The automotive cyber security market is set to become more active over the next few years; it is expected to be worth US$5.77 billion by 2025 — up from an estimated US$1.34 billion in 2018, according to Market and Markets.
“The increasing amount of vehicle electronics and the growing adoption of advanced vehicle technologies such as virtualization of software, digital twinning of vehicles, connected vehicles and self-driving vehicles have made modern vehicles vulnerable to cyberattacks,” said Market and Markets in a news release.
While changing preferences by the younger population have been driving an increase in mid-size and luxury vehicle sales, the increasing use of e-mobility (mostly in Asia Pacific, South America, and the Middle East and Africa) is driving the market for cyber security.
“Technological developments in semi-autonomous and autonomous vehicles (are set) to boost the demand for cyber security measures,” said Market and Markets.
According to the company’s report, the automotive cyber security market is expected to focus on North America, Europe and Asia Pacific, along with other countries across the globe.
Within the coming years, the auto industry is likely to see a range of security offerings for both passenger and commercial vehicle segments, and for battery, hybrid and plug-in hybrid electric vehicles.
“The passenger vehicle segment is projected to be the largest market for automotive cyber security,” said Market and Markets. “The market growth in this segment can be attributed to the increasing electronic content inside the vehicle that is controlled by ECUs. Moreover, passenger vehicles are connected to external cloud services for telematics and fleet management applications.”
Cyber security technology will come in the form of in-vehicle features and external cloud services with a focus on endpoint, application, and wireless network security. Applications (systems) are anticipated to range anywhere from telematic to infotainment, powertrain, body control and comfort, communications, and ADAS and safety systems.
