As per the findings of a new market research report by Persistence Market Research, the worldwide automotive cyber security market reached a valuation of around US$ 5.4 Bn in 2020, and is anticipated to exhibit a CAGR of close to 8% over the next ten years. Usage of telematics services such as information, navigation, safety, security, diagnostics, and entertainment has been increasing in recent years, and is projected to grow at a significant rate over the coming years. Along with this, connected cars and autonomous vehicles will be available globally in the next five to ten years.
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The IT and telecommunication vertical has been witnessing generations of development since the last few years. This time around, it’s 5G stealing the show. It does empower extensive machine-type communications supporting IoT. They are into adoption by several industry verticals as of now. Mission-critical applications are also catered to with low-latency communications. Conversational platforms using AI are the other trend catching up. They are expected to be all the more influential in the years to come.
In other words, the telecom vertical is on to balancing humans and AI for delivering an all the more satisfying customer experience. Edge computing is another adoption over here. Persistence Market Research, along with its team of insights-driven analysts and consultants, brings in the historic, ongoing, as well as the future perspectives pertaining to the IT and telecommunication vertical.
Key Takeaways from Study
- OEMs and cyber security tech players are continuously collaborating with each other to develop advanced cyber security solutions to deal with highly sophisticated attacks.
- Among the application, ADAS & safety systems are expected to witness high growth, owing to wide adoption in autonomous driving vehicles across the globe.
- Among the regions, South Asia & Pacific is exhibiting a high growth rate, owing to expected rise in automobile production over the coming years
- Infotainment systems will continue being the primary contributor to the growth of the automotive cyber security market on a global scale.
- The market in the U.S. is projected to expand at a CAGR close to 7%, while that in the U.K. at nearly 8% through 2031.
- Demand for automotive cyber security solutions in India is expected to surge at a CAGR of more than 13% over the next ten years.
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Continuous Rise in Number of Automotive ECUs to Drive Market Growth
The last decade has seen a phenomenal increase in the use of electronic components in automotive systems, resulting in the replacement of manual driving vehicles with autonomous vehicles. All these changes have been made possible due to the presence of Electronic Control Units (ECUs). Several types of ECUs are placed inside a vehicle to control various functions, ensuring a smooth and safe driving experience. Some automobile models running today have around 80 different ECUs present in them, and even more than 150 in luxury cars. The application of ECUs is done in a variety of systems in a vehicle, such as ADAS, infotainment, body control, and comfort system, among others, which means massive amount of information or data is been created and processed by an ECU during each drive.
There is a huge role of ECUs in enabling safety and security in every vehicles. Hardware security modules (HSMs) anchor security functions directly in the ECU’s main processors. These are combined with security software stacks to prevent unauthorized access of in-vehicle communications and vehicle control. Increasing adoption of ECUs in vehicles would also increase demand for HSMs modules, resulting in high growth in the automotive cybersecurity market. The HSM segment is expected to dominate the market, and is estimated to account for 43% of the total market value share in 2021.
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