According to a new report from Technavio, the market for car security systems is expected to grow as more and more car manufacturers roll out new connectivity features for passenger vehicles. The use of biometric authentication for vehicle access and ignition will also be a key factor driving the market.
The logic in the report is quite simple. Connected cars are becoming more popular, so car manufacturers need better security features to prevent malware attacks and make sure those connections are safe. That will lead to a CAGR of two percent for the market between 2019 and 2023, although that growth is expected to decelerate near the tail end of that window.
“Factors such as the use of smart mobile apps for passenger cars, and the risk associated with keyless cars will have a significant impact on the growth of the vehicle security systems market,” said a senior analyst at Technavio.
The APAC region had the largest share of the car security market in 2018, thanks in large part to the passenger car economies in India and China. Technavio’s report brief did not reveal the current size of the market, although a previous report from KIET predicted that the overall connected car market would hit $100 billion by 2019. Since then, connected cars have proven to be active business areas for companies like NXP and Nuance.