The Global Automotive Cybersecurity Market is Expected to Grow at a CAGR of 14.25% during the Forecast period from 2019 to 2029.
The process of evolution of smart technology has considerably changed the overall automotive and transportation industry. integration of advanced technologies such as connectivity in the vehicles ensures cost-effectiveness, increased safety and convenience of users. Moreover, the automotive industry is one of the largest and fastest growing industries within the manufacturing sector. Driven largely by innovations and consumer preferences, the industry has advanced swiftly over the years owing to the rapid technological changes taking place within the ecosystem. One of the most discernibly prominent changes in the last decade has been the introduction of connected and autonomous vehicles.
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The dynamic evolution of the automobile industry is attributed primarily to the changing consumer preferences, growing focus toward driver safety, environmental concerns, and stringent government regulations which are focusing toward crash avoidance rather than crash survival.
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Over the past years, automobiles have undergone rapid technological advancements in terms of vehicle performance, passenger safety, communication capabilities, and driving comfort. These improvements have led to a surge in the number of on-road vehicles, thus raising the need for safer movement of automobiles. For the same, automakers have profoundly been supported by several federal authorities such as “National Highway Traffic Safety Administration” (NHTSA), “European Commission” (EC), and “Ministry of Land, Infrastructure, Transport and Tourism” (MLIT), among others. Moreover, advancement of the vehicle safety on public roads can be done with an early integration of connectivity and advanced driver assist systems (ADAS) in automobiles. Considering ADAS as the founding stone, automakers are expected to advance to semi-autonomous vehicles and ultimately toward fully-autonomous vehicles, which are highly connected.
Factors such as rising safety and security concerns, increasing demand for a reliable transportation system, and advent of innovative trends, such as transition from car ownership to Mobility-as-a Service (MaaS) are expected to increase the demand for connected and autonomous vehicles. This demand is also anticipated to create significant challenges for automotive stakeholders and consumers in terms of cybersecurity risks, data theft, and involvement of unscrupulous agents within the automotive value chain, which further boosts the demand for automotive cybersecurity solutions. Moreover, the introduction and subsequent growth of sales of electric and hybrid vehicles, the development of connected & ADAS and self-driving technologies, the increasing demand for connected vehicles and disruptive trends, such as ride-hailing, car sharing, and in-car payments are expected to change the way mobility services are used.
The automotive industry currently experiences substantial investments in research and development (R&D). Unlike other industries, automotive R&D efforts are mainly funded by the industry rather than through public sources. Automotive R&D spending is increasing rapidly to keep pace with the demands for more sophisticated and effective technologies such as autonomous vehicles, telematics, and intelligent transportation systems, owing to the need to prevent accidents and maintain proper public transportation. Improved fuel economy and to meet emission targets, it is expected that automakers will continue to drive to bring improvements in vehicle powertrain, lightweight, aerodynamics, and other vehicle attributes.
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