Connectivity and cyber-security go hand-in-hand in today’s technology-driven society. In the recent years, the growing inclination towards the usage of internet services with regards to the automotive industry has risen and features such as navigation, remote access and entertainment, and diagnostics have become more commonplace. The need for cyber-security in the automotive industry is on the rise and over the coming years, it is expected that a majority of cars that are shipped will have the ability to connect to the internet by means of embedded, tethered or smartphones and other smart devices. Commercial vehicles are additionally appropriating applicable technology to use this connectivity to help in advancing efficiency in business and driving practices.
The need for cyber-security in the automotive industry is increasing tremendously, owing to the increasing threat of cyber attacks in the transportation and automotive systems. Some of the major factors responsible for driving the growth of the automotive cyber security market are the growing need for security in the connected cars ecosystem and the increasing connectivity of vehicles. Additionally, the market is profiting from the increasing integration of advanced features and rising adoption of telematics services in automobiles.
Moreover, with the advent of groundbreaking technologies, including IoT and AI, the automotive industry is undergoing a wave of innovation. The integration of these technologies has increased the safety level of the vehicles, which are witnessing a paradigm shift from the traditional models. On the other hand, the demand for connected cars is soaring, owing to the enhanced services like Wi-Fi, live recording, reminders, driving assistance, location detection and maintenance, and GPS services. It has been estimated that connected cars will account for 75% of the total number of cars shipped globally in 2020.
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Growing Popularity of Connected Vehicles to Drive the Market
One of the biggest challenges that the automotive industry faces is the cyber attacks, with the transformation of transportation and the arrival of autonomous vehicles and connected cars. In a vehicle, the various electrical components within are connected using an internal network. If hackers gain access to the peripheral electric control unit, they would be able to take advantage of the safety control units such as engines or brakes, which would lead to certain misfortunes. Besides, there could also be concerns relating to the security of intelligent security systems that interact with the vehicles. Hence, with the growing popularity of connected vehicles, OEMs and several other automobile manufacturers are collaborating with the internet service providers and cyber-security companies to offer security services to the customers.
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High Demand from Emerging Economies
On the basis of the geographical segmentation, the global automotive cyber security industry is segmented into North America, Europe, APAC, and LAMEA. Among these, North America accounted for the largest share of the overall market and is expected to dominate throughout the forecast period, owing to the increasing collaborations between automotive manufacturers and mobile network operators for the purpose of increasing internet connectivity.
The Asia Pacific, on the other hand, is expected to witness considerable growth and is projected to maintain its growth over the forecast period, attributable to the large number of global recognized enterprises and SMEs in the region adopting cloud-based cyber-security. The countries in the APAC region are facing a lot of cyber-security threats and hence the automobile manufacturers in the region are adopting cyber-security services so as to maximize the security services. Leading automotive OEMs are already into manufacturing automobiles by using telematics technology. Besides, technological advances adopted by these regional markets are presumed to bring in potential growth opportunities over the coming years.
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