Grand View Research is a renowned market research and consulting company which conducts survey, publishes reports on various market based industries. Its new study predicts that global automotive cyber security market size is expected to reach USD 5.56 billion by 2025 expanding at a CAGR of 21.4% during the forecast period.
The study also shows that automobile industry market in Europe is expected to account for 77.1% by 2025 due to increase in production of Electric Vehicles (EVs), development of cyber security strategies, eco-friendly initiatives, along with the growing scope of data exchange. Wireless network security segment is expected to account for the largest share of the global automotive cyber security market by 2025.
At present, cybersecurity which plays a major role in ensuring national security and public safety is facing many major challenges. Cyber attacks are increasing at faster rate from the past decade and if this continues it may also lead to greater national security threats. The emphasis on reducing the cyber threats and its management related to the automotive industry will also drive the cybersecurity market in future as there is an increase risk of cyber threats.
This report also indicates that North America is one of the largest regional markets due to increasing demand for autonomous vehicles and quick adoption of new technologies like smart antenna and connected car systems and automotive industries.