An increase in the number of connected and automated vehicles over the next several years will lead to a greater risk of data breaching.
This in turn will help generate more solutions that will drive the global automotive cyber security market to reach US$5.56 billion by 2025, according to a study conducted by Grand View Research. In comparison, the market size was valued at US$1.44 billion in 2018.
“Moreover, growing emphasis of OEMs on strengthening cyber security policies is expected to propel the demand for automotive cyber security over the projected period,” said Grand View Research. “Cloud infrastructure, mobile cross platforms, and automotive data taxonomy, are the key connectivity trends in the automotive cyber security market.”
Other key findings from the report indicate that the wireless network security segment is expected to take the largest share of the market by 2025. During this time, the passenger car segment in Europe is also anticipated to account for 77.1 per cent, thanks to four main factors: an increase in the production of electric vehicles, development and implementation of cyber security strategies, eco-friendly initiatives, and the increasing scope of data exchange.
As for North America, Grand View Research said it is the largest regional market due to an increasing demand for autonomous vehicles and speedy adoption of new technologies like connected car systems. Furthermore, “rising investments and stringent measures taken by the government towards incorporating cyber security policies for the automotive market have bolstered the regional market growth.”
The use of Battery Management Systems (BMS) and sensors are expected to create more feasible and viable cyber security solutions for the market, according to the company.
