The market for connected cars is estimated to be worth $ 42.6 billion by 2018 by GSMA estimates, and revenues for the same expected to increase four fold between 2015 and 2020, the market for cyber security for connected cars is set to increase accordingly. The global cyber security for cars market worth is $ 16.85 Million in 2015, and is estimated to grow to $ 1166.14 million by the end of 2020 at a CAGR of 102.62%. In the coming five years, increasing smartphone penetration and growing internet usage having countless wireless connectivity solutions being adopted in the global market will bring in new opportunities for products and services that will enable the connected car to come to full fruition.
The connected car are able to digitally connect and interact with its surroundings; not only has that included connectivity with other cars (vehicle-to-vehicle), but also connectivity with infrastructure (vehicle-to-infrastructure) and with other devices (vehicle-to-devices) bringing in new suites of applications such as advanced safety features, personalized driving and entertainment experiences, and even autonomous driving.
The internet of things has pervaded all spheres of life most frequently in use. These include deployment of components which make homes, as well as units of transportation “connected”. While being connected online gives homes and cars the benefit of security from physical intruders, with a number of means like auto alerting, auto calling authorities, etc. However, the selfsame ecosystem of connectivity deployed leaves both homes and cars open to security risks by another group of burglars – cyber criminals.
While connected cars have not yet become mainstream in the world, with most regions still experimenting with prototypes of various functionalities, an increasing number of new cars being purchased are connected cars. They are purchased for features like enhanced GPS, location and maintenance live recording and reminders, and Wi-Fi services, and additionally, fuel efficiency guaranteed for such cars form the drivers for connected cars.
High level of research in fending off malware, auto-correction of defunct components of the integrated software in connected cars and connected cars ecosystem, increased funding for the same, increased interest from all automobile manufacturers and connected car add on component manufacturers towards the security of cars are some of the factors accelerating the growth of the market. Whereas, ability to keep up with the evolving methods and scenario in cyber security, effective integration into connected cars devices, and some other issues form the bottlenecks in this market.
Some of the key segments in cyber security market for cyber-attacks, particularly prevention of assaults on services components of the V2IoT or Vehicle to Internet of Things, jamming of signals (gadgets that do this are shabby and conveniently acquired), and the transmission of counterfeit information to other connected cars, as well as their operators. As the market expands, the ecosystem for connected cars will also come under the purview of cyber security for connected cars, as metro cities accommodating for connected cars (called smart-cities) will have roadside jams, roadways, etc. related information disseminating docks which could potentially be affected by malware. Motives for cyber threat for connected cars could include theft of freights, malice, burglary, etc.
The global market for cyber security of cars has been segmented into different types of Software-based and Hardware-based services. The market has also been segmented by regions i.e. North America, Europe, Asia Pacific and Rest of the World.
Some of the companies mentioned in the report are Cisco, Verizon, Tesla Motors, Telenor, Argus Cyber Security, Infineon Technologies AG, Visteon and Others.
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