Automotive Cyber Security Market To Grow USD 26,492.6 Million By 2033 By CIOTechOutlook Team

Automotive Cyber Security Market To Grow USD 26,492.6 Million By 2033

CIOTechOutlook Team | Friday, 12 January 2024, 09:09 IST

The Automotive Cyber Security Market has expanded dramatically in recent years, as the automotive industry relies more on advanced technologies and communication. This market is largely concerned with defending automobiles from cyber attacks and guaranteeing the safety and security of onboard electronic systems. As automobiles become more connected via IoT (Internet of Things) technologies and autonomous driving features, the necessity for strong cyber security measures has grown.

The Automotive Cyber Security Market has experienced substantial expansion, driven by the escalating number of connected cars and the rising awareness of cyber threats in the automotive sector.

The market for automotive cyber security was valued at US$ 2,143.1 million in 2022, and by the end of 2033, it is expected to have grown to US$ 26,492.6 million, as per Persistence Market Research.

The automotive cyber security market is expected to be worth $2,661.7 million in 2023, with a CAGR of 25.8% between 2023 and 2033.The market was believed to be worth billions of dollars, and it was expected to increase much more as automakers progressively integrated modern technologies into their automobiles.

This market's growth is being driven by a number of factors, including the increasing usage of connected and autonomous vehicles, the requirement for regulatory compliance, and growing concerns about passenger safety. With each passing year, more vehicles are outfitted with internet connectivity, creating new opportunities for potential cyber-attacks. As a result, the automotive cyber security market has grown into a critical component of the whole automotive sector.