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Global Automotive Cybersecurity Growth Opportunities

·2-min read

The automotive industry is shifting towards intelligent networking systems and refined architecture for the development and deployment of advanced connected and autonomous vehicles. With an increasing number of connectivity features, the possibility of cyberattack threatens the safe operation of vehicles.

New York, Dec. 21, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Global Automotive Cybersecurity Growth Opportunities" -

With the security aspects of connected vehicles addressed at both the regulatory and industry level, automakers will focus on offering more comfort and safety features in their vehicles. The recent WP.29 mandate on cybersecurity will be critical in the type approval of new vehicles from 2022 on.This study of the global automotive cybersecurity landscape includes an in-depth analysis of key cybersecurity market and technology trends in the connected vehicles space across passenger and commercial vehicle segments. It also explores different types of cybersecurity solutions and strategies value chain partners offer for mitigating threats during a vehicle’s life cycle. Major OEMs like Volkswagen, General Motors, and Tesla are developing in-house capabilities and expanding partnerships with IT service vendors in lieu of operating and securing cybersecurity management systems (CSMS). Security companies, in contrast, partner with technology players like Microsoft and AWS to offer connected services to OEMs. Tier I suppliers will move up the value chain to become solution providers for CSMS, vehicle security operations centers (VSOCs), and other services by partnering with enterprise IT/security companies, primary to help OEMs adhere to WP.29 regulations during development and threat management. Strategic partnerships for deploying effective cybersecurity solutions will be the priority of the entire ecosystem. The analyst predicts that the total addressable market for the cybersecurity of passenger vehicles will grow at a CAGR of 18.4% between 2020 and 2026, owing largely to the WP.29 regulation and OEMs in major economies competing to gain a competitive advantage. Vehicles with embedded connectivity will account for about 80% of connected vehicle sales by 2026, and hence OEMs will prioritize securing them first. Overall, the market opportunity for automotive cybersecurity is progressive, with the regulatory landscape and innovation across the automotive value chain propelling growth scenarios and minimizing vehicle security threats.
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