September 27th, 2022
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 vehicular data. The collected data, however, must be stored safely and utilized 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.
This is resulting in the growth of the global automotive cybersecurity market in the years to come. Modern vehicles are relying heavily on computer systems for monitoring and controlling different systems of vehicles. If such systems are not secure, hackers can steal data and can even force vehicles to obey them instead of the driver. In order to prevent such scenarios from occurring, automotive cybersecurity solutions are being used for protecting in-vehicle technology from unauthorized individuals.
The prevalence of data breaches and cyber-attacks is rising rapidly as well, for both automakers and consumers. Connected systems in automobiles store a variety of personal information, including credit card numbers, location data, and address books. Hackers however can easily hack these systems and steal all the sensitive information, owing to which automakers have started taking serious actions against the illegal utilization of stored data in vehicles and hackers. This has further led to the increasing installation of security software in vehicles.
Apart from this, the telematics division is predicted to register the fastest growth during the forecast period, owing to the wide integration of telematics solutions in commercial vehicles. These solutions increase vehicle efficiency and enhance fleet productivity, thereby leading to their extensive integration. In addition to this, the rising demand for commercial vehicle data analysis is predicted to result in the surging demand for automotive cybersecurity solutions.
In the automotive cybersecurity market, the Asia-Pacific region is expected to progress at the fastest pace during the forecast period, as the region is home to largest market for automobiles. Recently, the region has emerged as the hub for the production of automobiles. In addition to this, the adoption of connected vehicles in the region has increased significantly, which is resulting in the increasing demand for automotive cybersecurity security and safety.
In conclusion, the rising penetration of AI, increasing number of cyber threats, and growing adoption of connected technology are leading to the growth of the market.
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