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Automotive Cyber Security Market: Possibilities and scope discussed in a new market research report

Automotive Cyber Security Market

The Automotive Cyber Security Market is projected to grow at a CAGR of 23.16% during the forecast period, to reach USD 5.77 billion by 2025 from an estimated USD 1.34 billion in 2018.

The Global Automotive Cyber Security Market is projected to grow at a CAGR of 23.16% during the forecast period, to reach USD 5.77 billion by 2025.

The automotive cyber security market is dominated by a few globally established players such as Harman (US), Continental (Germany), NXP (Netherlands), Escrypt (Germany), Vector (Germany), Trillium Secure (US), GuardKnox Cyber Technologies(Israel), SafeRide Technologies (Israel) and Karamba Security (Israel).

Reinforcement of mandates by regulatory bodies for vehicle data protection

White hat hackers have demonstrated the vulnerabilities of a modern automobile. For instance, in 2015, security researchers hacked a Jeep Cherokee, which enabled them to control the car remotely.

This demonstrated that systems such as air conditioning, radio, windshield wipers, and transmission are vulnerable to external threats owing to a lack of cybersecurity measures. The same team also hacked a Toyota Prius and a Ford Escape.

These events increased the focus of the manufacturers on cybersecurity solutions and regulations. The Security and Privacy in Your (SPY) Car Act, legislation proposed in the US in 2015, aims to mandate that critical software systems in cars are isolated and that the entire vehicle is safeguarded against hacking by using cybersecurity measures.

It also specifies that data stored in the car should be secured to prevent unauthorized access, and vehicles should detect the same, alert the drivers, and respond to hacking attempts in real-time. Along with these measures, the act, which is developed by the NHTSA, will also regulate the information collected, transmitted, or shared by the vehicle by sharing the same with its owner.

The act also proposes to offer the driver a choice to opt-out of data collection without affecting the functionality of key features such as navigation. Recently, BMW AG (Germany) rectified a fault that potentially granted hackers unauthorized access to a vehicle through the connected drive system.

This was possible as BMW’s servers were not encrypted, and the attacker could thus imitate a server and send a lock or unlock command to BMW’s cars. In 2017, the UK government issued the cybersecurity guidelines for connected and autonomous vehicles: ‘The key principles of vehicle cybersecurity for connected and automated vehicles.’ The guidelines consist of 8 principles to make vulnerable cars safer.

Additionally, automotive stakeholders such as automotive trade groups, Tier-I suppliers, and OEMs are establishing standards and promoting the sharing of information regarding cybersecurity solutions. Whereas, stakeholders from non-automotive industries are researching to examine the cybersecurity level globally.

For instance, in 2017, the International Telecommunication Union (ITU) released the Global Cybersecurity Index (GCI). According to the report, the level of commitment of different countries for making data safe and secure has been increasing year-on-year.

These standards mandating cybersecurity solutions are expected to drive the adoption of cybersecurity measures.

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Exceptional technological development in autonomous vehicle space

Autonomous vehicles are gaining an unprecedented amount of traction. Companies such as Mercedes, Ford Motors, and Tesla are investing heavily in their R&D capabilities to revolutionize the traditional way of driving.

For instance, Ford Motors has tripled its investment in the autonomous fleet market and is testing 30 autonomous Fusion hybrids in Michigan, California, and Arizona. Similarly, Google, Uber, and Tesla are also ramping up their investments to bring an autonomous vehicle on the road that will comply with all the statutory rules and regulations and make driving a seamless experience.

The growth of autonomous vehicles offers unparalleled opportunities to cloud providers, OEMs, and other stakeholders to collaborate and partner with automotive companies to leverage this growth. The agreement between Daimler AG, the manufacturer of Mercedes-Benz, and Uber Technologies Inc.

to develop self-service vehicles is another instance that suggests autonomous vehicles would be a reality soon. The advent of autonomous vehicles will increase cybersecurity threats and, hence, drive the cybersecurity automotive cyber security market.

Driverless cars are still in a nascent stage and are currently being tested on the road in Texas, Arizona, California, Pennsylvania, Washington, and Michigan under specific test areas and driving conditions. These cars would soon be a part of mainstream reality, according to automotive experts.

Jen-Hsun Huang, CEO of NVIDIA, announced at Bosch Connected World 2017 in Berlin that NVIDIA will offer technology enabling Level-4 autonomous driving capabilities by the end of 2018. Similarly, BMW is also expected to unveil its self-driving electric vehicle, BMW iNext, by 2021.

These developments would offer several opportunities to cloud and cybersecurity service providers to come forward and partner with automotive companies to take the driving revolution ahead with robust vehicle security.

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The global automotive cyber security market is segmented by form, security, application, vehicle, electric vehicle, and region. The report discusses two form types, namely, in-vehicle and external cloud services.

The in-vehicle segment accounts for the largest share of this market. This segment is driven by factors such as the increasing use of endpoint applications such as mobile, radio, and smart antenna in vehicles in developing economies and rising demand for in-vehicle applications such as telematics, ADAS, and infotainment.

The application security segment is estimated to be the fastest-growing market for automotive cyber security, by security type. It is followed by wireless network security.

The application security segment is estimated to experience significant growth due to the increasing sales of mid-size and luxury vehicles across the globe.

The powertrain system segment is estimated to be the fastest-growing market for automotive cyber security, by an application. The number of electronic applications in modern vehicles is increasing day by day.

Modern vehicles have a powertrain system equipped with the latest mechatronics technologies comprising electronic control units (ECUs). These ECUs are vulnerable to the threat of a cyberattack.

The automotive cyber security market for endpoint security is estimated to be the largest. It is used in most of the vehicles equipped with devices such as Wi-Fi, smartphones, and ethernet that are connected to endpoint applications.

Increasing the use of smartphone mirror link applications such as Android Auto and Apple Car Play is likely to drive the growth of this segment.

Don’t miss out on business opportunities in Automotive Cyber Security Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

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