Automotive Cyber Security Market Size, Share, Growth Analysis, By Offering(Software, Hardware), By Application Type(ADAS & Safety, Body Control & Comfort, Infotainment, Telematics), By Form Type(In-Vehicle, External Cloud Services), By Security Type(Application, Wireless Network, Endpoint), By Approach(Intrusion Detection System, Security Operations Centre), By Vehicle Type(Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicles), By Propulsion Type(ICE Vehicles, Electric Vehicles), By Vehicle Autonomy(Non-Autonomous Vehicles, Semi-Autonomous Vehicles, Autonomous Vehicles), By EV Application(ADAS & Safety, Body Control & Comfort, Infotainment, Telematics), By Region - Industry Forecast 2024-2031

Automotive Cyber Security Market Drivers

Supportive Government Initiatives to Tackle Cyber Crimes will be Fruitful for Industry Growth

• The government created new rules and put them into effect as a direct response to these cyberthreats. As an illustration, the Department for Digital, Culture, Media and Sport (DCMS) in the United Kingdom released an annual report titled the "cybersecurity breaches survey" that contains verified data on the most common data breaches. The European Confederation of Directors Associations and the Internet Security Alliance (ISA) have worked together to create a handbook on cyber-risk management for European company boards of directors.

• Due to considerable device cost reductions and evolving business models, the IoT market penetration rates and the total number of linked devices, including connected consumer electronics, machines, metres, wearables, and cars, have expanded. Despite the prevalence of attacks on consumer IoT, the acceptance of cybersecurity in the business world is growing due to the possibility of disruption in the manufacturing and associated industries. The launch of 5G is also projected to speed up the uptake of connected devices in sectors already moving towards industrial revolution 4.0. Industrial Revolution 4.0 may now fully embrace cellular connectivity thanks to the Internet of Things (IoT). Connectivity between machines has also significantly contributed to the market's growth.

Automotive Cyber Security Market Restraints

Heavy Dependence on Traditional Authentication might pose as a Threat

• In order to identify and respond to cyberattacks, organisations must be well-prepared and have a variety of resources. The organisation may frequently need to completely halt operations for days to recover from a breach or attack. If there is inadequate planning and infrastructure, it may take a very long time to recover following a catastrophe. A lack of preparation and a disproportionate reliance on traditional identification methods plague the majority of enterprises in the Middle East, Asia-Pacific, and Latin America.