In an increasingly interconnected world, cybersecurity has become a critical concern, aimed at safeguarding computers, networks, programs, and data from unauthorized access or potential harm. The automotive industry, a prominent vertical within the manufacturing sector, has witnessed a rapid rise in connected cars on the roads today. As the usage of connected devices, such as those driven by the Internet of Things (IoT) and the Internet of Everything (IoE), proliferates, the need for enhanced security becomes paramount. Organizations are deploying security applications to protect automobiles from theft and malware attacks.
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With the proliferation of IoT devices, the number of connected cars is set to surge, leading to heightened security concerns. These concerns will pose challenges to the industry but also create new opportunities for security providers. Collaboration between automakers and cybersecurity vendors is imperative for the development of innovative security applications. Auto cyber technology promises to boost automaker revenues, making it a key focus area for security providers looking to expand their footprint.
The Growth Trajectory of Auto Cyber Security
The global auto cyber security market is poised to exhibit a robust Compound Annual Growth Rate (CAGR) of 13.2% during the period from 2015 to 2020, with a primary driver being the security type’s market segment. This growth is attributed to the rising demand for wireless-based applications from connected car enablers and the security segment. The auto cyber security market is analyzed across six regions: North America, Western Europe, Central Eastern Europe, Middle East & Africa, Latin America, and Asia-Pacific. According to Report Ocean Research, Western Europe and Asia-Pacific are expected to dominate the market in the next five years.
Emerging Trends in the Auto Cyber Security Landscape
A noteworthy trend in the market is the entry of cloud providers. Cloud-based technology, being cost-effective, is anticipated to be initially embraced by Small and Medium-sized Enterprises (SMEs). This presents a substantial opportunity for cloud providers to enter the market with customized cloud security applications. However, their entry may intensify competition and drive advancements in solutions.
Empowering Enterprises with Auto Cyber Security
Today, innovative technologies like the Internet of Everything (IoE) and the Internet of Things (IoT) are empowering industry players to offer a wide range of services aimed at improving customer experiences and fostering loyalty. The automotive industry, a major player in the manufacturing sector, is leveraging advanced IoT and IoE technologies, particularly emerging connected car technology, to boost revenues and expand its global footprint.
The proliferation of IoT technology is expected to lead to billions of connected cars on the road, consequently elevating security concerns. Addressing these security concerns is vital for the sustained growth of the auto cyber security market. This necessitates close collaboration between automakers and cybersecurity vendors to fully comprehend and cater to market needs.
Four Key Segments
This report delves into four key segments within the automotive cyber security market: the Service Segment, Solution Segment, Security Type Segment, and Regions Segment. The global auto cyber security market is projected to grow at a CAGR of 13.2% during the period from 2015 to 2020, primarily driven by the Security Type’s market segment, which is expected to grow at a CAGR of 12.6% during the same period.
Region/Country Coverage
- North America
- Latin America
- Western Europe
- Central Eastern Europe
- Middle East & Africa
- Asia-Pacific
Key Players in the Auto Cyber Security Arena
- Delphi Automotive PLC
- Check Point Software Technologies Ltd
- Cisco System, Inc
- McAfee Inc
- NXP Semiconductors
- Continental AG
- Daimler AG
- Fortinet Inc
- Capgemini S.A
- FICO
- International Business Machines Corp
- Microsoft Corporation
- TowerSec
- Argus Cyber Security Inc.
- Mocana
- Security Innovation Inc.
- Arilou Technologies
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