Increasing Number of Electronic Components in Connected Vehicles Expected to Augment the Automotive Cybersecurity Market

22 Sep 2020

Recently, Altium TASKING partnered with ESCRYPT - a company offering IT security solutions in embedded systems to enhance the automotive cybersecurity. ESCRYPT is known to provide cost-effective ways to deploy highly enhanced security features from compiler to security software based on the highest ISO.

The automotive cybersecurity market is poised to grow over time, compelling companies to come up with collaborative strategies in order to sustain in the intensely competitive market. Companies with an identical product portfolio with a need for additional resources often partner and come together for joint venture programs, which help the companies gain access to one another’s resources and facilitates them to achieve their objectives faster.

Furthermore, it results in making use of each other’s expertise. Additionally, tire manufacturers have tended toward collaborating with IoT service providers for the fastened development of their automotive cybersecurity solutions.

In addition, Cybellum, an Israel-based company, has teamed up with Alliance Innovation Lab, opened by the Renault and Nissan car manufactures, to develop new cybersecurity technologies for the vehicle market.

The connected vehicle manufacturers serve as the end user in the value chain. The security solutions, after its integration with the automotive components are finally deployed on the vehicles for prevention against threats and unauthorized access.

According to the premium market intelligence published by BIS Research, the global automotive cybersecurity market was estimated at $1.61 billion in 2019. The market growth is expected to be around a CAGR of 22.30% during the forecast period, 2020-2025.

The market growth can be accredited to the drivers, including the growing adoption of connected vehicles across the globe, increasing cases of cyber threat due to an increase in data and connectivity of vehicles, and rising number of electronic components along with the integration of Big Data analysis and machine learning in automotive. The impact of each and every driver decides the growth of the market. During the initial years of the forecast, the impact is expected to range from moderately high to high.

Also, in the past few years, governments and regulatory bodies have developed the necessary regulatory and legal frameworks to implement standards and practices for connected and autonomous vehicles. The automotive industry currently experiences substantial investments in research and development (R&D).

The 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 demand 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.

Lastly, the connected car segment is becoming an area of concern regarding security after protecting the organization and production plants. The hackers can gain unauthorized access to the vehicle's internal networks and, gradually, gain control over the electronic control units (ECU) that controls all units ranging from infotainment, engine, brakes, and steering. The cybersecurity risk for connected cars is being prioritized as a breach that allows external access to a car's network.

 
 

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