The automotive cyber security market is projected to grow at a CAGR of 16.40%, with an estimated market size of USD 1.8 billion in 2021 to USD 4.5 billion by 2028. The rising use of cutting-edge technology in the automotive industry is fueling the surge in demand for an effective and efficient security system. Demand will rise due to increasing cyber threats to the automotive and transportation industries. Increasing intercity transportation and logistics services will further contribute to the growth and expansion of the automobile cyber security market. The industry will also have greater opportunities as consumer demand for modern-technology-equipped commercial and passenger vehicles grows along with personal income. The expansion of governmental standards and regulations for connected vehicles has influenced the adoption of cyber security in the automotive industry. Furthermore, the major growth inhibitor for the automotive cyber security market, however, is the high cost of installing the cyber security systems and the high cost of new vehicles in which the system is already built-in. Lack of technology development combined with a lack of awareness in less developed nations may further impede market development.

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Automotive Cyber Security Market Dynamics

Drivers: Increased use of electronics per vehicle and a growing number of connected cars

A vehicle's overall weight has recently decreased because of electrification. Consequently, the automotive industry's demand for electronics has grown quickly. Automobiles are more susceptible to cyberattacks due to the growing use of electronics. Cyberattacks could target the electronic parts used in telematics, infotainment, engine, body, communication, and ADAS systems, among other uses. As a result, stakeholders have begun to spend money on cybersecurity technologies to provide reliable electronic platforms for cars. Increasing vehicle connectivity has increased a vehicle's vulnerability to cyberattacks. As a result, the market is expanding due to rising connected vehicle sales and increased use of electronics in vehicles.

Restraints: Growing complexity in the electronic vehicle system

Electronic driver assistance systems are becoming increasingly popular due to rising demand for vehicle safety in terms of accident prevention, driver safety, and sophisticated communication & data safety (parking, lane assist, speed regulation, blind spot detection, pre-collision warning, etc.). The complexity of automotive electronic architectures has increased, giving hackers more opportunities to compromise a vehicle. These opportunities include automatic cooling, seat adjustment with memory, automatic tailgate opening, and performance control. To mitigate these issues, the hardware would need to be physically strengthened, and more complex software solutions, increasing implementation costs for OEMs and impeding market expansion.

Opportunities: Introduction of electric vehicle wireless battery management system

Wireless battery management systems (WBMS) have opened up a tremendous global market opportunity for OEMs. For the next generation of E.V.s, wBMS can reduce the volume of battery packs by up to 15% and up to 90% of the wiring. In addition, the battery life span is extended in this new system. As a result, the wireless power pack management system must maintain a strict security procedure. The company's new wBMS, which builds on its established, market-leading BMS battery cell measurement technology, integrates all integrated circuits, hardware, and software for power, battery management, R.F. communication, and a single system-level solution that offers ASIL-D safety and module-level security by combining many system functions. As a result, it is anticipated that the market for cybersecurity solutions will expand along with the popularity of wBMS.

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The service category is estimated to be the largest growth in the steam engine market during the forecast period

The service category dominated the market. As endpoint applications like radio, mobile, and smart antenna are increasingly used in automobiles, there is a rising need for in-vehicle services. Due to the advancement of cloud infrastructure and framework, external cloud services are the market sector expanding at the highest rate. Since autonomous vehicles produce a significant amount of data, cloud services provide a highly reliable technology. Additionally, as the number of vehicles and gadgets connected to the cloud increases, cloud technology will lead to greater information sharing.

ADAS & safety systems are estimated to be the largest growing market category during the forecast period

The ADAS &safety systems segment is projected to grow the fastest during the forecast period. The market is now seeing ground-breaking developments in ADAS and autonomous driving technologies, which is anticipated to increase demand for a continuous connection from the car's ECU to several cloud services that improve sensor processing and subsequent vehicle maneuvering.

The North American segment is estimated to be the largest growing market during the forecast period

North America is the largest automotive cyber security market, projected to grow fastest during the forecast period. The rising demand for highly connected automobiles and the rise of several cybersecurity and automotive companies are the main factors driving the growth of the automotive cyber security market in North America. Government collaboration projects and initiatives from top tech companies will increase the market's size even more. For instance, the U.S. Department of Transportation has urged the area's automakers to collaborate with researchers and share their cybersecurity-related work to better prepare for potential vehicle-related attacks. The region's growth will also be fueled by rising investments and crucial actions by the local government to combat cyberattacks in the automotive industry.

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Key Market Players

The automotive cyber security market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are Continental (Argus Cyber Security), Guardknox Cyber-Technologies Ltd., Vector Informatik GmbH, Karamba Security, Synopsys, Upstream Security, Sectigo Limited, ESCRYPT, RunSafe Security, Inc., Trend Micro, Harman InternationalX Trillium Secure Inc., STMicroelectronics, Infineon Technologies AG, NXP Semiconductors, Bosch Mobility Solutions, Microchip Technology, Aptiv and Irdeto.

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