PRNEWSWIRE: Development in the field of vehicle internet of things (IoT), implementation of dedicated cybersecurity standards for the automotive industry, and increasing focus on state-of-the-art security countermeasures for the vehicle are fuelling the demand for automotive cybersecurity.
The global automotive cybersecurity market is projected to grow at a CAGR of 23.16 percent during the forecast period, from $1.34 billion in 2018 to $5.77 billion by 2025. Growing number of connected cars and electronic content per vehicle and reinforcement of mandates by regulatory bodies for vehicle data protection are driving the automotive cybersecurity market. The increasing number of cloud-based applications in the automotive industry and technological advancements in the autonomous vehicle space are expected to create opportunities for the automotive cybersecurity market in the coming years. However, high cost involved in automotive cybersecurity and complex ecosystem with multiple stakeholders are a few restraining factors for the automotive cybersecurity market. The development of a pricing model of the automotive cybersecurity market and time lag of cybersecurity updates to market for maintenance and troubleshooting can pose challenges for the automotive cybersecurity market.
External cloud services form segment to grow at a significant rate during the forecast period
The automotive cybersecurity market for external cloud services form segment is projected to grow at the highest CAGR during the forecast period. The growth of automotive cybersecurity is driven by the increasing use of over-the-air (OTA) updates for vehicle software in developed as well as developing countries.
Asia Pacific to lead the automotive cybersecurity market during the forecast period
The Asia Pacific region is estimated to hold the largest share of the global automotive cybersecurity market in 2018. The increasing number of connected vehicles and growing awareness of green vehicles among people are expected to fuel the growth of the automotive cybersecurity market in the Asia Pacific region.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type: Tier 1: 55%, Tier 2: 25%, Tier 3: 20%
- By Designation: C level: 48%, Manager level: 36%, Other: 16%
- By Region: Europe: 36%, North America: 30%, Asia Pacific: 24%, RoW: 10%
The complete report is available here: https://www.reportlinker.com/p03973706