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

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


More Information @ With a market share of 36.2% in 2017, the communication segment dominated the automotive cybersecurity market due to the rising deployment of technologies in modern vehicles. The vehicle2vehicle (V2V) technology permits vehicles on the road to communicate with other vehicles and share data regarding road conditions and various other factors through the network created among vehicles. – PowerPoint PPT presentation

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

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

  • 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.


Browse Full Market Research Report Of Automotive
Cybersecurity Market _at_ https//
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Spain Automotive Cybersecurity Market Size, By
Security, 2017 2024 (USD Million)

Industry Coverage

  • 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.

  • 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

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