Europe Automotive Cybersecurity Market is witnessing a fast growth rate and is projected to reach USD 224 million by 2024. Germany dominates the European automotive cybersecurity market as it is the home to some of the leading automobile manufacturers including Ford, Volkswagen, BMZ, Audi, Mercedes-Benz, Opel, and Porsche. These companies are working with various software cybersecurity providers to increase the security offering aimed at maintaining passenger safety while traveling.
Automotive Cybersecurity Market in consumer vehicle segment is driven by increasing deployment of in-vehicle connectivity such as infotainment services, navigation, mobile phone connectivity, voice recognition, and communication. As per estimates, this particular application segment procured almost 90% of the global share in 2017. Not to mention, the collaborative approach of the governmental agencies and with software players to provide telematics cybersecurity solutions is another prominent factor characterizing the automotive cybersecurity market outlook.
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The dynamics of automotive cyber security involves two major rationales; the product’s design, developments, maintenance, and operations and the operating environment comprising the regulatory and strategic framework. The multiple aspects associated with the two parameters are sort of prerequisites for the automotive cybersecurity market players to enhance and expand their stance in this landscape.
The automotive cybersecurity market in communication application is projected to reach USD 231.4 million by 2024 due to the various innovations in the automotive communication technology which include short-range communication, V2V, V2I, and vehicle to internet communication with the aid of embedded modems and Bluetooth-paired smartphones. As these devices are highly prone to cyber-attacks, it is essential to maintain secure communication between these devices and automobile’s interior ECUs. Hence, various automotive and software security providers are entering into strategic partnerships and collaborations to enhance the vehicular communication systems’ safety and security.
Speaking of competitive trends, strategic collaborations and partnerships have emerged as two of the top-notch measures adopted by the automotive cybersecurity market giants. One of the recent trends in this regard has been the JVs established between the automotive companies and technology conglomerates, in a bid to understand and resolve the security complexities in modern or connected vehicles.
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The network security dominates the automotive cybersecurity market and is projected to generate a market revenue of USD 236.4 million over the forecast timescale. The in-vehicle networks carry a variety of personal and operational identifiable information such as microphone recording, location, and call and navigation history, due to which protecting the data and messages over the network bus is important for privacy and operational security.
Powered by the dynamism in the growth portfolio, investors are highly optimistic toward the revolutionizing automotive cybersecurity market outlook and are betting big to exploit the potential opportunities it is likely to offer. The renowned Japanese automotive component manufacturer Denso’s USD 2 million investment in Dellfer, the renowned cybersecurity and IOT giant this year marks the onset of this approach by the automotive sector. In terms of profitability, the global automotive cybersecurity market is slated to record a double-digit growth rate over 2018-2024.
Automotive Cybersecurity Market, By Security
- Hardware Security
- Software Security
- Network Security
- Cloud Security
Automotive Cybersecurity Market, By Type
- Passenger/Consumer Vehicle
- Commercial Vehicle
Automotive Cybersecurity Market, By Application
- On-board Diagnostic (OBD)
- Safety Systems
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