Automotive Cybersecurity Market Hit Almost $7,280.2 Million Figure By 2030
The one biggest downside of such a technology is perhaps its susceptibility to cyberattacks. Being a product of computer hardware and software, connected cars can be easily hacked into and have their data or themselves intercepted and stolen. Therefore, with the increasing number of connected vehicles on the roads and their perpetual vulnerability to cybercrime, the automotive cybersecurity market will reach $7,280.2 million by 2030 from $1,152.7 million in 2019, at an 18.5% CAGR between 2020 and 2030, says P&S Intelligence. Additionally, it is not just the vehicle’s software that can be hacked, but also the various networks with which the automobile communicates.
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With the numerous experiments and pilot projects being carried out on autonomous vehicles, this automotive cybersecurity situation has become more complicated. For the success of autonomous vehicles, the usage of artificial intelligence (AI) for eye tracking, speech recognition,virtual assistance, driver monitoring,natural language interfaces, and gesture recognition is crucial. Any interference in the AI software can have grave consequences for those inside and outside, which is why the spotlight is presently shining bright on the issue of securing the automotive software.
Therefore, a range of cybersecurity solutions are available to safeguard the vehicles’ infotainment units, advanced driver-assistance systems (ADAS) &safety systems, powertrains, body electronics, and telematics modules. Among these, the highest demand is witnessed for solutions to protect the infotainment unit of vehicles. Users can pair their communication devices with the infotainment unit; therefore, via the infotainment system, the personal data stored on their smartphones, laptops, and tablets becomes vulnerable to hacking and theft.
This can be corroborated from the fact that of commercial vehicles and passenger cars, automotive cybersecurity solutions are majorly deployed in passenger cars. With time, the concept of connected vehicles is also becoming popular among commercial vehicle fleet owners, who are now using these features to make their fleet and services cost-effective and fast. For this, they are adopting telematics solutions, which is why the demand for cybersecurity solutions for telematics modules is expected to see a rapidly growing demand in the years to come.
Due to all these factors, particularly the increasing adoption of connected cars by individuals and fleet owners, North America has been the largest automotive cybersecurity market till now. The U.S. is witnessing a large number of autonomous driving experiments and developments in the connected vehicle technology, which are being complemented by the advancements in automotive cybersecurity solutions. The country has already deployed telematics solutions for reducing the rate of road crashes, which has boosted the demand for cybersecurity solutions as well.
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Thus, as the demand for vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), and in-vehicle connectivity rises, so will the importance of securing the automotive software from cybercriminals.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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