Connected Cars & Cyber Security

The market for connected cars are undergoing  huge innovation in safety assistance technology and infotainment systems. The integration of AI is increasing in the automotive industry, and the technology is the major driving factor behind the development of level 4 and 5 autonomous cars. Because of the availability of connected services and devices, it has become incredibly easy to collect vehicle data.  The collected data, however, must be stored safely and used only for in-vehicle systems.

Since the data may be vulnerable to cyber attacks, the adoption of security and safety solutions in the automotive industry is expected to increase and the global automotive cyber security market size is projected to grow from USD 1.9 billion in 2020 to USD 4.0 billion by 2025 - an annual growth rate of 16.5%. 

According to a market research report by Million Insights, the rising focus of vehicle makers on developing connected cars and autonomous driving systems has generated the risk of data theft in this sector. The increasing application of e-mobility globally is anticipated to drive the automotive cybersecurity market growth as well. Substantial developments in the automotive industry are driving the demand for sensors and battery management systems which are expected to enable more reliable cybersecurity solutions. 

Technological advances in semi-autonomous and autonomous vehicles is expected to generate the need for automotive cybersecurity due to the increasing volume of data and the development of network capacities.

In terms of applications, the market is segmented into Advanced Driver Assist Systems (ADAS), safety systems, body electronics, infotainment, telematics and powertrain.

The infotainment application segment is projected to dominate the automotive cybersecurity market over the forecast period. This segment is expected to have healthy growth due to the advent of autonomous driving technologies and the increasing demand for seamless connectivity from the vehicle’s ECU to several cloud services in order to enhance the subsequent vehicle maneuvering and sensor processing.

In terms of security, the market can be divided into wireless network, application, and endpoint security and in 2018, wireless network security held the largest market share, but now the risk of cyber-attacks in the automotive sector is also increased, and so network security is expected to grow significantly in the next few years. 

The advent of cloud computing technology has opened new avenues for market growth. The development of automotive data taxonomy, cloud software infrastructure will create new opportunities for market growth across the globe. The industry is working hard to enable smartphone connectivity with car systems for automated vehicles, which they believe will help implement intelligent transport systems. However, financial impacts, commonly accepted standards, and safety issues will act as a brake on market growth at least to some extent.

 US Dept. of Transport:   Global Market Insights:     MarketsandMarkets:    

Globe Newswire:     I-HLS:     McKinsey:    Image: Unsplash

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