Cybersecurity For Cars Market Size (2024 - 2029)

Cybersecurity For Cars Market Analysis

The Cybersecurity For Cars Market size is estimated at USD 3.06 billion in 2024, and is expected to reach USD 6.60 billion by 2029, growing at a CAGR of 16.66% during the forecast period (2024-2029).

The advent of connected cars and increasing demand for a relevant solution in passenger vecles is driving the need for cybersecurity, as more and more attacks are being carried out on connected cars. According to Upstream Auto, a cybersecurity solutions provider for the automotive industry, the auto industry might face a loss of USD 24 billion over the next five years due to cyberattacks.

• Automotive cybersecurity involves complex systems that continuously analyze and monitor vehicle data for any signs of unauthorized access or malicious activity. These advanced systems employ technologies like intrusion detection and prevention systems (IDPS), anomaly detection algorithms, secure communication protocols, and over-the-air updates. The emergence of machine learning algorithms has extended new possibilities for detecting unknown or zero-day attacks in real time by analyzing patterns in vast amounts of data generated by vehicles.
• The dynamic nature of the connected vehicle features is significantly influencing the demand for cybersecurity. With every new connected entity or late service for connected cars, a new attack vector is also created from which the vehicle's security can be compromised.
• Major automotive players worldwide have opted for state-of-the-art cyber-security technologies such as blockchain, 5G, and artificial intelligence for security risks like malfunctions or cyber-attacks. However, with the technology growing, automotive cyber-security is also witnessing newer trends like Quantum Cryptography (QC) – borne out of the application of Vehicle Anti-theft Systems and quantum physics, Cryptographic Hash Functions (CHF) – providing improved security in private and public blockchains.
• One major challenge is the complexity of modern vehicles. Today's cars have various electronic control units (ECUs), each responsible for multiple functions such as safety features, engine control, and infotainment systems. These ECUs communicate with each other and external devices through different networks, making securing every entry point from potential attacks challenging.

Cybersecurity For Cars Industry Segmentation

With the increasing significance of connected cars, vehicle hacking is also expected to rise. Vehicle hacking is when someone attempts to gain unauthorized access to vehicle systems to retrieve driver data or manipulate vehicle functionality. Cybersecurity for cars could be implemented in terms of software, hardware, service, and integration and could provide network security, application security, and cloud security.

The cyber security market for cars is segmented by type of solution (software-based, hardware-based, professional services, integration, and other types of solution), type of security (network security, application security, cloud security, and other types of security), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.