for automotive cybersecurity systems. The vehicle comprising of assorted electrical parts that ideally is connected through an inside network is well accessible to hackers. The hackers might take complete management of safety-critical parts like engines or brakes by gaining access to a tangential electronic management unit. Thus, with the increasing quality of connected vehicles, the auto-makers square measure operating in association with net service suppliers and package firms to supply cybersecurity systems to the users. The growing incorporation of advanced options and the growing adoption of telematics services in vehicles also are powerfully boosting the enlargement of the worldwide automotive cybersecurity market.

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Key Highlights From The Report

• Within the cybersecurity market, the event of countermeasures is incredibly tough as a result of the shortage of standardization of cybersecurity solutions. The solutions for cybersecurity rely on the specifications given by the OEMs. These solutions vary because of the utilization of various platforms within the same vehicle model, variations within the electronic design, and totally different options within the vehicle. As a result, the automotive cybersecurity resolution suppliers face integration risks to affect threats and vulnerabilities of a vehicle.
• Autonomous vehicles are gaining an unprecedented quantity of traction. The expansion of autonomous vehicles offers unequaled opportunities to cloud suppliers, OEMs, and alternative stakeholders to collaborate and partner with automotive firms to leverage this growth. In order to develop self-service vehicles, there has been an agreement between the automobile manufacturer, Mercedes-Benz, and Uber Technologies INC. in 2017 which implies that autonomous vehicles is likely to be a reality shortly. The arrival of autonomous vehicles can increase cybersecurity threats and, hence, drive the automotive cybersecurity business.
• Stakeholders from non-automotive industries square measure researching to look at the cybersecurity level globally. For example, in 2017, the International Telecommunication Union (ITU) free the worldwide Cybersecurity Index (GCI). Consistent with the report, the extent of the commitment of various countries for creating knowledge safe and secure has been increasing year-on-year. These standards mandating cybersecurity solutions square measure expected to drive the adoption of cybersecurity measures.
• The North American region is predicted to dominate the worldwide Automotive Cybersecurity market within the consecutive years, due to the rising concern over the environment, road safety as well as mandatory initiatives by different regulatory bodies. The presence of a handful of key players with the strong capability of R&D and technology also complements the growth of the market during this region.
• Key participants Denso Corporation, Aptiv, Escrypt, Continental AG, Karamba Security, Harman International, Saferide Technologies Ltd., Trillium Secure, Inc., NXP Semiconductors, and Vector Informatik Gmbh, among others.

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For the purpose of this report, Emergen Research has segmented the Global Automotive Cybersecurity Market on the basis of vehicle type, application, security type, and region:

Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)

• Passenger Vehicle
• Commercial Vehicle
• Electric Vehicle

Application Outlook (Revenue, USD Billion; 2017-2027)

• ADAS and Safety
• Infotainment System
• Powertrain System
• Body Control and Comfort
• Telematics System

Security Type Outlook (Revenue, USD Billion; 2017-2027)

• Endpoint Security
• Application Security
• Wireless Network Security

Regional Outlook (Revenue: USD Billion; 2017-2027)

• North America
1. U.S.
2. Canada
3. Mexico
• Europe
1. U.K.
2. Germany
3. France
4. Benelux
5. Rest of Europe
• Asia Pacific
1. China
2. Japan
3. South Korea
4. Rest of APAC
• Latin America
1. Brazil
2. Rest of LATAM
• MEA
1. Saudi Arabia
2. UAE
3. Rest of MEA

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SOURCE Emergen Research