123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Technology,-Gadget-and-Science >> View Article

Cybersecurity Market For Cars - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

Profile Picture
By Author: Statzy Market Research
Total Articles: 1029
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

With the advent of connected cars and increasing demand for a relevant solution in the passenger vehicles is driving the need for cybersecurity, as more and more attacks are being carried on connected cars. According to Upstream Auto, a cybersecurity solutions provider for the automotive industry, the auto industry might face a loss of USD 24 billion over the next five years due to cyberattacks.

- The dynamic nature of the connected vehicle features is significantly influencing the demand for cybersecurity, as with every new connected entity or late service for connected cars is developed, a new attack vector is also created from which the security of the vehicle can be compromised.

- Jeep Cherokee poses one of the best examples of the attack, where researchers were able to stop the engine of a vehicle remotely. At the same time, it drove down a busy highway, this one instance oh hack led to Fiat Chrysler recalling 1.4 million cars of seven different models, which was about 50% of the vehicles they sold in the US during that year.

- The financial impact is immense on a company if such cases come to light ...
... due to the lack of measures in their security system. If one individual recall costs USD 400, a recall of 1.4 million vehicles would cost a business roughly USD 560 million. This excludes damage to the brand image, lawsuits, and public image impact, which doubles the financial implications. According to Upstream, a single cyber incident may add up to a cost of over USD 1.1 billion to a carmaker.

- The growing consumer propensity towards connected cars due to the advent of IoT and the proliferation of communication technologies in the vehicles is augmenting the need for cybersecurity in cars. According to Capgemini, by 2023, about a quarter of all the passenger cars in use globally will be connected with Europe holding the significant share, and China showing the fastest growing numbers.

- With the outbreak of COVID-19, automotive is one of the most negatively affected end-users, which will negatively impact the demand for the cybersecurity market for cars. After initial supply and manufacturing disruptions, the automotive industry is experiencing a demand shock with uncertain recovery timeline due to shelter -in -place regulations.

With limited room to cut fixed costs, some OEMs have low liquidity to power through a long period of missing revenues, which could affect the market. According to Germany's Center for Automotive Research, the Western European automobile market will need about ten years to reach the size of 2019 again.

Key Market Trends

Rising Security Threats as More Technologies Get Integrated Into Cars is Expected to Drive the Market

- The rapid growth in the number of cyberattacks on the connected automotive industry is increasing significantly. During the period of 2010 to 2018, the cyberattacks on the automotive sector increased by six times, and black hat attacks exceeded compared to the white hat in 2018. The automotive industry is facing a significant challenge due to digitalization, such as Big Data coming from multiple connected sources. It is only getting bigger, making it increasingly difficult to analyze and protect the connected car against cyber threats. The only way to cut through the data clutter and identify potential attacks is by leveraging Artificial Intelligence and Machine Learning technologies for behavioral analysis of the data.

- With the sheer number of growing attacks on onboard systems on the cars, the vendors are increasingly adopting security solutions and increasing demand over the coming years. For example, Chinese security researchers discovered 14 vulnerabilities in the onboard compute units of BMW cars in March 2018, BMW confirmed the vulnerabilities and rolled-out over-the-air updates to fix the bugs. Owing to such developments, software-based cybersecurity in cars is expected to command significant demand over the coming years.

- With the rise in keyless entry vehicles, the number of cyberattacks targeting this system is increasing significantly. This offers not only entry into the car but also the ignition switch. According to Upstream, cyberattacks on remote keyless systems make up 18.8% of attacks, and 40% of the black hat incidents involved remote keyless entry in 2019. Such developments are influencing the demand for network security solutions.

- As the number of sensors increases rapidly in connected vehicles, hackers can potentially steal personally identifiable information (PII) from the vehicle's systems, such as personal trip and location data, entertainment preferences, and even financial information. The more manufacturers release mobile apps for communicating with cars, the more they become a target for adverse factors.

- For instance, in the case of the Nissan Leaf, which is a compact five-door hatchback battery electric vehicle (BEV), security testers demonstrated how they could gain unauthorized access to control the heated steering wheel, seats, fans, and aircon remotely. The increasing security vulnerabilities in the Android and iOS mobile operating systems are also becoming a source of concern. These instances would require a need for robust cybersecurity systems for cars.

North America is Expected to Hold Significant Market Share

- North America is one of the major automotive markets and holds a significant demand for connected cars;the region observed a slump in demand similar to the global market in 2019; however, the demand is expected to pick up over the coming years. For instance, according to BEA, in 2019, the US's light-vehicle retail sales stood at 16,965,200 units.
- Automotive brands such as Ford, Chevrolet, Jeep, Ram, and GMC were the leading car brands in the region with 489,051 units, 429,529 units, 182,667 units, 140,486 units, and 118,718 units in sales during the first quarter of 2020.

- Apart from this, the region is currently the prominent market for connected cars with the highest penetration. According to Capgemini, the US held the highest penetration rate of connected cars in 2018; out of 119.4 million total units of connected cars, the US held 32.7% in 2018, making it one of the significant markets for cybersecurity.

- Moreover, over the next three years, it is expected that over 85% of the cars sold in the US are expected to be connected over the internet, and General Motor's OnStar platform was one of the widely used software platforms and security system in the region. Such growing adoption and penetration rates in the region are augmenting the demand for cybersecurity.

Competitive Landscape

The cybersecurity market for cars is highly competitive, due to the presence of many small and large players in the market operating in domestic as well as in the international market. The market appears to be moderately concentrated, with the key players adopting strategies like product and service innovation to overcome the latest threats faced by automobiles continually. Some of the significant players n the market are Cisco Systems, Inc., NXP Semiconductors NV, and Harman International Industries Inc., among others.

- February 2020 - Cisco and Oxbotica partnered to bring OpenRoaming to autonomous cars. With the help of OpenRoaming, Autonomous Vehicles can connect to trusted Wi-Fi networks without the need to physically entering the usernames or passwords. Instead, Autonomous Vehicles authenticate using credentials issued by the manufacturer, like Oxbotica.

- January 2020 - HARMAN launched the HARMAN Ignite Marketplace, an extensive network of cloud-based applications and services available on the HARMAN Ignite Cloud Platform. The HARMAN Ignite platform provides a built-in Over-the-Air (OTA) functionality, which helps manage potential risks like network problems, file tampering, and cybersecurity attacks due to which automakers are equipped with a secure and efficient way to deliver and frequently update a robust service ecosystem while still mitigating risk.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit : https://www.statzyreports.com/report/sr498168/cybersecurity-market

Contact Us:
Poojan Dogra
Public Relations Manager
Email : sales@statzyreports.com
Email : info@statzyreports.com
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com

More About the Author

StatzyReports is the premier global market research and business reports company based in India. StatzyReports.com functions under Statzy Market Research. We offer our expertise globally in services related to market research, business strategy consulting, surveys or questionnaire, forecast and statistical data analysis. Our experience working with major business and customer driven companies enabled us to develop some of the best winning strategies for succeeding in various global markets. Our globally renowned experts mastered the art of perfection with their unique skillset and vast experience in research and data analytics.

Total Views: 22Word Count: 1274See All articles From Author

Add Comment

Technology, Gadget and Science Articles

1. Best React Native Developer Tools For Designing Exceptional Apps In 2021!
Author: shelly Megan

2. Five Important Features In Crm Sofwtare
Author: sunsmart global

3. Android Apps Exposing Millions Of Personal Data Via Cloud Authentication Failures
Author: Angel Smith

4. Google Is Officially Launching Fuchsia Os With Nest With First-gen Nest Hub
Author: Angel Smith

5. Will Iphone 13 Consider Foldable Feature? Here Is When To Expect Iphone As Foldable Handset
Author: Angel Smith

6. Get Premium Quality Fence For All Budget
Author: Anette Lartius

7. What Is A Pbx System And How It Work?
Author: Soni Sharma

8. Finding The Perfect Managed Service Provider For Your Business
Author: Hermes Campion

9. Samsung Galaxy Book Pro 360: A New Groundbreaking Samsung Device?
Author: Elisa Wilson

10. It Services That Are Empowered By Ai And Blockchain Tools In 2021
Author: Neelima

11. Nüwa To Establish As The First Sustainable City On Mars With 1 Million Residents
Author: Angel Smith

12. Microchip Further Protects Fpga-based Designs With First Tool That Combats Major Industry Threat To System Security In The Field
Author: Puspanjali

13. Latest Trends In Mobile Application Development
Author: Hazel Brown

14. List Of Google Pixel 3 Issues And Their Fixes
Author: Elisa Wilson

15. Password Manager: Its Benefits And Why You Should Use It
Author: Elisa Wilson

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: