Automotive cybersecurity solutions market will hit $445bn by 2031
A report from Guidehouse Insights explores the global market for automotive cybersecurity solutions.
Automotive cybersecurity is the protection of connected vehicle systems, including software and communication networks, from tampering of any kind. Underlying the need for automotive cybersecurity is the increasingly complex technology of modern vehicles. According to a new report from Guidehouse Insights, paralleling increasing sales of connected vehicles, the market for automotive cybersecurity solutions is expected to grow steadily over the next 10 years, with revenue reaching more than $445.4 billion by 2031.
“The outlook for the automotive cybersecurity market over the next 10 years is strong. With vehicles becoming more reliant on electronic-based features and greater connectivity, the need for protection is high and growing,” writes report author Karen Marcus, research analyst with Guidehouse Insights. “Interconnected systems involve small computers, or electronic control units for specific functions, multiple communication protocols, internal and third-party software, automation features, and cloud connectivity. Each of these components alone and working together creates potential attack vectors that must be protected.”
Automotive manufacturers and their suppliers are increasingly driven by new regulations that require them to integrate cybersecurity solutions as a condition of approval for new designs; often, they are working to update their processes and systems before regulations go into effect. Other market drivers include increasing automobile complexity, new vehicle types, and shared vehicle services. Barriers to growth include resistance from research and development teams, high rates of employee resignation, and a chip shortage, all of which impact the industry’s ability to provide service as quickly or thoroughly as its leaders would like, according to the report.
The report, Automotive Cybersecurity Market Overview, analyzes the global market for automotive cybersecurity solutions, examines the key technologies in vehicles that require protection, and looks at the competitive landscape. It provides market outlooks for annual vehicle sales and revenue across six world regions—North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa—during the ten-year analysis period 2022 to 2031.