According to a worldwide analysis, the size of the automotive cyber security industry is expected to surpass USD 32 million, with a compound annual growth rate of 9% during the projected year. Market Research Future (MRFR) conducted a thorough market research to identify potential drivers of this expansion. The market is anticipated to be supported by a number of factors, including the growing demand for personal automobiles, improved technological integration, an increase in investment in research, the growing desire for smart cars and the risks connected with them, and others.
Nevertheless, the cost of these technologies plus the fact that most high-end automobiles have them indicates that the market's potential for expansion is quite constrained.
MRFR researchers have divided the worldwide analysis of the automotive cyber security market into segments based on the kind of security.
By security type, the global understanding of the automotive cyber security market has been segmented into network security, application security, endpoint security, cloud security, and wireless security.
By vehicle type, the study of the automotive cyber security market includes passenger cars and commercial cars. Due to personal safety preferences, the passenger segment may record substantial growth.
By application, the report on the automotive cyber security market comprises segments like telematics, onboard diagnostics (OBD), communication channels, infotainment, powertrain, safety systems, and others,
North America is slated to emerge as the leader in the automotive cyber security market. This is due to the inclusion of advanced technical support for cyber security in the automotive industry.
Harman International Industries, Inc. (U.S.), Argus Cyber Security (Israel), Intel Corporation (U.S.), Cisco Systems Inc. (U.S.), Karamba Security (Israel), Intel Corporation (U.S.), NNG Software Developing And Commercial Llc. (Hungary), Escrypt Embedded Systems (Germany), NXP Semiconductors N.V. (Netherlands), Secunet AG (Germany), and others influence the global market for automotive cyber security. These companies undertake various strategic moves to make sure the market profits. In their attempts, they include various measures that give way to understanding related to trends and prospects.
In August 2020, Green Hills Software, a company known across the world as a provider of embedded safety and security, and Argus Cyber Security, a company with a substantial reputation in automotive cybersecurity, announced the membership of the latter into the Green Hills ecosystem of top-notch technology providers. The partnership is now expected to get support from a successful automotive customer collaboration where the Argus Control Flow Integrity product has been integrated to work with Green Hills Software’s best-in-class C/C++ compiler.
In August 2020, Cybellium, an Israeli automotive cybersecurity risk assessment startup, announced that it had raised a $12 million Series A round. This financing round was led by RSBG Ventures GmbH where other investments came from Cybellum’s existing investors, Blumberg Capital and Target Global. This investment will help Cybellum to boost growth through marketing, expanded sales, and engineering programs. This will also enable the adoption of Cybellum’s Risk Assessment platform and Digital Twin approach by industries where they would be able to scale vulnerability management operations.
This growth in the automotive cyber security market may find some slump due to the fall in automotive sales triggered by the COVID-19 pandemic. However, the restoring of the financial state in various countries can bring back the market on its foot after some initial hiccups.