The global Automotive Cyber Security Market was valued at USD 1.13 billion in 2017 and is projected to grow at a CAGR of 23.16% during the forecast period, to reach USD 5.77 billion by 2025.
Growing cloud-based applications in the automotive industry
Cloud technologies are expected to benefit automotive users as well as automotive OEMs. Cloud-based solutions increase the efficiency of the entire process by reducing the downtime and providing faster data transfer and mobility. With the help of cloud-based solutions, OEMs can gather real-time data on their users and, with the distinguished insights out of such data set, can focus on providing better services and gain customer loyalty by meeting customer’s requirements. Due to the increasing trend of cloud-based solutions, the leading automotive OEMs and automotive system OEMs across the world are strategically expanding by partnering with or acquiring companies that can provide countermeasures to overcome the challenges faced in the cloud-based solutions. For example, OEMs in the Asia Pacific, which is a commercially diverse region with advanced economies such as Australia, Singapore, and Japan, are adopting the strategy of acquiring specialized companies or IT solution providers for developing cloud-based solutions for automotive. Hence, the growing adoption of cloud-based solutions in automotive will serve as an opportunity for the automotive cybersecurity market.
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Pricing model of the automotive cybersecurity market
The emergence of complimentary services with connected cars is changing the whole ecosystem of the automotive cybersecurity market and the automotive industry at large. The ecosystem has evolved from a fixed to a dynamic ecosystem in which every stakeholder can get a share of the revenue. Due to the presence of multiple stakeholders, the pricing model in the connected ecosystem has become a challenge. Many companies are struggling with different types of pricing models by managing cost and complexity simultaneously. The software companies are already implementing more than one pricing model to earn revenue. In the case of the automotive cybersecurity market, the pricing model varies with different strategies:
Collaboration: The cybersecurity provider will deploy the cybersecurity solution or update as per the number of vehicles produced or recalled.
Subscription: The automobile manufacturer will deploy the solution and handle the after sales service.
Agreement: The automobile manufacturer can take assistance from new cybersecurity solution provider in case of bugs that can lead to recalls.
Partnership: The automobile manufacturer partnered with the cybersecurity solution provider to deploy and handle after-sales service of the vehicle.
The cybersecurity solution providers operating in the automotive cybersecurity market are facing difficulties in implementing the right pricing strategy in various cases to maximize the revenue and minimize the opportunity loss. Hence, it has become a major challenge for automotive cybersecurity solution providers.
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