Safety Systems
Automotive cybersecurity market to witness a staggering CAGR of 23.5% over 2018-2024, collaborations and JVs to characterize the strategic landscape
In an era where connected cars are deemed to mark the future of mobility, automotive cybersecurity market is indeed set to occupy a pivotal stance in smart and sustainable tech space. The cyber threats or security breaches in connected cars enable external access to the vehicle’s network and not just compromise the driver’s data privacy but can also pose serious threats to the driver’s physical safety and car’s operation. With data security breaches becoming intensely sophisticated, automotive cybersecurity industry has turned out to be an inevitable investment spot that would aid automotive sector’s continued roadmap toward connectivity without risk.
Spain Automotive Cybersecurity Market Size, By Security, 2017 & 2024 (USD Thousand)
The dynamics of automotive cyber security involves two major rationales; the product’s design, developments, maintenance, and operations and the operating environment comprising the regulatory and strategic framework. The multiple aspects associated with the two parameters are sort of prerequisites for the automotive cybersecurity market players to enhance and expand their stance in this landscape.
Speaking of competitive trends, strategic collaborations and partnerships have emerged as two of the top-notch measures adopted by the automotive cybersecurity market giants. One of the recent trends in this regard has been the JVs established between the automotive companies and technology conglomerates, in a bid to understand and resolve the security complexities in modern or connected vehicles.
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One of the recent instances that validates the growing stance of collaborations & JVs as prominent growth tactics has been the partnership between SafeRide, one of the formidable automotive cybersecurity market players and Netherland based digital platform security giant, Irdeto. Under the terms of the recently inked partnership, SafeRide in collaboration with Irdeto is claimed to provide the OEMs and tier -1 automotive suppliers with a holistic cybersecurity solution for autonomous and connected vehicles. Allegedly, SafeRide’s flagship vSentry solution would be integrated with Irdeto’s famous Connected Transport solution, Cloakware, to offer a multi-layered approach in protecting the platforms against tampering, automated attacks, and reverse engineering.
The aforementioned instances only bear a fraction of the developments underlining automotive cybersecurity market, which as per Global Market Insights, Inc., would surpass a valuation of USD 837 million by 2024. The growing deployment of in-vehicle connectivity such as infotainment services, navigation, mobile phone connectivity, voice recognition, and communication in modern vehicles has further allowed the automotive cyber security market to make profound inroads in consumer vehicle segment. As per estimates, this particular application segment procured almost 90% of the global share in 2017.
Not to mention, the collaborative approach of the governmental agencies and with software players to provide telematics cybersecurity solutions is another prominent factor characterizing the automotive cybersecurity industry outlook.
In May 2018, The Department of Homeland Security Science and Technology Directorate partnered with the Volpo National Transportation Systems, a subsidiary of DOT, with an aim to build an efficient operational network and cybersecurity implementation for telematics systems in Federal vehicles. In yet another instance, Red Balloon Security, the globally acclaimed embedded security technology leader and Auto-ISAC had recently announced the commencement of a new partnership. The two entities through this tie-up intend to provide advanced security tools and training programs to spread cybersecurity awareness in the automotive sector. Red Balloon Security’s advanced specialized tools and trainings are expected to help professionals deal with potential cyber threats in vehicle embedded device systems in a much comprehensive way.
Powered by the dynamism in the growth portfolio, investors are highly optimistic toward the revolutionizing automotive cyber security market outlook and are betting big to exploit the potential opportunities it is likely to offer. The renowned Japanese automotive component manufacturer Denso’s USD 2 million investment in Dellfer, the renowned cybersecurity and IOT giant this year marks the onset of this approach by the automotive sector. The deal also implicates the rising focus of the auto giants toward protecting the connected vehicles from potential and rather sophisticated cyber threats. It is overt that with the increasing commercialization of autonomous and connected vehicles, the deployment of cybersecurity technologies is deemed to be humongous. In terms of profitability, the global automotive cybersecurity market is slated to record a double-digit growth rate over 2018-2024.
Author Name : Satarupa De
Automotive electronics market valuation to cross USD 400 billion by 2024, rising adoption of electric vehicles to augment the industry growth
Automotive electronics market, in recent times, is on the verge of emerging as a niche vertical, pertaining to the high demand for infotainment and security systems in vehicles. Many of the automotive giants of today are installing advanced and high-performance infotainment systems to enhance efficacy of vehicles. For instance, recently, Renesas Electronics signed a deal with the renowned automaker, Toyota Motor Corporation to implement its automotive technology in Toyota’s upcoming self-driving vehicles. This technology consists of the high-performance R-Car system-of-chip (SoC), used as the brain for advanced driver assistance systems and in-vehicle infotainment system of vehicles.
China automotive electronics market size, by application, 2017 & 2024 (USD Million)
The deployment of such systems to maintain passenger and vehicle safety is thus slated to impel automotive electronics industry share. Over the coming years, the use of real-time operating systems and the development of next-generation visualization tools for automotive in-vehicle systems is likely to increase at an exponential rate. The surging awareness among people about the benefits of autonomous vehicles will thus help augment the utilization of electronic content in automobiles, thereby fueling automotive electronics market share.
The recent advancements in digital technologies such as IoT and AR are expected to substantially enhance the performance of vehicles. In this regard, some of the tech giants are looking forward to implementing image sensors to improve functional safety features. Recently, the European Parliament announced that it may be planning to mandate the use of safety equipment for all newly manufactured cars. The safety equipment includes intelligent speed assistance, autonomous emergency braking (AEB), and seatbelt reminders. Currently, the autonomous emergency braking system is becoming more common among new cars pertaining to the growing awareness about the importance of road safety. Moreover, the deployment of norms by the European Union related to the fuel economy and emission control has encouraged automakers to use more electronic content, which will significantly stimulate Europe automotive electronics industry trends.
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Of late, regional governments have been observed to be deploying stringent rules and regulation to curb environmental pollution, mainly caused due to the release of carbon content into environment. In 2012, the American National Standards Institute (ANSI) had released a standard roadmap to deploy electric vehicles and to implement changing infrastructure across the United States. In order to comply with regulatory norms, many automotive giants and start-up companies have shifted their focus toward the development of electric vehicles. In this regard, to fulfill the increasing requirement of electronic content, most the players in automotive electronics market have been making heavy investments on the advancement of supply components. For instance, Panasonic has developed a new software in cooperation with Azapa to speed up the development cycle of products. Speaking of which, some of the well-known behemoth in automotive electronics industry are Denso, Avago Technologies, Wipro, Delphi, Continental, Bosch Group, Panasonic, and Hitachi Automotive Systems.
The rising automation and digitalization in automobiles have had a considerably positively impact on automotive electronics market trends. Tech giants have been adopting tried-and-tested strategies of joint ventures and M&As to set renewed frontiers for profitability. In fact, recently, Intel and Mobileye have signed a collaboration to develop self-driving cars. Even Panasonic is reported to have partnered with Tesla to manufacture batteries for vehicles. Strategic alliances such as the aforementioned, in conjunction with the growing electrification in automotive sector are likely to boost automotive electronics market. According to Global Market Insights, Inc., automotive electronics industry will generate a mammoth revenue of more than USD 400 billion by the end of 2024.
Author Name : Saipriya Iyer
Global Market Insights Inc. 