Automotive Cybersecurity Market worth $5.3 billion by 2026

The global automotive cybersecurity market size is projected to grow from USD 2.0 billion in 2021 to USD 5.3 billion by 2026, at a CAGR of 21.3%. Increasing sales of connected vehicles and semi-autonomous vehicles led to increasing use of electronic component for a vehicle. This increased the complexity of vehicle E/E architecture and software codings thus a vehicle is now becomes more vulnerable against a cyber-attack.

Thereby, to safeguard the vehicles from such kind of attack the demand for automotive cybersecurity solutions increased at a rapid pace globally. Moreover, the recent launch of UNECE WP.29 regulation and “Auto Data” regulation are further expected to accelerate the markets growth momentum in the coming years globally.

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Endpoint security is expected to be the fastest-growing?security type in global automotive cybersecurity market.

The endpoint security segment is expected to witness the fastest growth in Europe and Asia Pacific during the forecast period. This growth can be attributed to the increased use of mirror link apps in these regions. Increasing safety and security concerns in these regions are also likely to propel the demand for endpoint security solutions. Presently, new vehicles contain approximately 100 million lines of code and are deployed with complex software by automobile manufacturers. To maintain the safety as well as security of a vehicle’s entire code base, OEMs are opting for endpoint security solutions. Moreover, the trend of a mobile workforce, BYOD, social media, and cloud synchronizing tools is expected to influence the expenditure on endpoint security solutions.

Software segment is expected to dominate the global automotive cybersecurity market.

In terms of market share in the global automotive cybersecurity industry, the hardware to software ratio per vehicle is around 20:80. This is expected to change over the years with variations in hardware prices. Cybersecurity software inside the vehicle requires the implementation of a number of security functionalities such as secure protocols, identity and access management, intrusion detection, and abstraction layers for crypto functions. These functionalities are then used by the functional ECUs to secure communications and avoid the creation of backdoors. Therefore, the software segment is expected to hold the largest share in automotive cybersecurity market during the forecast period globally.

Asia Pacific is expected to be the largest market during the forecast period

Asia Pacific is estimated to account for the largest market share in 2021, followed by Europe and North America. The rising awareness of active and passive safety features among people and increasing sales of mid-sized and luxury vehicles are the key factors driving the automotive cybersecurity market in Asia Pacific. Several OEMs have shifted their automobile manufacturing plants to emerging countries because of low labor costs, ease of doing business, and the availability of raw materials. Several well-known semiconductor companies have their manufacturing hubs in the Asia Pacific region as well. This helps them maintain an effective supply chain of their products for the automakers.

The?Automotive Cybersecurity Market?is dominated by global players such as Robert Bosch GmbH (Germany), Continental AG (Germany), Harman International (US), DENSO Corporation (Japan), Aptiv PLC (Ireland), Karamba Security (Israel), SafeRide Technologies (Israel), Arilou Technologies (Israel), GuardKnox Cyber Technologies Ltd. (Israel),?Upstream Security Ltd. (Israel), and Green Hills Software.

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