Automotive cybersecurity solution providers are partnering with other key stakeholders and investing significantly toward the development of advanced automotive cybersecurity solutions to mitigate the growing number of cyber-attack vectors
FREMONT, Calif., Feb. 15, 2023 /PRNewswire/ — BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Automotive Cybersecurity Market – A Global and Regional Analysis.
According to this study, the global automotive cybersecurity market was valued at $2.76 billion in 2022 and is projected to reach $17.73 billion by 2031.
The following factors are responsible for the increase in demand for automotive cybersecurity:
- Increase in the use of electronics per vehicle and a growing number of connected vehicles
- Rising cyber threats owing to the increase in data and connectivity of vehicles
- Rising sales of electric vehicles
The detailed study is a compilation of 143 market data tables and 23 figures spread through 250 pages.
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Analyst’s Take on the Market Projection
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “The automotive cybersecurity market is likely to grow multi-fold during the forecast period, owing to the growing complexity and sophistication of new vehicle models in terms of vehicle connectivity. As the automotive industry is slowly entering the software-defined era, the demand for solutions to deal with various automotive attack vectors is expected to grow significantly. Moreover, initiatives by governments in the developed markets for connected and autonomous vehicles are also expected to boost the demand for automotive cybersecurity solutions. In terms of market rivalry/competition, established automotive cybersecurity solution providers are expected to face stiff competition from established and emerging cybersecurity solution providers entering the automotive industry.”
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Passenger Vehicles will Lead the Global Automotive Cybersecurity Market
BIS Research’s study on the automotive cybersecurity market found that the automotive OEMs are working independently or in collaboration with other industry stakeholders to develop and offer cybersecurity solutions for their customers in the passenger vehicle category.
One of the major factors for the domination of passenger vehicles in the automotive cybersecurity market is the rapidly growing penetration of connected technologies in the passenger vehicle category.
With a growing number of electronic control units (ECUs) in new passenger vehicle models, the demand for cybersecurity solutions for the passenger vehicle category is only going to continue rising significantly.
Major Existing Industry Leaders in the Automotive Cybersecurity Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are Argus Cyber Security Ltd., ESCRYPT GmbH, Karamba Security, ARILOU Automotive Cybersecurity, Vector Informatik GmbH, Mocana Corporation, Green Hills Software, Irdeto, Lear Corporation, DENSO Corporation, HARMAN International, Broadcom Inc., Garrett Motion Inc., Aptiv PLC, NXP Semiconductors, Synopsys, Inc., Upstream Security Ltd., Guardknox Cyber-Technologies Ltd., C2A-SEC Ltd., SafeRide Technologies Ltd., and VicOne Inc.
Recent Developments in the Global Automotive Cybersecurity Market
- In October 2022, Denso Corporation, in collaboration with NTT Communications Corporation, announced the development of the vehicle security operation center (VSOC) in response to the increasing cyber threats against vehicles.
- In September 2022, Argus Cyber Security Ltd. and Elektrobit launched EB zoneo SwithCore Shield pre-integrated solution embedded with intrusion detection and prevention system (IDPS) functionality with advanced network management systems for the next generation of vehicles.
- In March 2020, ESCRYPT GmbH collaborated with the security division of NTT Ltd. to provide joint solutions, enabling the cyber resilience of vehicle fleets.
- In March 2020, Argus Cyber Security Ltd. worked in collaboration with NXP Semiconductors to launch an integrated solution, enabling vehicles to protect Ethernet network communications. The solution uses Argus’s Ethernet intrusion detection system (IDS) and NXP’s S32G processor, which protects ADAS and modern service-oriented gateways, along with other mobility innovations.
- In February 2020, Karamba Security launched its product XGuard 2.0, which is an embedded self-protection solution for automotive ECUs to protect the PikeOS hypervisor.
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