The escalated growth of the software security segment in the automotive cybersecurity market can be aptly credited to the proliferating cyber-attacks on the electronic control units
Ocean View, DE -- (SBWIRE) -- 05/04/2020 -- In an era where connected cars are deemed to mark the future of mobility, automotive cybersecurity market is indeed set to occupy a pivotal stance in smart and sustainable tech space. The cyber threats or security breaches in connected cars enable external access to the vehicle's network and not just compromise the driver's data privacy but can also pose serious threats to the driver's physical safety and car's operation. With data security breaches becoming intensely sophisticated, automotive cybersecurity industry has turned out to be an inevitable investment spot that would aid automotive sector's continued roadmap toward connectivity without risk.
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Key Companies: - Automotive providers, Audi, BMW, Capio, Cognata, Daimler Trucks, Ford, General Motors, Honda, Hyundai Motor Group, Nebula Systems, Nissan, Tesla Motors, TriLumina Corporation, Volkswagen, Volvo Car Group, Cybersecurity providers, Argus Cyber Security, Arilou Technologies Ltd., AT&T, Automatic Labs, BT Security, Cisco Systems, Continental AG, Intel Security, Karamba Security, Lear Corporation, Symantec Corporation
With the automotive cyber security threats rising exponentially across the globe, various cyber security systems viz-a-viz hardware system, software security system, and the network security systems have been deployed by the industries to ensure the safety and security of the data.
The escalated growth of the software security segment in the automotive cybersecurity market can be aptly credited to the proliferating cyber-attacks on the electronic control units. This encounters for an urgent need of the software security for the ECUs which would thereby bolster the market.
As per estimates, the software security segment is predicted to record a CAGR of over 24.5 per cent through 2024.
On the other hand, the network security sector in automotive cybersecurity market has been claimed to further dominate the market share and is anticipated to account for over USD 236.4 million by 2024.
The automotive cybersecurity market in commercial vehicle segment has been acquiring rapid prominence as a considerable vehicle type for the global cybersecurity market owing to the delivery of country's products and services and protecting them from the increasing cybercrime.
Additionally, these vehicles embed appropriate technologies to expand the connectivity and provide an assistance to the business thereby augmenting the working efficiency.
Commercial vehicle segment is predicted to record a CAGR of over 34.5 per cent through 2024.
Meanwhile, several reports claim that the passenger or consumer vehicles accounted for over 89.9 per cent of the global automotive cybersecurity market share in 2017. In the following decades, the segment is likely to observe commendable proceeds accounting to the initiatives undertaken by the automobile manufacturers' for abolishing cyber threats.
The growth of the APAC region can be acknowledged to the mounting demands for the internet deployed automobiles on the grounds of expanding population and disposable incomes of the citizens of the developing economies.
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It has been apprehended that the Asia Pacific automotive cybersecurity market would witness a CAGR of over 33.3 per cent over 2024 and is expected to flourish in the following years, whilst augmenting the industry expansion.
Furthermore, the booming investments to build advanced in-car services and connectivity framework would bolster the automotive cybersecurity market demand in the region.
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