Market Size of NA 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Cyber Security of Cars Market Analysis
The North America Market for Cyber Security of Cars is expected to register a CAGR of 9.5% during the forecast period. With the outbreak of COVID-19, automotive is one of the most negatively affected end-users, which will negatively impact the demand for the cybersecurity market for cars. After initial supply and manufacturing disruptions, the automotive industry is experiencing a demand shock with an uncertain recovery timeline due to shelter-in-place regulations. With limited room to cut fixed costs, some OEMs have low liquidity to power through a long period of missing revenues, which could affect the market.
- The dynamic nature of the features in the connected vehicles is significantly influencing the demand for cybersecurity, as with the development of every new connected entity or new service for connected cars, a new attack vector is also created from which the security of the vehicle can be compromised.
- The advent of connected cars and increasing demand for a connected solution in passenger vehicles are driving the demand for cybersecurity, as more and more attacks are being carried on connected vehicles. Also, Jeep Cherokee researchers were able to stop the engine of a vehicle remotely while it drove down a busy highway; this one instance of hack led to Fiat Chrysler recalling 1.4 million vehicles of seven different models, which was about 50% of the cars they sold in the United States during that year.
- Further, the National Highway Transportation Safety Administration (NHTSA) is one of the regulatory bodies operating in the region overseeing the standards in safety and security of connected cars and released the 5G FAST Plan. This plan includes three key components such as pushing more spectrum into the marketplace, updating infrastructure policy, modernizing outdated regulations, High-speed communications support Vehicle-to-Vehicle (V2V), and Vehicle-to-Everything (V2X) environment data exchange. Such data exchange allows autonomous vehicles to receive and contribute data beyond their onboard sensors' physical range.
- On the other hand, machine learning provides advantages in outlier detection, much to the benefit of cybersecurity of cars. Machines can handle billions of security events in a single day, clarifying a system's activity and flagging anything unusual for human review.
North America Cyber Security of Cars Industry Segmentation
The scope of the study characterizes the North American 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 States | |
| Canada |
NA Market for Cyber Security of Cars Size Summary
The North America market for cybersecurity in cars is poised for significant growth, driven by the increasing integration of connected features in vehicles. The demand for robust cybersecurity solutions is being propelled by the rising number of cyber threats targeting connected cars, which have become more vulnerable with the advent of new technologies and services. The automotive industry, particularly in the United States, is witnessing a shift towards connected vehicles, with a substantial portion of cars expected to be internet-enabled in the coming years. This transition is further supported by regulatory bodies like the National Highway Transportation Safety Administration, which is actively updating standards to enhance the security of connected vehicles. The market is characterized by a competitive landscape, with companies investing heavily in research and development, strategic partnerships, and innovative solutions to address the evolving cybersecurity challenges.
Despite the initial setbacks caused by the COVID-19 pandemic, which impacted the automotive sector and, consequently, the demand for cybersecurity solutions, the market is expected to recover and expand. The pandemic highlighted the critical need for enhanced security measures as cyberattacks on connected vehicles became more prevalent. Companies are leveraging advanced technologies such as machine learning to improve threat detection and response capabilities. Additionally, partnerships and collaborations among key players in the industry are fostering the development of comprehensive security solutions. The market's growth is also supported by the increasing adoption of connected car technologies and the need for compliance with industry standards. As the automotive landscape continues to evolve, the demand for effective cybersecurity solutions is anticipated to rise, offering significant opportunities for market participants.
NA 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 States
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2.3.2 Canada
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NA Market for Cyber Security of Cars Market Size FAQs
What is the current North America Cyber Security of Cars Market size?
The North America 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 North America Cyber Security of Cars Market?
IBM corporation, Cisco Systems Inc, Visteon Corporation, Honeywell International Inc. and Continental AG are the major companies operating in the North America Cyber Security of Cars Market.
