Home Just In Cybersecurity of Passenger Vehicles to Grow at a CAGR of 18.4% Between 2020 & 2026

Cybersecurity of Passenger Vehicles to Grow at a CAGR of 18.4% Between 2020 & 2026


ResearchAndMarkets.com has announced the addition of the report “Global Automotive Cybersecurity Growth Opportunities”

This report on the worldwide automotive cybersecurity landscape contains an in-depth analysis of key cybersecurity market and technological developments in the connected vehicle space, including both passenger and commercial vehicle segments. It also examines the various types of cybersecurity solutions and strategies value chain partners offer for mitigating threats throughout the life cycle of a vehicle.

In lieu of operating and securing CyberSecurity Management Systems (CSMS), major OEMs like as Volkswagen, General Motors, and Tesla are developing in-house capabilities and partnerships with IT service vendors. Security firms, on the other hand, collaborate with technological players like Microsoft and Amazon Web Services (AWS) to offer connected services to OEMs.

Tier I suppliers will partner with enterprise IT/security companies to advance up the value chain to become solution providers for CSMS, Vehicle Security Operations Centres (VSOCs), and other services, primarily to help OEMs in adhering to WP.29 rules during development and threat management. Strategic collaborations for the deployment of effective cybersecurity solutions will be the priority of the entire ecosystem.

The automobile industry is moving towards intelligent networking systems and refined architecture for the development and implementation of advanced connected and autonomous vehicles. With the growing number of connectivity features, the possibility of a cyberattack poses a threat to safe operation of vehicles.

Now that the security aspects of connected vehicles addressed at both the regulatory and industry levels, automakers will focus on offering more comfort and safety features in their vehicles.

From 2022 onwards, the latest WP.29 mandate on cybersecurity will be crucial in the type approval of new vehicles.

According to the prediction in the report, between 2020 and 2026, the total addressable market for the cybersecurity of passenger vehicle will grow at a CAGR of 18.4 percent, owing to the WP.29 regulation and OEMs in major economies competing for a competitive advantage.

OEMs will prioritise securing vehicles with embedded connectivity, which will account for about 80 percent of connected vehicle sales by 2026.

On the whole, the market opportunity for automotive cybersecurity is progressive, with the regulatory landscape and innovation across the automotive value chain are propelling growth scenarios and minimising vehicle security threats

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