Automotive Cybersecurity Market is estimated To Touch $6.0 Billion By 2028 By CIOTechOutlook Team

Automotive Cybersecurity Market is estimated To Touch $6.0 Billion By 2028

CIOTechOutlook Team | Friday, 23 June 2023, 12:07 IST

As per the MarketsandMarkets, the size of the automotive cybersecurity market is anticipated to increase from USD 2.5 billion in 2023 to USD 6.0 billion by 2028, at a CAGR of 18.5%.

The rising use of electronics in cars, the rise of connected cars, the tightening of regulatory requirements for vehicle data protection, the rapidly expanding global automotive V2X market, and the increasing sales of electric vehicles all contribute to the demand for automotive cybersecurity solutions.

In the not-too-distant future, the passenger vehicle category is expected to rule the global automotive cybersecurity market. This is due to a combination of rising premium vehicle sales and rising demand for connected vehicle technology.

Additionally, the growing interest in V2X technology as a result of growing worries about pollution, traffic, and safety is predicted to support revenue growth for the passenger vehicles sector of the global automotive cybersecurity market. For instance, V2X technology is available in passenger cars like the Audi A4 and Cadillac CTS.Additionally, the increasing number of ADAS-equipped passenger cars on the road today is a significant contributor in the global demand for automotive cybersecurity solutions.

During the projected period, Europe and Asia Pacific are expected to have the segment's biggest growth prospects. Endpoint security solutions are projected to become more popular as worries about safety and security in Europe and the Asia-Pacific region grow. Around 100 million lines of code are used in each brand-new car that is introduced to the market worldwide, and automobile OEMs often use sophisticated software to distribute their products.

To ensure the safety and security of a vehicle's whole code base, automotive OEMs are using endpoint security solutions.