Europe Automotive Cybersecurity Market Share, Trends, Revenue, Growth Drivers, Challenges, Key Players and Future Investment Strategies Till 2033


Europe Automotive Cybersecurity Market Share, Trends, Revenue, Growth Drivers, Challenges, Key Players and Future Investment Strategies Till 2033: SPER Market Research

 Published: Feb-2024
 Author: SPER Analyst

Europe Automotive Cybersecurity Market is projected to be worth USD 8558.85 million by 2033 and is anticipated to surge at a CAGR of 24.37%.

Automotive cybersecurity is the term used to describe the market for products, services, and technology that protect cars, automotive systems, and connected car platforms against hostile action, unauthorized access, data breaches, and cyberattacks. It means setting up security measures to safeguard data communications, in-car networks, and automotive electronic systems' availability, integrity, and confidentiality.

Europe Automotive Cybersecurity Market Driving Factors and Challenges

Drivers: Vehicle cybersecurity has grown more and more necessary to support market expansion.
In recent years, the automotive sector has seen an increase in demand for enhanced vehicle cybersecurity due to recurrent cyber security vulnerabilities that jeopardize safety and advanced driver assistance systems (ADAS) in automobiles. In addition to having access to the private data of car occupants, such as current location, past GPS locations, and smartphone contacts, hackers are able to control any autonomous and self-operating function that has the potential to directly cause a crash. Automotive vehicles should have comprehensive, all-encompassing cybersecurity that safeguards the infrastructure that the connected cars are completely dependent upon as well as the front and back ends of the vehicle's systems.

Challenges: The European Automotive Cybersecurity Market faces several challenges. First of all, as cars become increasingly technologically connected and networked, the potential of cyberattacks is increasing. Hackers may try to get into an automobile's systems with the goal of causing harm, such stealing personal data or taking over the vehicle. This is a big problem for automakers, who have to make sure their cars are protected from these threats. The complexity of automotive systems is an additional challenge. Modern cars are jam-packed with electronic components and software that need to work perfectly together. However, it also implies that there are more potential points of entry for hackers to exploit.

Impact of COVID-19 on Europe Automotive Cybersecurity Market
The COVID-19 outbreak has had a variety of effects on the Europe Automotive Cybersecurity Market. On the one hand, the pandemic has accelerated the automotive industry's use of digital technologies since distant labour and digital communication have become more commonplace. The increasing digitization of cars has increased the attack surface for cyber threats because more connected cars are susceptible to security breaches. Because of this, consumers and automakers alike are realizing how important cybersecurity is to cars. However, the pandemic has also caused challenges for the auto sector as a whole, impacting cybersecurity investments because of disruptions in the supply chain, delays in manufacturing, and unstable economic conditions.

Europe Automotive Cybersecurity Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Argus Cybersecurity, Arilou Technologies, Cisco Systems Inc, Continental AG, Delphi Automotive PLC, Escrypt GmbH, Infineon Technologies AG, NXP Semiconductors NV, Secunet AG, Visteon Corporation, Others.

Europe Automotive Cybersecurity Market Segmentation:

By Application: Based on the Application, Europe Automotive Cybersecurity Market is segmented as; Communication, Advanced Driver Assistance System (ADAS) and Safety System, On-Board Diagnostic (OBD), Infotainment, Telematics, EV Charging Station.

By Vehicle Type: Based on the Vehicle Type, Europe Automotive Cybersecurity Market is segmented as; Passenger Vehicle, Commercial Vehicle.

By Security Type: Based on the Application, Europe Automotive Cybersecurity Market is segmented as; Network Security, Software Security, Cloud Security, Hardware Security.

By Form: Based on the Form, Europe Automotive Cybersecurity Market is segmented as; Vehicle, External Cloud Services.

By Region: This research also includes data for Germany, United Kingdom, France, Spain, Rest of Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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