Automotive Cybersecurity Market Growth 2023- Industry Share, Revenue, Emerging Trends, Challenges, Business Opportunities and Forecast Analysis till 2033: SPER Market Research
Automotive cyber security refers to the process of protecting connected vehicle systems, such as in-vehicle networks, software, and communication networks from unauthorized access, manipulation, or malicious activity. As vehicles become more connected and autonomous over time, they are more susceptible to cyber-attacks that could affect their performance, safety, or even the privacy of their drivers and passengers.
According to SPER market research, Automotive Cybersecurity Market Size- By Offering, By Security Type, By Form, By Vehicle Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Automotive Cybersecurity Market is predicted to reach USD 11.91 billion by 2033 with a CAGR of 18.7%.
The automotive industry has begun to shift its focus towards software-driven vehicles. The functions and features of these vehicles are mainly supported by automotive software. Electric vehicle electronic components used for several applications, including infotainment and powertrain electronics and telematics and body electronics, as well as ADAS systems and communication electronics, are more susceptible to cyberattacks. Therefore, stakeholders have made it mandatory to invest in cybersecurity solutions to strengthen electronic platforms for vehicles. The surging popularity of electric vehicles, intensified focus on automotive cybersecurity, and widespread adoption of ADAS and autonomous driving technologies are all fueling an exponential surge in demand for robust automotive cybersecurity solutions.
The lack of industry-wide standards for automotive cybersecurity creates interoperability issues, compatibility issues, and implementation issues across vehicles and systems. The harmonization of standards is necessary to drive uniform cybersecurity practices throughout the industry. The high cost of implementing advanced cybersecurity solutions is one of the reasons why some organizations may not be able to adopt best practices and innovative technologies due to the high cost of implementation.
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Impact of COVID-19 on Automotive Cybersecurity Market
The automotive cybersecurity market was negatively impacted by the COVID-19 pandemic. The strict lockdowns and the social distancing were in place to contain the virus. The economic uncertainty, the partial shutdown of the industry and low consumer confidence affected demand for automotive cybersecurity. The supply chain was affected during the pandemic and delayed logistics activities. However, it is expected that the automotive cybersecurity market will regain its momentum during the post-pandemic scenario as restrictions are loosened.
Automotive Cybersecurity Market Key Player
Asia Pacific is expected to dominate the automotive cybersecurity market in 2023, with Europe and North America coming in 2nd and 3rd place respectively.
Asia Pacific includes countries such as China and India, as well as Japan and South Korea, as well as Rest of Asia Pacific. One of the main reasons for the growth of the Asia Pacific automotive cybersecurity market is the high production of passenger vehicles. Connected cars and other cutting-edge technologies are becoming increasingly popular. China and India are the manufacturing hubs of the automotive industry. This, in turn, will drive the growth of the automotive cybersecurity market. Additionally, some of the market key players are Intel Corporation, Harman International, BNSF Railway Company, Robert Bosch GmbH, DENSO CORPORATION, and Others.
Automotive Cybersecurity Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply Forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Offering: Based on the Offering, Global Automotive Cybersecurity Market is segmented as Software and Hardware.
By Security: Based on the Security, Global Automotive Cybersecurity Market is segmented as application, Network and Endpoint security.
By Form: Based on the Security, Global Automotive Cybersecurity Market is segmented as application, Network and Endpoint security.
By Vehicle: Based on the Security, Global Automotive Cybersecurity Market is segmented as Passenger and Commercial Vehicle.
By Application: Based on the Security, Global Automotive Cybersecurity Market is segmented as ADAS & Safety, Body Control & Comfort, Infotainment, Telematics, Powertrain system and Communication system.
By Region: This research also includes data for North America, Europe, Middle East & Africa, South America, Asia-Pacific and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Automotive Cybersecurity Market Future Outlook
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