Automotive cybersecurity market projected to surge by 2034

In Wilmington, Delaware, on October 14, 2024, Transparency Market Research reported significant growth in the global automotive cybersecurity market. The market, valued at approximately USD 4.6 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 17.2%, reaching USD 25.5 billion by 2034. This growth is driven by the increasing connectivity of vehicles and the rising demand for robust cyber protection systems to safeguard against unauthorized access and data breaches. Key players in the industry are focusing on enhancing threat detection systems and integrating advanced technologies such as artificial intelligence and machine learning into their cybersecurity strategies. The report highlights the importance of continuous monitoring and vulnerability assessments to identify and mitigate emerging threats effectively. Additionally, the rise in car production in major manufacturing hubs like China, India, and Japan is contributing to the market's expansion, as these regions are increasingly adopting connected services despite the associated cyber risks. The collaboration between companies, such as BlackBerry Limited and Upstream Security, aims to improve vehicle security through advanced telemetry data and cloud-native technologies. As the automotive industry evolves, the need for comprehensive cybersecurity measures becomes paramount to ensure passenger safety and protect against potential cyberattacks.