The global automotive cybersecurity market is expanding at frantic pace due to stringent cybersecurity norms, surge in need for automotive cybersecurity, and government policies for incorporating connected car technology. However, an increase in development of common platforms resulting to high risk and challenges in developing secure applications restrain the automotive cybersecurity market growth. Moreover, enhancing vehicle security by utilizing adaptive security and a rise in car’s electronic system will offer promising growth opportunities in the future.
The global automotive cybersecurity market size is estimated to garner $32.41 billion by 2030, having experienced a value of $7.23 billion in 2020, with a notable CAGR of 16.6% during the forecast period of 2021 to 2030.
Automotive Cybersecurity Market Segment Review
The software segment is estimated to display the highest CAGR throughout the forecast timeframe
In terms of offering, the software segment accounted for the largest share of more than four-fifths of the overall market revenue in 2020 and would display the noteworthy CAGR of 16.7% from 2021 to 2030. The growth is attributed to the robust demand for software solutions for improving security of different vehicle parts susceptible to malware attacks. The report also analyzes the hardware segment.
The application security segment would cite the fastest CAGR by 2030
Under the security type category, the application security segment grabbed the highest share of more than two-fifths of the total automotive cybersecurity market revenue and is projected to display a 17.4% CAGR during the forecast period. The growth is attributed to a surge in investments in developing secure applications. The report also discusses endpoint security and network security segments.
North America garnered the major share
The regional analysis of the report indicates that the North America region generated the major share in 2020, contributing to more than one-third of the overall market revenue. The segment is driven by large-scale sales of connected cars across the region. The APAC, on the other hand, is expected to witness an 18.0% CAGR during the forecast period. The automotive cybersecurity market is driven by the high security in automobiles against cyber-attacks and favorable government initiatives.
By offering, the automotive cybersecurity market is segregated into software and hardware. The software segment accounted for the highest revenue in 2020, owing to high demand for Automotive Cybersecurity software that can detect and protect rise in number of cyber-attacks.
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Automotive Cybersecurity Market Key Players
- Vector Informatik GmbH
- Robert Bosch GmbH
- SafeRide Technologies
- Harman International
- Karamba Security
- Denso Corporation
- Guardknox
- Arilou Automotive Cybersecurity
- Continental AG
- Aptiv PLC
The report provides a detailed analysis of these key players of the global AI in medical imaging market. These players have adopted different strategies such as new product launches, collaborations, expansions, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
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