Impact of Covid-19 Outbreak on Automotive Cyber Security Market sIZE

As per the analysis by Market Research Future Reports (MRFR), the global automotive cybersecurity market is estimated to value USD 32 million, growing at a CAGR of 9% during the review period from 2017 to 2023. The global automotive cybersecurity market 2020 is expanding at a fast pace due to the adoption of the Internet of Things (IoT) in the automotive industry. The market leaders are innovating constantly and seeking market expansion through various tactics like rigorous research and development, mergers and acquisition et al. The increasing data threats such as cyber-attacks have also resulted in the expansion of the market at a global level. Besides, the robust increase in the usage of smartphones and several apps has aided in expanding the market. The market is likely to propel during the forecast period. With the increasing dependency and addiction to technology, there has been a swift adoption of technology in several areas, which has resulted in the expansion of the market. The automotive cybersecurity market is very competitive due to initiatives taken by the government to secure the data and rapid increase in the usage of web-based applications. However, due to lack of awareness about technological dangers through the internet are some of the factors that may act as an obstacle in the expansion of the automotive cybersecurity market.

Market Segmentation

The automotive cybersecurity market can be segregated on the basis of vehicle type, security type, application, and region.

On the basis of vehicle type, the global automotive cybersecurity market can be divided into a commercial vehicle and comprises passenger cars.

On the basis of security type, the global automotive cybersecurity market can be divided into endpoint security, wireless security, comprises network security, application security, and cloud security.

On the basis of application, the global automotive cybersecurity market can be divided into On-Board Diagnostic (OBD), Comprises Telematics, Infotainment, Powertrain, Communication Channels, Safety Systems, and others.

On the basis of region, the global automotive cybersecurity market can be divided into Europe, North America, Asia Pacific, and the Rest of the World.

Regional Analysis

The geographical analysis of Europe, North America, Asia Pacific, and the Rest of the World (RoW) has been performed. As per the analysis, North America is dominating the global automotive cybersecurity market and seizes the maximum market share. There have been several cross-industry collaborations taking place between mobile network operators (MNOs) and automotive original equipment manufacturers. The collaborations took place intending to increase internet connectivity and give a seamless experience to the users while driving. The automotive cybersecurity market in the APAC region is expected to expand at a significant CAGR from 2016 to 2022 due to the presence of SMEs and large enterprises and their fast adoption of cloud-based cybersecurity solutions. The emerging economies like India and China have a significant role in expanding the market. The European market for automotive cybersecurity market is estimated to grow at a significant CAGR during the forecast period from 2016 to 2022. With the presence of developed economies like the U.K. and Germany, the region is likely to expand considerably. The RoW is likely to show a moderate expansion during the review period.

Key Players

The forefront players in the global automotive cyber security market are Harman International Industries, Inc. (U.S.), Argus Cyber Security (Israel), Karamba Security (Israel), Cisco Systems Inc. (U.S.), Intel Corporation (U.S.), NNG Software Developing And Commercial Llc. (Hungary), Secunet AG (Germany), NXP Semiconductors N.V. (Netherlands), Intel Corporation (U.S.), Escrypt Embedded Systems (Germany), and a few others.

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.