The global automotive cybersecurity market is projected to witness significant growth during the forecast period, owing to the growing demand for connected vehicles and the need for end-to-end cybersecurity in these vehicles. The market growth is also expected to be boosted by the increasing awareness about vehicle safety and safe driving and the growing emphasis on the inclusion of security solutions in the new vehicles sold.
On the basis of vehicle, the automotive cybersecurity market has been classified into electric and conventional vehicles. Of the two, faster growth in the market during the forecast period is expected from electric vehicles. With governments across the world focusing on vehicle electrification and supporting the same through favorable schemes and financial incentives, the market for electric vehicles is expected to grow considerably in the coming years.
Based on application, the automotive cybersecurity market has been divided into telematics, vehicle powertrain, infotainment, safety, and body control and comfort system. The market for vehicle powertrain is poised to grow at a significant rate during the forecast period, as the automakers are heavily investing in product development and innovation for product differentiation.
The major trends witnessed in the automotive cybersecurity market are technological advancements in the areas of internet of things (IoT) and vehicle connectivity; collaborations between automakers and security solution providers; and increasing investments by start-ups toward product development. Besides, the growing number of acquisitions of security solution start-ups by tier-1 suppliers is an important trend observed in the market. For instance, in August 2018, NNG LLC, a vendor of automotive navigation and infotainment solutions, acquired majority of shares in the automotive cybersecurity company ARILOU Information Security Technologies.
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With the rising demand for connected vehicles, the threat of potential cyberattacks has increased in the automotive industry. This has led to a substantial increase in demand for cybersecurity solutions in connected vehicles. Having anticipated the potential cybersecurity attacks, the automakers have started working closely with technology providers to develop and implement tactical security measures in automobiles. They are collaborating with established players and new entrants (mostly start-ups) in the cybersecurity industry to work toward mitigating potential cybersecurity risks and bringing innovation in their product offerings. Also, the penetration of security and safety solutions in new vehicles is on the rise. Thus, increase in demand for cybersecurity solutions, coupled with end-user preference for vehicle connectivity features, is expected to drive the growth of automotive cybersecurity market in the near future.
The global automotive cybersecurity market is still in its nascent stage and is witnessing the entry of new players (start-ups) in addition to mergers and acquisitions and cross-industry partnerships as part of the business growth plans of the players operating within. Some of the key players in the industry are TowerSec Inc. (a Harman International Industries Inc. company), Karamba Security Ltd., Trillium Secure Inc., Upstream Security Ltd., SafeRide Technologies Ltd., Argus Cyber Security Ltd. (a Continental AG company), Robert Bosch GmbH, Vector Informatik GmbH, Denso Corporation, Aptiv PLC, NRI SecureTechnoloiges Ltd., NXP Semiconductors, and ARILOU Information Security Technologies (a part of NNG LLC).
