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The length of the automotive cybersecurity market is expected to grow from USD 2 billion in 2021 to USD 5300 million through 2026, with a CAGR of 21. 3%.
CHICAGO, May 25, 2022 /PRNewswire/ — The backlog of vehicle cyberattack incidents and massive vehicle recalls through OEMs has increased awareness of automotive cybersecurity among OEMs around the world. In addition, the accumulation of government mandates on the integration of various safety features, such as the rearview camera, automatic emergency braking, lane change precaution formula, and electronic stability control, has opened up additional new opportunities for automotive cybersecurity service providers around the world. automotive cybersecurity ecoformula. Government projects to build a smart transportation formula have also increased the demand for cybersecurity responses around the world. Apart from that, the advent of 5G generation is also expected to drive market expansion in the coming years. .
The global automotive cybersecurity market is governed by major players such as Continental AG (Germany), Robert Bosch GmbH (Germany), Harman International (USA). DENSO Corporation (Japan), Aptiv PLC (Ireland), Karamba Security (Israel), SafeRide Technologies (Israel), Arilou Technologies (Israel), GuardKnox Cyber Technologies Ltd. (Israel), Upstream Security Ltd. (Israel) and Green Hills Software, etc.
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Endpoint security is expected to be the fastest security development in the global automotive cybersecurity market.
The endpoint security segment is expected to experience the fastest expansion in Europe and Asia Pacific during the forecast period. This expansion can be attributed to the increased use of mirror linking programs in those regions. Growing safety and security considerations in those regions are also likely to drive demand for endpoint security solutions. Currently, new autocellulars involve around a hundred million lines of code and are implemented with complex software across automakers. for endpoint security solutions. In addition, the trend toward a cellular workforce, BYOD, social media, and cloud sync teams is expected to influence spending on endpoint security solutions.
Wireless network security expected to grow to a higher CAGR during the forecast period
The wireless network security segment is expected to be the fastest developing security type segment of the automotive cybersecurity market. This segment is expected to experience significant expansion in Asia-Pacific, followed by Europe and North America. The transportation government in those regions is focusing on getting better infrastructure. Startups are focusing on offering wireless networks to meet the connectivity features under development in the automotive industry.
Overall, the integration of wireless technologies into cars through the respective automakers, the expansion of connected vehicle technology, and developing security issues to prevent remote access to vehicle electronics are key points that are expected to generate the expected gains for wireless technology. network security solution during the forecast period.
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Asia Pacific is expected to be the largest market during the forecast period
Asia Pacific is estimated to account for the largest market share in 2021, followed by Europe and North America. Increasing awareness among others about active and passive safety features and expanding sales of midsize and luxury cars are the main points driving automotive cybersecurity. Several OEMs have moved their car production plants to emerging countries due to low hard work costs, ease of doing business, and availability of uncooked materials. Several well-known semiconductor corporations also have their production centers in the Asia-Pacific region. This is helping them an effective supply chain of their products for automakers.
In addition, the development of V2X-equipped car sales and significant expansion in the ride-sharing industries are expected to increase the demand for automotive cybersecurity responses in the Asia-Pacific region. OEMs in Japan and South Korea, such as Hyundai, Kia, Nissan, Honda and Toyota are focusing on the progression of autonomous cars. This deserves further encouragement for the demand for similar cybersecurity responses. Similarly, in the Indian market, OEMs such as MG Motor, Kia, and Mahindra have already started offering model cars with tier 1/2 features, which would further help the demand for cybersecurity responses in the coming years. Aside from that, Asia Pacific is home to some of the major players in the automotive cybersecurity market, such as Autotalks and AutoCrypt. the growing adoption of electric cars and an increasing number of cars with connected car features would reinforce the need for automotive cybersecurity in the region. All Those combined points are expected to drive the Automotive Cybersecurity market in Asia Pacific during the forecast period.
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