Automotive Cyber Security Market to be Worth $14.22 Billion by 2030: Grand View Research, Inc.
EIN News
SAN FRANCISCO, March 7, 2023 /PRNewswire/ — The global automotive cyber security market size is anticipated to reach USD 14.22 billion by 2030, registering CAGR of 20.93% during 2022 to 2030, according to a new study by Grand View Research Inc. As technology develops and the number of software components in an automobile rises, hackers continue to discover backdoors to remotely access vehicles.

Key Industry Insights & Findings from the report: In 2022, the application security segment led the market, accounting for a revenue share 34.6%. In recent years, it has become common for the car OEMs to offer mobile applications which allow smooth owner and user interface. These programs offer a wide range of functions, including the ability to start the car wirelessly, monitor the fuel level, and perform advanced inspections. Based on security insights, the market is segmented into endpoint, application, and wireless network security. Wireless network security dominated the market with a share of 42.5% in 2022. The Wi-Fi-based wireless system enables automotive experts to simultaneously monitor hundreds of data channels during the test runs to track vehicle operational factors and alter the test as it is being performed. Energy and information technology advancements are changing how EVs produce, manage, store, and utilize energy. This has raised the chances that cyberattacks lead to negative effects. Electric and modern vehicles are more automated and linked which has increased the risk of cyber security threats. Since the coronavirus outbreak, key players operating in the market have been focused on introducing products that can improve service quality. In January 2023, ETAS is expected to offer comprehensive automotive cyber security solutions together with vehicle middleware, basic software, development tools, end-to-end engineering, cloud-based operational services, and consulting services.
Link: https://science.einnews.com/pr_news/620653645/automotive-cyber-security-market-to-be-worth-14-22-billion-by-2030-grand-view-research-inc