Top Insights on the Global Automotive Cybersecurity Market | Technavio

The global automotive cybersecurity market is expected to grow at a CAGR of close to 28% during the period 2017-2021, according to a new market research study by Technavio.

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Technavio has published a new market research report on the global automotive cybersecurity market 2017-2021 under their automotive sector library. (Graphic: Business Wire)

The report categorizes the global automotive cybersecurity market by application that includes passenger vehicles and commercial vehicles. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.

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Market driver: need for cybersecurity in growing connected car market

The growth of the automotive cybersecurity market is dependent on the requirement for security in the connected cars. There are about 70 engine control unit (ECUs) inside a modern vehicle and over 100 ECUs in high-end vehicles. These ECUs are internally connected by controller area network (CAN). CAN was initially designed for closed vehicular systems and security was not considered in the specification of CAN protocol topology. This weakness has enabled hackers to hack into the system successfully. The increasing probability of hacking increases the demand for the inclusion of security mechanisms that isolate the safety critical ECUs from non-safety-critical ECUs.

According to Ganesh Subramanian, a lead analyst at Technavio for automotive electronics research, “A connected car usually uploads around 25 gigabytes of data every hour to a cloud database. The data uploaded contains user behavior data and telematics data that is analyzed in real-time to keep the vehicle’s performance, efficiency, and safety in check. All the data, if hacked, can be used to immobilize the vehicle or to hurt the driver financially. These are consumer concerns that are expected to drive the automotive cybersecurity market during the forecast period.”

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Market trend: collaboration between connected vehicle manufacturers and ICT industry

The transition from traditional vehicles to connected and self-driving vehicles is bringing unparalleled innovations and options to the transportation and other sectors. The greatest risk faced by the evolving technology is a cyber intrusion. If unaddressed, cyber intrusions have the potential to hamper the growth of the connected and self-driving vehicles. The threats range from the owner’s, driver’s, or passenger’s personal and financial information to loss of physical control of the connected vehicle. The Information and Communication Technology (ICT) industry has an extensive experience in handling cybersecurity and is also actively working to enhance security in its networks and devices continually.

Market challenge: price sensitivity and low consumer acceptance to prolong adoption in emerging markets

Growing markets such as China and India are currently the largest markets for the automotive industry. But, the market for connected cars is growing at a slower rate because of the price sensitivity of the market. Connected cars are equipped with advanced driver assistance systems and inbuilt modem for internet connectivity. These features lead to an increase in price that makes cars unaffordable for a majority of the population. By the end of 2016, about 43 million people in China and 224 million people in India were living below poverty line. Only a fraction of the population in these countries could afford to buy cars with ADAS systems and connected cars, which marks them as slow adopters in case of connected cars.

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Key vendors in the market:

• Argus Cyber Security
• HARMAN International
• Karamba Security
• Symantec

The automotive cybersecurity market is highly competitive with the presence of established players and new start-ups entering the market. The market is heavily dependent on the penetration of connected cars. Currently, only developed regions such as the Americas and EMEA have a higher penetration rate when compared to the developing regions. The major vendors are investing heavily in both hardware and software solutions to make the connected cars feasible.

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