Cybersecurity for Autonomous Vehicles Market : Global Opportunity Analysis and Industry Forecast, 2024-2032
Allied Market Research published a new report, titled, “Cybersecurity for Autonomous Vehicles Market Share Growing at 22.9% CAGR Reach USD 2330.2 Million by 2032.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The cybersecurity for autonomous vehicles market was valued at $356.0 million in 2023, and is estimated to reach $2330.2 million by 2032, growing at a CAGR of 22.9% from 2024 to 2032.
Prime determinants of Cybersecurity for Autonomous Vehicles Market growth
The global cybersecurity for autonomous vehicles market has experienced growth due to increase in demand for cybersecurity in connected cars, surge in advent of telematics & cellular network in automotive sector, and rise in partnerships & fundings for connected cars cybersecurity. However, high initial investment expenses hinder market growth. Moreover, improvement in consumer safety and mobility along with reduction in environment offers remunerative opportunities for the expansion of the global cybersecurity for autonomous vehicles market.
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The network security segment is expected to have the highest growth rate throughout the forecast period.
By security type, the network security segment is expected to have the highest growth rate throughout the forecast period, accounting for more than one-third of the global cybersecurity for autonomous vehicles market revenue, owing to the adoption of advanced encryption techniques to secure communications within the vehicle and between the vehicle and external networks, such as vehicle-to-everything (V2X) communication systems. This ensures that data transmitted over these networks is protected from interception and tampering, safeguarding both the vehicle’s operational integrity and the privacy of its occupants.
The external cloud cybersecurity segment is expected to witness the highest growth rate throughout the forecast period.
By form, the external cloud cybersecurity segment is expected to exhibit the highest growth rate throughout the forecast period, accounting for more than one-third of the global cybersecurity for autonomous vehicles market revenue, owing to the implementation of advanced encryption methods for data both at rest and in transit between autonomous vehicles and cloud servers. This encryption ensures that sensitive information, such as telemetry data, navigation systems, and software updates, remains secure from unauthorized access and tampering.
The commercial segment is expected to have the highest growth rate during the forecast period.
By type, the commercial segment is expected to have the highest growth rate throughout the forecast period, accounting for more than one-third of the global cybersecurity for autonomous vehicles market revenue, owing to the development of industry-specific cybersecurity frameworks and standards. Organizations and regulatory bodies are collaborating to establish comprehensive guidelines, such as the ISO/SAE 21434 standard, which provides a structured approach to managing cybersecurity risks throughout the lifecycle of road vehicles. Compliance with these standards helps ensure that commercial autonomous vehicles meet high-security benchmarks.
The ADAS & safety segment is expected to have the highest growth rate throughout the forecast period.
By application, the ADAS & safety segment is expected to have the highest growth rate throughout the forecast period, accounting for nearly two-fifths of the global cybersecurity for autonomous vehicles market revenue, owing to the development of robust cybersecurity frameworks specifically tailored for AVs, emphasizing the need for comprehensive security measures at all levels, from hardware to software. This includes the use of encryption, secure boot mechanisms, and intrusion detection systems to protect against unauthorized access and data breaches.
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Asia-Pacific held the highest market share in terms of revenue in 2023.
By region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global cybersecurity for autonomous vehicles market revenue and is expected to dominate the market in terms of revenue throughout the forecast timeframe, owing to the substantial investment in research and development (R&D) by both governments and private sectors. The Asia-Pacific region is home to several technology hubs where cutting-edge research is conducted to enhance the cybersecurity of autonomous vehicles. This includes developing advanced encryption techniques, secure communication protocols, and robust intrusion detection systems to protect against cyber threats.
Cybersecurity for Autonomous Vehicles Market Players: –
• Argus Cyber Security
• Harman International
• GuardKnox
• Karamba Security
• Symantec Corporation
• Trend Micro Incorporated
• Upstream Security
• Cisco Systems, Inc.
• Trillium Secure, Inc.
• SafeRide Technologies
The report provides a detailed analysis of these key players in the global cybersecurity for autonomous vehicles market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements 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 highlight the competitive scenario.
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Recent Industry Developments:
• In June 2023, BlackBerry Limited partnered with automotive cybersecurity platform, Upstream Security to help automakers improve the security posture of their vehicles. Through this partnership, OEMs can utilize & pre-process data at the vehicle’s edge, thereby providing a wide range of useful insights in real-time, maintaining cybersecurity compliance, and reducing cloud connectivity costs by combining Upstream’s V-XDR platform with BlackBerry IVY.
• In April 2023, Hyundai Motor Group and Aptiv announced a $4 billion joint venture, Motional, to develop autonomous driving technology. Similarly, in March 2023, Toyota invested $500 million in Pony.ai, a Chinese company developing self-driving technology for use in both taxis and cars. As autonomous vehicles improve, forging partnerships to fortify cybersecurity measures becomes instrumental in addressing emerging threats and fostering trust in the transformative landscape of self-driving vehicles.
• In January 2023, the International Center for Automotive Technology (ICAT), which certifies automobiles for their security and adherence to local legislation, stated that it aims to invest in a facility that will build cyber security capabilities.
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