Market Size of Europe Industry for Cyber Security of Cars
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Cyber Security of Cars Market Analysis
The Europe Market for Cyber Security of Cars is expected to register a CAGR of 9.5% during the forecast period. The adoption of cybersecurity solutions is expected to increase with the increasing penetration of the internet throughout Europe's major countries. Also, the expanding wireless network catering to mobile devices has enhanced data vulnerability.
- The implementation of EU legislation and actions stemming from the National Framework and the National Cybersecurity Plan is expected to facilitate the market's growth in the region. As part of its Digital Agenda, the Italian government plans to make considerable investments in digital identity protection to increase digital transactions and security levels. Initiatives like this are expected to boost the market growth.
- Germany is pushing itself as a technologically independent country like the United States and China in terms of cybersecurity. In August 2020, the country announced a federal agency dedicated to handling cyberattacks and strengthening the country's digital security. The agency is also slated to receive total funding of USD 412 million by 2023 to continue innovation and solutions to cyber-attacks.
- The increasing consumer propensity toward connected cars, due to the advent of IoT and the proliferation of communication technologies in vehicles, is augmenting the need for cybersecurity in cars. According to Capgemini, by 2023, about a quarter of all the passenger cars in use worldwide will likely be connected, with Europe holding the major share and showing the fastest growing numbers.
- Apart from this, the increasing demand for the ADAS system is expected to influence the demand for cybersecurity in cars; with ADAS systems, a prominent share of core functions along with other features are expected to run on network connections, which can be controlled from remote devices.
Europe Cyber Security of Cars Industry Segmentation
The scope of the study characterizes the European market for cybersecurity of cars, based on the type of solution, which includes software-based, hardware-based, professional service, Integration, and security that includes network security, application security, cloud security.
The study also includes the assessment of the impact of COVID-19 on the market.
| By Solution Type | |
| Software-based | |
| Hardware-based | |
| Professional Service | |
| Integration | |
| Other Types of Solution |
| By Equipment Type | |
| Network Security | |
| Application Security | |
| Cloud Security | |
| Other Types of Security |
| By Country | |
| United Kingdom | |
| Germany | |
| France | |
| Italy | |
| Rest of Europe |
Europe Market for Cyber Security of Cars Size Summary
The Europe Market for Cyber Security of Cars is poised for significant growth, driven by the increasing integration of internet connectivity and IoT technologies in vehicles. As the penetration of wireless networks and mobile devices expands, so does the vulnerability of data, necessitating robust cybersecurity solutions. The implementation of EU legislation and national cybersecurity plans is expected to further propel market growth. Countries like Italy and Germany are making substantial investments in digital security and independence, respectively, which are anticipated to enhance the cybersecurity landscape for cars. The rising consumer interest in connected cars and advanced driver-assistance systems (ADAS) is also contributing to the demand for cybersecurity measures, as these systems rely heavily on network connections that require secure management.
Cloud computing's transformation of data management and storage has introduced new security challenges, prompting a surge in demand for cloud security solutions across Europe. Managed security providers are expected to see increased demand as organizations seek unified security strategies for their multi-cloud environments. National initiatives, such as Italy's Three-Year Plan for Information Technology in Public Administration, aim to standardize security measures for public cloud services, further supporting market expansion. The UK's National Cyber Security Strategy and various industry collaborations, such as those involving O2 UK and Trustonic, are fostering innovation and investment in cybersecurity solutions for connected vehicles. The market remains competitive, with companies like IBM, Cisco, and HARMAN adopting strategies such as product launches and partnerships to maintain their market positions.
Europe Market for Cyber Security of Cars Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Impact of COVID-19 on the Industry Ecosystem
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2. MARKET SEGMENTATION
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2.1 By Solution Type
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2.1.1 Software-based
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2.1.2 Hardware-based
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2.1.3 Professional Service
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2.1.4 Integration
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2.1.5 Other Types of Solution
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2.2 By Equipment Type
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2.2.1 Network Security
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2.2.2 Application Security
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2.2.3 Cloud Security
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2.2.4 Other Types of Security
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2.3 By Country
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2.3.1 United Kingdom
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2.3.2 Germany
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2.3.3 France
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2.3.4 Italy
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2.3.5 Rest of Europe
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Europe Market for Cyber Security of Cars Market Size FAQs
What is the current Europe Cyber Security of Cars Market size?
The Europe Cyber Security of Cars Market is projected to register a CAGR of 9.5% during the forecast period (2024-2029)
Who are the key players in Europe Cyber Security of Cars Market?
IBM Corporation, Escrypt GmbH, Cisco Systems Inc, Visteon Corporation and Continental AG are the major companies operating in the Europe Cyber Security of Cars Market.
