Scienza e Tecnologia
Automotive Cyber Security Market is anticipated to exhibit a CAGR of close to 8% over the next ten years
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The last decade has seen a phenomenal increase in the use of electronic components in automotive systems, resulting in the replacement of manual driving vehicles with autonomous vehicles. All these changes have been made possible due to the presence of Electronic Control Units (ECUs). Several types of ECUs are placed inside a vehicle to control various functions, ensuring a smooth and safe driving experience. Some automobile models running today have around 80 different ECUs present in them, and even more than 150 in luxury cars. The application of ECUs is done in a variety of systems in a vehicle, such as ADAS, infotainment, body control, and comfort system, among others, which means massive amount of information or data is been created and processed by an ECU during each drive.
There is a huge role of ECUs in enabling safety and security in every vehicles. Hardware security modules (HSMs) anchor security functions directly in the ECU's main processors. These are combined with security software stacks to prevent unauthorized access of in-vehicle communications and vehicle control. Increasing adoption of ECUs in vehicles would also increase demand for HSMs modules, resulting in high growth in the automotive cybersecurity market. The HSM segment is expected to dominate the market, and is estimated to account for 43% of the total market value share in 2021.
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The COVID-19 pandemic has had a swift and severe impact on the global integrated automotive industry. Widespread impact of the pandemic has revealed a significant vulnerability in corporate supply chains. Factory closures, supply chain disruptions, and diminishing demand have all taken their toll. The impact caused global disruption in the exports of Chinese parts, large-scale manufacturing interruptions across Europe , and closure of assembly plants in the U.S
The automotive industry makes a significant contribution to the global economy. The industry's annual turnover is equivalent to the world's sixth-largest economy. However, amid the COVID-19 pandemic, the automotive industry faced a sharp drop in demand and investments. It is estimated that, manufacturing factory closures in Europe and North America caused around 2.2 million passenger vehicles to be removed from production schedules, at a cost of around US$ 70 billion in lost revenue for automotive and parts manufacturing companies. Moreover, as per estimates, the top 20 OEMs in the global auto sector will see profits decline by approximately US$ 100 billion in 2020.
During the outbreak, production as well as development of automotive cyber security products and solutions declined by nearly 6%-8% in Q1-Q2 2020, due to plunging production across Chinese factories, as they are one of the world's major hardware security product manufacturers and suppliers. However, according to estimates, production has become quite stable from the last two quarters of 2020, and demand has started to gain traction again.
Persistence Market Research puts forward an unbiased analysis of the global market for automotive cyber security market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031. To understand the opportunities in the market, it has been segmented on the basis of hardware (hardware security modules (HSMs), secure vehicle network gateways, trusted platform modules (TPMs), and others), software (embedded firewalls, encryption & cryptography , biometrics & authentication, and others), services (professional services [security consulting & risk assessment, integration & deployment, and support & maintenance], and managed security services); application (telematics, infotainment systems, powertrain systems, ADAS & safety systems, body control systems, and others), and vehicle (fuel-based vehicles [passenger cars and commercial vehicles] and electric vehicles [passenger cars and commercial vehicles]), across major regions of the world ( North America , Latin America , Europe , East Asia , South Asia & Pacific, and MEA).
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IT and Telecommunication
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