Automotive Cybersecurity Market in Software Security Segment to grow at 24.5% CAGR from 2018 to 2024

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Automotive Cybersecurity Market to reach 837.1mn
by 2024 Global Market Insights Inc.
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Industry Overview

• Automotive Cybersecurity Market to exceed USD 837
  million by 2024 driven by increasing requirement
  for cybersecurity in connected cars. Improvements
  in the standard of living and increased
  disposable income have caused a shift toward the
  adoption of advanced vehicles offering various
  benefits such as in-car infotainment systems,
  navigation, and telematics. As these systems have
  become increasingly complex, they are more
  vulnerable to cyberattacks, contributing to the
  automotive cybersecurity attacks. The government
  agencies are also partnering with software
  providers for telematics cybersecurity solutions
  driving the automotive cybersecurity market
  growth. For instance., in May 2018, the
  Department of Homeland Security Science and
  Technology Directorate (DHS ST) partnered with
  Volpe National Transportation Systems a part of
  Department of Transportation (DOT), to build a
  cybersecurity implementation and operational
  network for telematics systems in various federal
  vehicles.
• The automotive cybersecurity market is benefiting
  from the investments made by the leading
  investors, who support automotive firms. These
  funds are used by the companies to scale up their
  cybersecurity profile, fighting against the
  rising cyberattacks. For instance, in April 2018,
  Denso an international American firm invested USD
  2 million in Dellfer, an automotive cybersecurity
  company. The company plans to use the funding to
  enhance its operations in the cyber protection of
  automobiles.

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• Cloud security is the fastest growing segment in
  the automotive cybersecurity market and it is
  projected that by 2024, approximately 30 of the
  vehicles globally will be deployed with
  cybersecurity cloud services. They examine and
  manage the fleets of vehicles through software
  such as management service, which enables them to
  assess the irregularities and identify
  unauthorized efforts to attack the connected
  vehicles. The automotive industry is making huge
  investments in the cloud technology to secure the
  automotive cloud environment.
• The software security segment in automotive
  cybersecurity market is projected to grow at a
  CAGR of 24.5 over the forecast period. The
  proliferation of ECUs in the automobiles has also
  increased the attack surface making vehicles
  easily accessible to attackers. There are a large
  number of ECUs with different capabilities in the
  automobiles, making them necessary to provide
  software security to these systems.
• The commercial vehicle segment in automotive
  cybersecurity market is expected to grow at a
  CAGR of 34.5 over the forecast timeline as these
  vehicles play a major role in delivering the
  countrys goods and services and hence,
  protecting them from the rising cybercrime is a
  necessity. These vehicles also use relevant
  technologies to extend their connectivity and
  assist the businesses to enhance their working
  efficiency. It helps them in reducing fuel costs
  and increasing vehicular productivity boosting
  their demand.

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Spain Automotive Cybersecurity Market Size, By
Security, 2017 2024 (USD Million)

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Industry Coverage

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• The On-board Diagnostics (OBD) automotive
  cybersecurity market application segment is
  projected to grow at a CAGR of 31.7 over the
  forecast timeframe due to the rising advent of
  smartphones and enhanced miniaturization. The
  vehicle aftermarket manufacturers and startups
  attach these devices to the on-board diagnostic
  port present in the connected cars. As these OBD
  ports provide direct contact to the Controller
  Area Network (CAN) bus, it is necessary to
  protect these ports from cyber attackers.
  Furthermore, with the usage of these ports in
  various applications such as fleet management,
  consumer vehicle diagnostics, and mile-based
  insurance, the automobile providers should
  perform early security investigation of these
  devices to regulate their common vulnerabilities
  and control security risks.
• The infotainment application is anticipated to
  reach an automotive cyber security market revenue
  of USD 83 million by 2024 as they deliver major
  benefits such as audio/ video calling,
  navigation, live music streaming, Bluetooth and
  USB connectivity, Wi-Fi, and in-car internet.
  These systems have access to more and more
  vehicle functions, making them more vulnerable to
  the cyberattacks. Various automobile firms are
  entering into strategic partnerships to secure
  their connected cars. For instance, in January
  2018, Argus Cyber Security partnered with
  STMicroelectronics to upgrade the cybersecurity
  measures of connected vehicle technologies.

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• North America dominates the automotive
  cybersecurity market due to the rising
  collaboration between the automotive
  manufacturers and software providers to enhance
  their connected car safety and security. For
  instance, in January 2018, Honeywell entered into
  a memorandum of understanding with LG Electronics
  to develop an automotive software and
  infrastructure to address the rising risk
  associated with the connected vehicle technology.
  Furthermore, the U.S. and Canada are the main
  contributors of new automobiles deployed with the
  latest technologies, driving the automotive
  cybersecurity market growth.
• The Asia Pacific automotive cyber security market
  is projected to grow at a CAGR of 33.3 over the
  forecast period due to the increasing demand for
  connected vehicles in this region. Increasing
  investments to develop advanced in-car services
  and connectivity infrastructure are also driving
  the automotive cybersecurity market demand.
• Various companies operating in the software and
  automobile industries are entering into strategic
  partnerships and collaborations to develop
  advanced automobile solutions, showcasing
  tremendous growth opportunities in this sector.
  The prominent vendors present in the automotive
  cybersecurity market include Audi, General
  Motors, Ford, BT Security, Daimler Trucks, Arilou
  Technologies Ltd., Argus Cyber Security Ltd.,
  BMW, Honda, Nissan, Cisco Systems, Inc, Tesla
  Motors, Lear Corporation, Continental AG, Karamba
  Security, Volvo Car Group, and Symantec
  Corporation.

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