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Connected Cars Will Drive Demand for Automotive Cybersecurity Products: Report

March 11, 2021

Persistence Market Research is forecasting modest growth in the automotive cybersecurity market. The firm valued the market at $5.4 billion in 2020, and believes that that number will rise at a CAGR of nearly eight percent for the next 10 years.  

Connected Cars Will Drive Demand for Automotive Cybersecurity Products: Report

Much of that growth will be driven by the increasing ubiquity of digital services in connected and autonomous vehicles, which often come with infotainment, navigation, and security applications designed to make the on-road experience more enjoyable. However, a car that links to the internet (or other devices) is vulnerable to cyberthreats, which means that vehicle manufacturers will need to implement stronger security measures to protect their customers and make sure that unauthorized individuals cannot gain access to those systems.

With that in mind, Persistence expects to see rising demand for hardware security modules (HSM) that can protect the processors that power various in-car systems. As it stands, the HSM segment accounts for 43 percent of the market in 2021. Persistence noted that vehicle manufacturers are now working with cybersecurity specialists to deliver next-generation products, including infotainment apps and Advanced Driving Assistance Systems (ADAS).

That growth will help to offset the severe negative impact of COVID-19. According to Persistence, profits for the leading car manufacturers were down as much as $100 million in 2020, due to declining demand and the disruption to international supply chains, especially those that rely on Chinese parts. Many factories were shut down, and those that stayed open produced far fewer vehicles than originally anticipated. The development of automotive cybersecurity products was similarly down 6-8 percent in the first two quarters of the year, though Persistence indicated that the industry stabilized in the second half of 2020.

Persistence indicated that the Asia Pacific region will display the most growth, with India exhibiting a CAGR of 13 percent. The US, on the other hand, will trail the average with a CAGR of only seven percent.

Filed Under: Industry News Tagged With: automotive, automotive cybersecurity, automotive technology, connected cars, cybersecurity, industry reports, industry trends, market forecasts, market reports, Persistence Market Research

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