Automotive Cybersecurity Market to Witness Robust Growth Ahead: P&S Intelligence
NEW YORK, Dec. 10, 2020 /PRNewswire/ -- According to the market research report published by P&S Intelligence, the adoption of connected vehicles, integration of artificial intelligence in the automobile industry, and rising demand for in-vehicle connectivity are the key reasons behind the rising demand for cybersecurity solutions for vehicles. As a result, the automotive cybersecurity market revenue is predicted to grow to $7,280.2 million by 2030 from $1,152.7 million in 2019, at a robust 18.5% CAGR between 2020 and 2030. Such solutions protect the connected infrastructure, vehicle, and information that is processed, stored, and transmitted by automobiles by detecting and responding to cyber threats.
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One of the most-prominent trends in the automotive cybersecurity market is the increasing data breach and cyberattack threat. With the advent of the connected vehicle technology, a variety of information, such as location, address books, and credit card numbers, is being stored and transmitted by automobile systems. To thwart cyberattacks, the government of several countries has implemented strict regulations to have cybersecurity features in automobiles. Moreover, using vehicles' connected systems, even the infrastructure the automobile connects to can be harmed, which is driving the deployment of cybersecurity solutions.
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The major reason behind the increasing demand for automotive cybersecurity solutions is the rising preference for connected vehicles. Such automobiles offer smartphone connectivity, traffic and collision warnings, roadside assistance, and real-time traffic monitoring, which is why they are becoming rapidly popular. Securing the ADAS system against cyberattacks is essential for the success of fully autonomous vehicles, in which the IT infrastructure plays an equally important role as the mechanical infrastructure. Thus, with the rising number of connected automobiles on the roads, the installation rate of cybersecurity solutions in them will also increase.
Browse report overview with detailed TOC on Automotive Cybersecurity Market Research Report: By Application (ADAS & Safety System, Infotainment, Body Electronics, Powertrain, Telematics), Vehicle Type (Passenger Cars, Commercial Vehicles), Form (In-Vehicle Services, External Cloud Services)- Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/automotive-cybersecurity-market
In 2019, the automotive cybersecurity market was dominated by North America, as Canada and the U.S. witness some of the highest deployment rates of cybersecurity solutions in automobiles. Another reason for the region holding the largest share in the industry is the government regulations that mandate the installation of such features. For instance, the deployment of electronic logging devices (ELD) in commercial vehicles has been made mandatory by the Federal Motor Carrier Safety Administration (FMCSA) of the U.S. Further, the increasing sale of long-haul trucks with factory-installed fleet and telematics solutions is also driving the regional market.
The highest CAGR in the automotive cybersecurity market during the forecast period is projected to be witnessed by the Asia-Pacific (APAC) region. India, China, and Japan, which are among the largest automobile markets in the world, are witnessing a boom in vehicle production. With rapid industrialization and improvements in infrastructure, the scope for connected vehicles in the region is widening. Further, the increasing disposable income of the people in the region is allowing them to purchase the expensive connected automobiles, thereby propelling the demand for automotive cybersecurity solutions.
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Therefore, the market will keep advancing with the increasing sale of connected automobiles and their vulnerability to cyberattacks and data breaches.
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