Markets and Markets Report: Automotive Cyber Security Market worth 31.8 Million USD by 2021
The global automotive cyber security market in 2015 was valued at USD 16.5 Million, and is projected to grow at a CAGR of 13.2% during the forecast period, from USD 17.1 Million in 2016 to USD 31.8 Million by 2021.
The report "Automotive Cyber Security Market by Security Type (Network, Endpoint, Application, Wireless & Cloud), Area of Application (Infotainment, Telematics, OBD, Safety, Powertrain, Communication & Others), Vehicle Type, and by Region — Global Forecast to 2021", The global automotive cyber security market is projected to grow at a CAGR of 13.2% from 2016 to 2021, to reach a market size of USD 31.8 Million by 2021. The major factors behind the growth of the global automotive cyber security market are the growing connected cars being introduced from OEMs and rising security concerns among end-users.
Browse 55 market data Tables and 45 Figures spread through 116 Pages and in-depth TOC on "Automotive Cyber Security Market by Security Type (Network, Endpoint, Application, Wireless & Cloud), Area of Application (Infotainment, Telematics, OBD, Safety, Powertrain, Communication & Others), Vehicle Type, and by Region — Global Forecast to 2021"
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North American connected vehicle ecosystem: The rising trend
The demand for cars has also witnessed a boost recently in the North American region with the convergence of the ICT sector, the automotive sector, and the transportation sector, resulting in the emergence of the connected vehicle ecosystem. The emergence of connected technology has given a new factor to OEMs to remain relevant in a reduced demand in the market. Thus, from the increasing use of connected cars it is evident that the need for cyber security in cars will also increase in the North American market.
Network security market has the highest share in the cyber security market
The network security market size in the global cyber security market has the maximum market share during the forecast period. Network security encompasses security products and services that are used to detect and prevent auto cyber threats in a typical automotive computer network. It ensures protected network through restricted device management accessibility to automotive terminal, management ports, authorized services, and protocols. The network communication enables consumers to seamlessly interconnect their smartphones/network devices to their car and experience feature-rich interactive applications on the go. Nowadays, network communication is one of the key reasons for malicious activity seen in the connected cars market, where a typical hack can easily take place due to third-party network communication access in a connected automobile.
Communication channels estimated to be a critical area for OEMs
In the connected vehicle ecosystem, a vehicle communicates with other vehicles and the infrastructure, which involves data exchange. This data exchange also presents a potential security threat as the hackers can use it as a point of entry. Apart from external communications, a connected vehicle also features internal communication channel to exchange data within the vehicle. It is crucial to secure these channels to minimize the threats to critical systems which are interconnected.
The major players such as Argus Cyber Security (Israel), Harman International Industries (U.S.), Karamba Security (Israel), and Intel Corporation (U.S.) are developing solutions for dominating the global automotive cyber security market.
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