External Cloud Automotive Cyber Security Services Global Market Share
“The Business Research Company recently released a comprehensive report on the Global External Cloud Automotive Cyber Security Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The external cloud automotive cyber security services market size has grown rapidly in recent years. It will grow from $2.23 billion in 2023 to $2.5 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to proliferation of connected vehicles and in-car connectivity, increased complexity and sophistication of automotive cyber threats, regulatory initiatives focusing on cybersecurity in the automotive industry, growing awareness of cybersecurity risks in the automotive sector, rise in the number of cyberattacks targeting automotive systems.
The external cloud automotive cyber security services market size is expected to see rapid growth in the next few years. It will grow to $4.07 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to expansion of the electric and autonomous vehicle market, continued development of over-the-air (ota) software updates, adoption of cloud-based platforms for vehicle data storage and processing, increasing collaboration between automotive manufacturers and cybersecurity service providers, rising number of cyber threats targeting modern vehicles. Major trends in the forecast period include emergence of ai and machine learning in automotive cybersecurity, growing demand for real-time threat intelligence and monitoring, focus on end-to-end encryption for in-vehicle and cloud communication, development of blockchain-based security solutions for automotive data, integration of cybersecurity as a key component in overall vehicle design and development.
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Market Drivers and Trends:
The rising number of connected cars is expected to propel the growth of the external cloud automotive cyber security services market going forward. A connected car is a vehicle that can access the internet to connect with other vehicles through an inbuilt connectivity system. The number of connected cars and cars with smart connectivity features has been increasing recently. These cars can access the internet, but they are also vulnerable to cyber-attacks and therefore need cyber security services. For instance, according to the connected cars report by the Internet of Business, a UK-based technology news provider, the number of connected cars is expected to increase by 270% to 125 million cars in 2022. Therefore, the rising number of connected cars is driving the demand for the external cloud automotive cyber security services market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Harman International Industries, Continental AG, Denso Corporation, Aptiv PLC, Symantec Corporation, NXP Semiconductors N. V., Honeywell International Inc., Trillium Secure Inc., Escrypt GmbH, Vector Informatik GmbH, Karamba Security, Guardknox Cyber Technologies Ltd., Upstream Security Ltd., Nexor Ltd., Capgemini SE, Robert Bosch GmbH, SafeRide Technologies, Arilou Automotive Cybersecurity, Argus Cyber Security, BlackBerry, Cybellum Technologies LTD, MIRA Ltd., Majenta Solutions, BT Security, Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., International Business Machines Corporation, McAfee LLC, Microsoft Corporation, Palo Alto Networks Inc., Trend Micro Inc., Check Point Software Technologies Ltd., FireEye Inc., F-Secure Corporation, Sophos Ltd.
External Cloud Automotive Cyber Security Services Market 2024 Key Insights:
• The external cloud automotive cyber security services market size is expected to see rapid growth in the next few years. It will grow to $4.07 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%.
• Growing Connected Car Market Fuels Demand For External Cloud Automotive Cyber Security Services
• Technological Advancements In Cloud Car Platform Revolutionizes Automotive Cybersecurity
• North America was the largest region in the external cloud automotive cyber security services market in 2023
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