According to a new report by BIS Research, the global automotive cybersecurity market is projected to grow to over $6.03 billion (£4.94 billion) by 2029. The report – which is titled “Global Automotive Cybersecurity Market ? Analysis and Forecast, 2019-2029” – currently values the global automotive cybersecurity market at $1.26 billion (£1.03 billion).
The market, which is anticipated to grow at a CAGR of 14.25% during the report’s forecast period 2019-2029 – is being driven by the rise in the number of connected vehicles on the planet’s roads. This is resulting in more and more electronic content per vehicle, and – sadly, inevitably – a rise in cyber threats, owing to an increase in data and connectivity in such vehicles.
Geographically, in 2019 APAC is expected to lead the global automotive cybersecurity market, followed by Europe. APAC is expected to maintain its lead during the forecast period. The unprecedented growth in the APAC region is primarily attributed to the growing demand for connected features and advanced safety features such as adaptive cruise control, traffic jam assist, and autopilot. These advanced connectivity and ADAS features require advance cybersecurity solutions to protect the vehicles for cyber-threats, which boosts the demand for cybersecurity for vehicles in the APAC region.
A second new report from Verified Market Intelligence, valued the global Automotive Cyber Security Market at $1.05 billion (£860 million) in 2017 and anticipates that the market will achieve a value of $5.48 billion (£4.49 billion) by 2025, growing at a CAGR of 23.0% from 2018 to 2025.
For more information on the BIS Research Report, click on the link.
Find out more about the Verified Market Intelligence analysis via the link. More information from both companies may require a subscription.