The Latin America, Middle East and Africa Automotive Cybersecurity Market would witness market growth of 23.7% CAGR during the forecast period (2022-2028).
Increased awareness of automotive cybersecurity among OEMs worldwide is a result of rising instances of cyberattacks on automobiles and significant OEM vehicle recalls. Additionally, growing government regulations on adding safety features like lane departure warning systems, automatic emergency braking, rearview cameras, and electronic stability control have created new business opportunities for companies that provide cybersecurity services for the automotive industry worldwide. As a result, the ecosystem for automotive cybersecurity includes a number of start-ups. Government efforts to create an intelligent transportation system have also increased the worldwide demand for cybersecurity solutions. In addition, it is anticipated that the launch of 5G technology will hasten market expansion in the upcoming years.
The adoption of next-generation autonomous and luxury automobiles has expanded across developed as well as developing economies due to rising disposable incomes and living standards. These vehicles provide a variety of advantages like telematics, in-car navigation, and infotainment systems due to the use of cutting-edge technologies like cellular networks and artificial intelligence (AI).
The high society in the UAE uses the luxury car as a status symbol. In the UAE, more people (and not just a small portion) have higher living standards than elsewhere in the world. Additionally, residents' income is not subject to income tax in Dubai. As a result, the market for luxury goods, including cars, is thriving in the UAE. The luxury car market is expanding strongly in the nation, whether it is due to rising consumer per capita income, excellent road conditions, or a favorable tax structure. Owing to this the market for automotive cybersecurity market is expanding in the region.
The Brazil market dominated the LAMEA Automotive Cybersecurity Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $115.3 million by 2028. The Argentina market is experiencing a CAGR of 24.4% during (2022 - 2028). Additionally, The UAE market would exhibit a CAGR of 23.4% during (2022 - 2028).
Based on Application, the market is segmented into Communication Systems, Telematics, Infotainment, ADAS & Safety, Body Control & Comfort, and Powertrain Systems. Based on Security Type, the market is segmented into Application Security, Endpoint Security and Network Security. Based on Offering, the market is segmented into Software and Hardware. Based on Form, the market is segmented into In-Vehicle and External Cloud Services. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Automotive Cybersecurity Market is Predict to reach $6.2 Billion by 2028, at a CAGR of 19.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Continental AG, Denso Corporation, Aptiv PLC, Harman International Industries, Inc. (Samsung Electronics Co., Ltd.), Vector Informatik GmbH, Arilou Information Security Technologies Ltd. (NNG Group), GuardKnox Cyber Technologies Ltd., and Karamba Security Ltd.
By Application
By Security Type
By Offering
By Form
By Country
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