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Automotive Cyber Security Market to observe 23%+ growth to 2024
SELLBYVILLE, Del., August 9, 2018 /PRNewswire-iReach/ -- The global industry report says, "Automotive Cyber Security Market is predicted to be valued USD 837.1 million by 2024." This market is growing rapidly due to the rising advent of smart transportation systems. Smart transportation systems combine various innovative information and communication knowhows to form a network of systems, contributing to regulating traffic and changing the way users, organizations, and governments deal with transportation.
Connected vehicles offer various benefits such as better communication between vehicles, real-time traffic information, navigation, in-car infotainment, and enhanced fuel efficiency. However, as the vehicles become increasingly connected and automated with the outside environment, they tend to suffer higher cybersecurity threats. The hackers can get access to the vulnerabilities of the connected vehicle leading to the disclosure of the traveller's personal information pertaining to his trip, financial condition, location, and other details.
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Furthermore, the growing advent of telematics and cellular network in the automotive sector also boosts the automotive cyber security market growth. The next-generation cars can make use of 5G networks to bring about communication with other vehicles and on-road sensors to shorten travel times, avoid collision, and reduce fuel consumption. These upcoming 5G networks are creating tremendous growth opportunities for the manufacturers of autonomous vehicles operating in the fields of data processing, management, and driver safety.
The network security dominates the automotive cybersecurity market and is projected to generate a market revenue of USD 236.4 million over the forecast timescale. The in-vehicle networks carry a variety of personal and operational identifiable information such as microphone recording, location, and call and navigation history, due to which protecting the data and messages over the network bus is important for privacy and operational security. Moreover, network protocols, such as Local Interconnect Network (LIN), Controller Area Network (CAN), automotive Ethernet, FlexRay, Wi-Fi, 5G network, Bluetooth, and Dedicated Short-Range Communication (DSRC), also aggravate cybersecurity threats.
The passenger/consumer vehicles held 89.9% of the market share in 2017 and are projected to dominate the market over the forecast period. Cybersecurity plays a key role for consumers when they are purchasing the vehicle due to which various automotive manufacturers are working toward making cybersecurity a priority by adopting multi-layered security approach. Tier 1 companies and OEMs are using comprehensive solutions by combining innovative technologies and cybersecurity services, addressing the security challenges in connected passenger vehicles.
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The communication application is projected to reach USD 231.4 million by 2024 due to the various innovations in the automotive communication technology which include short-range communication, V2V, V2I, and vehicle to internet communication with the aid of embedded modems and Bluetooth-paired smartphones. As these devices are highly prone to cyber-attacks, it is essential to maintain secure communication between these devices and automobiles interior ECUs. Hence, various automotive and software security providers are entering into strategic partnerships and collaborations to enhance the vehicular communication systems safety and security.
Europe automotive cyber security market is witnessing a fast growth rate and is projected to reach USD 224 million by 2024. Germany dominates the European automotive cybersecurity market as it is the home to some of the leading automobile manufacturers including Ford, Volkswagen, BMZ, Audi, Mercedes-Benz, Opel, and Porsche. These companies are working with various software cybersecurity providers to increase the security offering aimed at maintaining passenger safety while traveling. For instance, in 2016, Volkswagen collaborated with three Israeli cybersecurity experts to establish an automotive cyber security company aimed at making vehicles and their ecosystem highly secured against cyber-attacks.
Buy this industry insights spread across 300 pages with 273 market data tables & 51 figures & charts from the report, "Automotive Cybersecurity Market Size By Security (Hardware Security, Software Security, Network Security, Cloud Security), By Type (Passenger/Consumer Vehicle, Commercial Vehicle), By Application (On-board Diagnostic [OBD], Communication, Safety Systems, Infotainment, Telematics), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Sweden, Norway, China, Japan, Australia, South Korea, India, Brazil, Mexico, Argentina, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024" in detail along with the table of contents:
Chapter 4. Competitive Landscape
4.2. Company market share, 2017
4.3. Major automotive market players, 2017
4.3.4. General Motors
4.3.5. Volvo Car Group
4.4. Automotive Innovation leaders, 2017
4.4.2. TriLumina Corporation
4.4.3. Nebula Systems
4.5. Major cybersecurity market players, 2017
4.5.1. Argus Cyber Security
4.5.2. Arilou Technologies
4.5.3. BT Security
4.5.4. Cisco Systems
4.5.5. Intel Security
4.6. Cybersecurity innovation leaders, 2017
4.6.1. Symantec Corporation
4.6.2. Continental AG
4.6.3. Karamba Security
4.6.4. Lear Corporation
4.7. Other prominent vendors
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/automotive-cybersecurity-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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