The global market for automotive cyber security is expected to reach US$ 1,150.6 Mn by 2028 end, at a booming CAGR of 12.1% during the eight-year forecast period
The increasing integration of advanced features and rising adoption of connected vehicles and telematics technology in automobiles are boosting the growth of the global automotive cyber security market. In this report, Persistence Market Research investigates the current trends and ongoing developments in the automotive cyber security market.
This report also presents a holistic view on current drivers and challenges in the automotive cyber security market. Additionally, this report draws attention to various opportunities that already exist and are likely to be available in the automotive cyber security market.
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Extensive Research Conducted in Order to Reap Valuable Insights on the Current and Prospective Market Scenario
The scope of this market study includes the solutions and services of automotive cyber security. In this report, PMR provides detailed company profiles that include financials, key strategies, and developments of various automotive cyber security solution and service providers, such as SecureWorks Corp., IBM Corporation, Intel Corporation, Verizon Communications, Inc., and Symantec Corporation.
The research methodology of this market study includes extensive primary and secondary research. Various surveys were conducted with automotive cyber security solution and services providers and industry experts to understand the value chain and critical driving factors of the automotive cyber security market.
Desk research was conducted to identify current market trends and ongoing developments in the market.
Market Segmentation as per Technology and Component Facilitated in This Research Study
The market has been segmented into two broader categories - by technology and by component. The technology segment is further segmented into managed security services, end-point security services, integration services, consulting services, unified threat management, and others.
Among these, the consulting services sub-segment is expected to grow at a relatively higher CAGR during the forecast period, owing to the increase in technological advancements in various countries such as the U.S., Germany, India, China, and Japan. The managed security sub-segment captured a market share of 19.5% at the end of 2016.
Among the component segments, the services sub-segment is expected to grow at a CAGR of 12.5% during the forecast period, due to the increasing awareness of information security, and the increasing adaptation of advanced technologies such as vehicle-to-vehicle communication and telematics technology by automotive OEMs.
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Regional Classification Offers Important Factors Associated with Each Regional Market for Automotive Cyber Security
The expansion of the automotive industry, growth of cyber threats and attacks, and digital transformation of the automotive industry are some of the primary factors which are fueling the growth of the automotive cyber security market. North America is projected to hold more than 40% of the market share in 2018.
One of the major reasons for the dominance of North America is the presence of top automotive OEMs and IT solution and service providers. However, the SEA & others market in the APAC region is expected to create more potential growth opportunities in the automotive cyber security market in the coming years, owing to the increasing threat of cyber-attacks in the transportation and automotive systems in India and ASEAN countries.
Various automotive OEMs and IT solution providers are now focused on developing secure IT infrastructure and ecosystems for connected vehicles across the globe. This report also offers some recommendations for market stockholders.
In brief, these recommendations encourage consultation between automotive cyber security solution providers, for which technological advancements should be an agenda. All stakeholders in the automotive cyber security market are recommended to work in collaboration and exchange their resources in order to offer advanced and highly efficient automotive cyber security solutions in near future.
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