Market Snapshot The global Cybersecurity For Cars Market is estimated at USD 32 Bn while recording a CAGR of 16% during the forecast period. Growing initiatives by the government to implement connected car technology are expected to be the key factor in developing the market in the forecast period. Besides, the increasing need for automotive cybersecurity and cybersecurity standards becoming mandatory are anticipated to be other salient factors driving the market in the assessment period. Connected cars are experiencing a huge innovation in terms of safety assistance technology and infotainment systems, thereby growing the probability of attacks in several parts of the automobile. This is likely to provide significant opportunities for market expansion. On the contrary, high initial investment expenses and big data applications multiply the complexity that can hinder the market growth in the forecast period. In addition, the extended adoption rate in developing markets due to low consumer acceptance is another factor that may impede the market growth. To lessen the growing cyberattacks, various ICT companies are working with car manufacturers to adopt higher safety measures, benefitting the cybersecurity market growth. For instance, Tesla Model X was hacked twice by Chinese hackers who succeeded in remotely turning on the brakes and closing and opening the doors. Such incidents are likely to propel the market in the forecast period.
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Based on security, network security is anticipated to garner the maximum market share during the forecast period. The analysis reveals that the segment is projected to garner about 36% of the global market share. Various connected vehicles are expected to be on the roads in the coming time, which is projected to augment the segment. On the other hand, cloud security is the fastest-growing segment, garnering 24% of the market share in the forecast period. Based on type, the passenger vehicle segment is projected to dominate the automotive cybersecurity market. The segment acquired about 90% of the market share in 2017. The growing mobile phone connectivity, navigation, and communication with other vehicular infrastructures are expected to swell the segmental growth during the forecast period. Based on the application, the communication application segment is projected to garner maximum market share during the forecast period. The segment is anticipated to secure 36% of the global market share. Expansion of the rising deployment of technologies in modern vehicles is projected to be the key factor propelling the industry. On the other hand, the Onboard Diagnostics (OBD) segment is estimated to swipe 31.7% of the market share.
Get a Full Report Summary with 250 Pages, Research Scope and TOC. Click here: https://www.researchinformatic.com/reports/cybersecurity-for-cars-market-212 Regional Analysis As per the analysis, North America is projected to dominate the global market during the forecast period. The region is anticipated to secure 51% of the market share during the forecast period. Expansion of the market can be attributed to the growing demand for automobiles owing to the