The usage of telematics services, such as information, navigation, safety, security, diagnostics, and entertainment, has been increased in recent years and is projected to grow at significant CAGR in the coming years. Along with this, connected cars and autonomous vehicles will be available globally in next five to ten years. The telematics services and connected cars requires internet for the functioning of some key applications and transferring of data. As they required internet for sharing, they are also vulnerable to cyber-threats. Automotive Cyber Security is the system or technology which prevents or protect the systems of the vehicle which are susceptible to the any cyber-attack. As more and more vehicles are connected to the internet the automotive industry is working closely with the internet service providers, software companies, and others concerned players to provide better cyber security systems to end users.
Global Automotive Cyber Security Market Dynamics
The market for automotive cyber security is estimated to increase in the coming years due to increase in the adoption of telematics services in the vehicles. Also due to increasing threats of cyber-attacks in the automotive and transportation systems the need for automotive cyber security is increasing. In next eight to ten years the demand for connected and autonomous vehicles is projected to grow, also number of companies are doing research in the field of connected vehicles and autonomous vehicles such as Google, Mobileye, Nissan, Audi, BMW, Ford, GM, Toyota, Daimler, and others.
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Global Automotive Cyber Security Market Segmentation
The global Automotive Cyber Security market is segmented on the basis of types of cyber security solution such as Software-based, Hardware-based, and Network & Cloud. The global automotive cyber security market is also segmented on the basis of vehicle type such as passenger cars, light commercial vehicles, and heavy commercial vehicles.
Global Automotive Cyber Security Market: Regional Outlook
Geographically, the Global Automotive Cyber Security Market can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East & Africa. North America, Western Europe, and Japan are the prominent market for automotive cyber security systems. Due to increase in the adoption of advanced connected car systems in the vehicle in western countries the demand for automotive cyber security systems is increasing. Changing lifestyle along with increasing urbanization and purchasing power is anticipated to drive the Asia Pacific cyber security market during the forecast period.
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Global Automotive Cyber Security Market Players
The major players identified across the value chain of global Automotive Cyber Security market include Argus Cyber Security Ltd., Cisco Systems Inc., Arilou Technologies, Harman International, Intel Corporation, NXP Semiconductors, ESCRYPT Embedded Systems, Secunet AG, and others. The companies are emphasizing on research and development and new product development in order to maintain the competitive advantage in global automotive cyber security market during the forecast period. In order to meet the increasing demand of cyber security systems, companies all over the world are looking to expand the product portfolio and increase the sales strategies. The companies are also focusing on different strategies in order to maintain the market share in the global automotive cyber security market.