A report released by Grand View Research Inc. suggests that the global automotive cybersecurity market is expected to reach 5.56 billion by 2025. The research posits that because of the increased level of automation in vehicles and the demand OEMs have for cybersecurity policies moving forward to protect their connected cars, the market outlook for cybersecurity for automotive purposes will soar.
Technology-Powered Vehicles are the Norm
Over the years, technological advancement in vehicle production has raised the amount of connectivity that a vast majority of automobiles have. Most automotive manufacturers include internal sensors in their vehicles that can track everything from fuel economy to tire pressure, and report it back to the dashboard. This data can even be collected and stored using the onboard computer. With extended connectivity, however, this data can potentially be transmitted to the user directly, informing them of changes in the system even if the user isn’t in the car.
With advances in IoT technology, and the expectations users have for connectivity with their vehicles, manufacturers are moving to a system of vehicle-to-everything communication. While this benefits the users, it introduces severe concerns for manufacturers trying to secure this communication so that malicious entities can’t intercept or compromise it.
The Need for Increased Security
The North American market forms the largest regional market for car manufacturers with a focus on connectivity, thanks to its willingness to adopt new technology and its demand for autonomous vehicles. The government has taken an increasingly hard line towards autonomous vehicle manufacture, intending to secure citizens that decide to invest in such a car. These security measures require manufacturers to be more mindful of the security within their vehicles. To this end, OEMs are more likely to invest in their cybersecurity, since the regulations for autonomous cars are only likely to increase as time goes by.