Automotive Cybersecurity Market to Grow at a CAGR of 14.25% Between 2019 to 2029
Posted: Mar 07, 2020
Evolution of smart technology has considerably changed the overall automotive and transportation industry. The integration of advanced technologies such as connectivity in the vehicles ensures cost-effectiveness, increased safety and convenience of users. Moreover, the automotive industry is one of the largest and fastest growing industries within the manufacturing sector.
Prominent industry players are making active efforts to advance the commercialization of low-cost, compact, and high performing automotive cybersecurity products. Adding to this, given the industry’s initial developmental stage and huge growth potential, it is expected that the market will observe an increase in the number of key strategic developments in the near future, among different stakeholders including automotive cybersecurity providers, automotive OEMs, and various other technology players in the market. Moreover, extensive R&D activities and appropriate regulatory environments are also a prerequisite for the sustained growth of this market. Various governments are putting in substantial efforts by implementing different norms related to safety to increase awareness about the benefits of using automotive cybersecurity solutions.
Automotive cybersecurity solution providers are offering two types of solution, namely intrusion detection system (IDS) and intrusion detection and prevention system (IDPS). The IDPS segment dominated the global automotive cybersecurity market, accounting for around 80.00% of the total market in 2018 and is anticipated to maintain its dominance throughout the forecast period. The IDPS-based automotive cybersecurity solution market was valued at $1.01 billion in 2018 and is anticipated to reach $5.17 billion by 2029, growing at a CAGR of 14.96% from 2019 to 2029. This is mainly due to advantages of IDPS over IDS such as preventing vulnerability exploits, blocking-in foreign codes, ensuring zero false positives, not requiring connectivity, having negligible performance impact, and not requiring anti-malware updates.
Rise in the demand for high-end passenger cars in North America and Europe, which include connected and ADAS features such as V2X communication, adaptive cruise control, lane departure warning, drowsiness monitoring, among others is anticipated to boost the demand for automotive cybersecurity. All these systems work with the integration of number of sensors and ECU; hence, these systems require advance cybersecurity solution such as IDPS for the prevention of cyber-attacks.
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The competitive landscape of the automotive cybersecurity market includes established automotive technology providers and emerging cybersecurity start-ups. These companies are adopting different strategies such as business expansions, product launches, mergers/partnerships/collaborations, and acquisitions, in order to enhance their market presence, technical expertise, and geographical reach. Key players operating in the market are Argus Cyber Security, Harman International, Karamba Security, Symantec Corporation, Trillium Secure, ESCRYPT, Guard Knox, and ARILOU Automotive Cyber Security, among others.
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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.