The development of level 4 and level 5 autonomous cars by automobile manufacturers depends on the integration of artificial intelligence (AI) technology in these models. Usage of this technology has led to the development of connected devices and services that have smoothened the collection of vehicular data. This data must be used only for in-vehicle systems and stored safely for the optimum utilization of the collected data. Thus, the rising incorporation of AI in connected cars will accelerate the penetration of safety and security solutions in the vehicles.
Moreover, increasing integration of in-vehicle connectivity features such as roadside assistance, collision warnings, smartphone connectivity, and real-time traffic monitoring will drive the automotive cybersecurity market at 18.5% CAGR during the forecast period (2020–2030). In the coming years, vehicles would adopt more connectivity solutions, through cloud services, to connect with the outside world. Moreover, rise in partnerships between automobile manufacturers and consumer electronics and information technology (IT) vendors is supporting the market growth. Due to these factors, the market size is projected to rise from $1,152.7 million in 2019 to reach $7,280.2 million by 2030.
According to P&S Intelligence, the Asia-Pacific automotive cybersecurity market will demonstrate the fastest growth during the forecast period. This can be attributed to the establishment of numerous automobile production plants in developing countries, such as India and China. Additionally, continuous infrastructure development along with industrial advancement in the emerging nations have created immense growth opportunities for automobile original equipment manufacturers (OEMs) that offer connected vehicles. In addition, developed countries of the region, such as Japan, are also adopting a large number of autonomous vehicles, thus, supporting the regional market growth.
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Thus, the escalating threat of data breaches and cyberattacks has led to the widescale installation of safety and security features in automobiles.