Global automotive cyber security market will exhibit a healthy CAGR of 12.1% during the forecast period, reaching a value worth US$ 1,150.6 Mn by the end of 2026

Albany, NY -- (SBWire) -- 03/12/2019 --The global automotive cyber security market currently values around US$ 460 Mn and is likely to observe stellar growth over the next decade, reaching a value beyond US$ 1 Bn. The global market for automotive cyber security is expected to reach US$ 1,150.6 Mn by 2028 end, at a booming CAGR of 12.1% during the eight-year forecast period. The report has been segmented on the basis of the technology, component, and geography.

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Regulatory Standards to Accelerate Market Expansion in the Near Future

Several countries across the world have set legal regulatory norms that penalize any act that results in partial or complete loss of data or harms data security to any extent, which is foreseen to be an important factor empowering the market for automotive cyber security on a global level. The Government of Australia mandates organizations to report data breaches, while Singapore recently updated its computer misuse and cyber security act. Japan's cyber security basic act encourages infrastructure providers, and educational and research institutions to implement appropriate data security measures. Similarly, cyber security laws set by UAE keep a close check on all such activities that tend to hamper information or networks in any way.

Emerging Economies Poised to Develop Attractive Markets for Automotive Cyber Security Providers

Increasing popularity of autonomous and connected cars will in turn result in an amplified base of endpoint devices. According to this Market Research, automotive computing makes endpoint security a moving target and eventually uplift the automotive cyber security market. Expanding connected car ecosystems and augmenting use of IoT technology will continue to create critical need for cyber security of automobiles. Developing Asian and Middle Eastern countries have been facing tremendously growing cyber threats and thus leading automakers in these regions are expected to generate strong demand for cyber security services. Leading automotive OEMs are already into manufacturing automobiles with telematics technology. In addition, technological advances adopted by these regional markets are presumed to bring in various lucrative opportunities in near future.

Extensive Research Conducted in Order to Reap Valuable Insights on the Current and Prospective Market Scenario

The scope of this market study includes the solutions and services of automotive cyber security. In this report, detailed company profiles that include financials, key strategies, and developments of various automotive cyber security solution and service providers, such as SecureWorks Corp., IBM Corporation, Intel Corporation, Verizon Communications, Inc., and Symantec Corporation. The research methodology of this market study includes extensive primary and secondary research. Various surveys were conducted with automotive cyber security solution and services providers and industry experts to understand the value chain and critical driving factors of the automotive cyber security market. Desk research was conducted to identify current market trends and ongoing developments in the market.

Market Segmentation as per Technology and Component Facilitated in This Research Study

The market has been segmented into two broader categories - by technology and by component. The technology segment is further segmented into managed security services, end-point security services, integration services, consulting services, unified threat management, and others. Among these, the consulting services sub-segment is expected to grow at a relatively higher CAGR during the forecast period, owing to the increase in technological advancements in various countries such as the U.S., Germany, India, China, and Japan. The managed security sub-segment captured a market share of 19.5% at the end of 2016. Among the component segments, the services sub-segment is expected to grow at a CAGR of 12.5% during the forecast period, due to the increasing awareness of information security, and the increasing adaptation of advanced technologies such as vehicle-to-vehicle communication and telematics technology by automotive OEMs.

Regional Classification Offers Important Factors Associated with Each Regional Market for Automotive Cyber Security

The expansion of the automotive industry, growth of cyber threats and attacks, and digital transformation of the automotive industry are some of the primary factors which are fueling the growth of the automotive cyber security market. North America is projected to hold more than 40% of the market share in 2018. One of the major reasons for the dominance of North America is the presence of top automotive OEMs and IT solution and service providers. However, the SEA & others market in the APAC region is expected to create more potential growth opportunities in the automotive cyber security market in the coming years, owing to the increasing threat of cyber-attacks in the transportation and automotive systems in India and ASEAN countries.

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Various automotive OEMs and IT solution providers are now focused on developing secure IT infrastructure and ecosystems for connected vehicles across the globe. This report also offers some recommendations for market stockholders. In brief, these recommendations encourage consultation between automotive cyber security solution providers, for which technological advancements should be an agenda. All stakeholders in the automotive cyber security market are recommended to work in collaboration and exchange their resources in order to offer advanced and highly efficient automotive cyber security solutions in near future.

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