Published Tue, Jun 19th 2018
Emergence and Innovation of Connected Cars Continue to Foster Growing Demand for Cyber Security
Rapidly increasing adoption of connected car technology by automakers across the world is recognized to be a key factor driving the US$ 460 Mn automotive cyber security market over the next few years. Persistence Market Research examines the global market for automotive cyber security in detail and estimates robust growth prospects for the market over the next eight years. As per the research findings published in a recent report, titled “Automotive Cyber Security Market: Global Industry Analysis (2013–2017) and Forecast (2018–2026),” the 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.
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.
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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 Persistence 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.
IBM Remains the Global Leader in Automotive Cyber Security: SecureWorks Corp., IBM Corporation, Intel Corporation, Verizon Communications, Inc., Symantec Corporation, Check Point Software Technologies Ltd., Microsoft Corporation, Sophos Ltd., Trend Micro Incorporated, and Lockheed Martin Corp. are some of the key companies leading the global marketplace for automotive cyber security. A majority of the companies have business expansion and collaborations on their agenda, whereas many of them are considering launching of innovative security solutions as a key to gain edge over competitors. IBM is currently the global leader in terms of value share, followed by Intel Corporation and Symantec Corporation.
The global market for automotive cyber security has been categorized into various segments on the basis of technology, component, and region.
By technology: Managed Security Services, Endpoint Security Services, Integration Services, Consulting Services, Unified Threat Management, Others. Managed security services will continue to represent the dominant segment, followed by consulting services. Integration services and end-point security services are identified to be the next key segments by technology.
By component: Software, Hardware, Access Management, End-point Security,Security & Vulnerability Management, Services. Services are expected to stay the largest segment, whereas software segment is likely to gain higher traction – owing to surging demand for end-point security over the recent past.
By region: North America, Latin America, Europe, SEA & Other APAC, China,Japan, Middle East & Africa. North America, being the largest regional market, will continue to occupy the maximum market value share by 2026 end. Europe, and South East Asia and APAC are foreseen to maintain considerable shares in terms of value throughout the assessment period.
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