Home Just In Automotive Cybersecurity Market to Generate $32.41 Billion, by 2030 with 16.6% CAGR

Automotive Cybersecurity Market to Generate $32.41 Billion, by 2030 with 16.6% CAGR

by CIOAXIS Bureau

The global automotive cybersecurity market is expanding rapidly due to government initiatives for incorporating connected car technology, rise in demand for automotive cybersecurity, and stringent cybersecurity standards.

Allied Market Research recently published a report, titled, “Automotive Cybersecurity Market by Offering (Software and Hardware), Security Type (Application Security, Network Security, and Endpoint Security), Application (ADAS & Safety, Body Control & Comfort, Infotainment, Telematics, Powertrain Systems, and Communication Systems) and Form (In-Vehicle and External Cloud Services): Global Opportunity Analysis and Industry Forecast, 2021–2030.” The report states that the global market for automotive cybersecurity is estimated to garner $32.41 billion by 2030, having experienced a value of $7.23 billion in 2020, with a notable CAGR of 16.6% during the forecast period of 2021 to 2030.

Prime determinants of growth:
The global automotive cybersecurity market is expanding at frantic pace due to stringent cybersecurity norms, surge in need for automotive cybersecurity, and government policies for incorporating connected car technology. However, an increase in development of common platforms resulting to high risk and challenges in developing secure applications restrain the market growth. Moreover, enhancing vehicle security by utilizing adaptive security and a rise in car’s electronic system will offer promising growth opportunities in the future.

The application security segment would cite the fastest CAGR by 2030
Under the security type category, the application security segment grabbed the highest share of more than two-fifths of the total market revenue and is projected to display a 17.4% CAGR during the forecast period. The growth is attributed to a surge in investments in developing secure applications. The report also discusses endpoint security and network security segments.

The software segment is estimated to display the highest CAGR throughout the forecast timeframe
In terms of offering, the software segment accounted for the largest share of more than four-fifths of the overall market revenue in 2020 and would display the noteworthy CAGR of 16.7% from 2021 to 2030. The growth is attributed to the robust demand for software solutions for improving security of different vehicle parts susceptible to malware attacks. The report also analyzes the hardware segment.

North America garnered the major share
The regional analysis of the report indicates that the North America region generated the major share in 2020, contributing to more than one-third of the overall market revenue. The segment is driven by large-scale sales of connected cars across the region. The APAC, on the other hand, is expected to witness an 18.0% CAGR during the forecast period. The market is driven by the high security in automobiles against cyber-attacks and favorable government initiatives.

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