The automotive cyber security market is projected to grow at a CAGR of 16.40%, with an estimated market size of USD 1.8 billion in 2021 to USD 4.5 billion by 2028. The rising use of cutting-edge technology in the automotive industry is fueling the surge in demand for an effective and efficient security system. Demand will rise due to increasing cyber threats to the automotive and transportation industries. Increasing intercity transportation and logistics services will further contribute to the growth and expansion of the automobile cyber security market. The industry will also have greater opportunities as consumer demand for modern-technology-equipped commercial and passenger vehicles grows along with personal income. The expansion of governmental standards and regulations for connected vehicles has influenced the adoption of cyber security in the automotive industry.
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Automotive Cyber Security Market Dynamics
Drivers: Increased use of electronics per vehicle and a growing number of connected cars
A vehicle's overall weight has recently decreased because of electrification. Consequently, the automotive industry's demand for electronics has grown quickly. Automobiles are more susceptible to cyberattacks due to the growing use of electronics. Cyberattacks could target the electronic parts used in telematics, infotainment, engine, body, communication, and ADAS systems, among other uses. As a result, stakeholders have begun to spend money on cybersecurity technologies to provide reliable electronic platforms for cars.
Restraints: Growing complexity in the electronic vehicle system
Electronic driver assistance systems are becoming increasingly popular due to rising demand for vehicle safety in terms of accident prevention, driver safety, and sophisticated communication data safety (parking, lane assist, speed regulation, blind spot detection, pre-collision warning, etc.). The complexity of automotive electronic architectures has increased, giving hackers more opportunities to compromise a vehicle.
Key Market Players
The automotive cyber security market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are Continental (Argus Cyber Security), Guardknox Cyber-Technologies Ltd., Vector Informatik GmbH, Karamba Security, Synopsys, Upstream Security, Sectigo Limited, ESCRYPT, RunSafe Security, Inc., Trend Micro, Harman InternationalX Trillium Secure Inc., STMicroelectronics, Infineon Technologies AG, NXP Semiconductors, Bosch Mobility Solutions, Microchip Technology, Aptiv and Irdeto.
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