FREMONT, California, Aug. 6, 2019 /PRNewswire/ -- The global automotive cybersecurity market is projected to grow over $6.03 billion by 2029, according to a new market intelligence report by BIS Research, titled "Global Automotive Cybersecurity Market − Analysis and Forecast, 2019-2029". The global automotive cybersecurity market is expected to be valued at $1.26 billion in 2019 and is anticipated to grow at a CAGR of 14.25% during the forecast period 2019-2029. The rise in number of connected vehicles, increasing electronic content per vehicle, and rise in cyber threats owing to increase in data and connectivity in the vehicles considerably drive the market growth.
Technological advancements in the automotive industry have resulted in the global adoption of cybersecurity solutions. The changing paradigm of consumers as well as major automotive OEMs, a requirement of robust security mechanisms, and protection of connected vehicles are some of the factors substantiating the growth of automotive cybersecurity market. This gradually leads to the advent of advanced security solutions and services, in order to cater to the growing needs for reliability and safety.
However, the growing complexity among connected and autonomous vehicles and lack of cybersecurity skill sets and awareness within the organization are pressing matters to be looked upon in the current scenario. The increasing demand for security provides immense need for developing advance security solutions and services. Owing to the popularity of these solutions and services, major players including Argus Cyber Security, Harman International, Karamba Security, ARILOU Automotive Cyber Security, and Symantec Corporation, among others are competing with each other to increase their market share.
Geographically, APAC is expected to lead the global automotive cybersecurity market in 2019, followed by Europe, and is expected to maintain its dominance during the forecast period. The unprecedented growth in the APAC region is primarily attributed to the growing demand for connected features and advanced safety features such as adaptive cruise control, traffic jam assist, and autopilot. These advanced connectivity and ADAS features require advance cybersecurity solutions to protect the vehicles for cyber-threats, which boosts the demand for cybersecurity for vehicles in the APAC region.
As stated by Arpit Benjwal, Principal Analyst at BIS Research,"The passenger vehicle segment dominated the global automotive cybersecurity market. This is mainly due to the increasing number of connected and autonomous cars, which offer connectivity and ADAS features, in the developed as well as developing regions. Moreover, APAC was the largest market in 2018 and is anticipate to maintain its dominance throughout the forecast period owing to the presence of large number of manufacturing facility of automotive OEMs and increasing number of connected vehicles in the region."
The BIS Research report provides a detailed analysis of the trends influencing the global automotive cybersecurity market, along with a comprehensive study of the future trends and developments. It also includes drivers, market industry analysis, and automotive OEMs spending on automotive cybersecurity. The overall market has been segmented based on product type and vehicle type. The report also includes a comprehensive section on the geographical analysis, which has been sub-segmented into four major regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW).
This report is a meticulous compilation of research on more than 50 major players in the automotive cybersecurity market. Moreover, it draws upon insights and in-depth interviews of key industry leaders of more than 100 leading companies, market participants, and vendors. Some of the major players present in the market include Argus Cyber Security, Harman International, Karamba Security, Symantec Corporation, Trillium Secure, ESCRYPT, and ARILOU Automotive Cyber Security, among others.
Key Questions Answered in the Report:
Which global factors are expected to influence the automotive cybersecurity industry?
What is the estimated size of the global automotive cybersecurity market is in terms of revenue, during the forecast period from 2019-2029?
How much revenue is expected to be generated by:
different types of products, such as intrusion detection system (IDS) and intrusion detection and prevention system (IDPS)?
different types of vehicles, such as passenger vehicles and commercial vehicles?
different regions namely North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW)?
How much did key OEMs spend on automotive cybersecurity in 2018, and how much are they expected to spend by 2029?
Which companies are major players in the automotive cybersecurity market? What are the key market strategies being adopted by them?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends, which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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