The integration of AI is increasing in the automotive industry, and the technology is the major driving factor behind the development of level 4 and 5 autonomous cars. Because of the availability of connected services and devices, it has become incredibly easy to collect vehicular data. The collected data, however, must be stored safely and utilized only for in-vehicle systems. Since the data may be vulnerable to cyber-attacks, the adoption of security and safety solutions in the automotive industry is expected to increase.
The automotive cybersecurity market reached a value of $7,280.2 million by 2030, increasing from $1,152.7 million in 2019, advancing at an 18.5% CAGR during the forecast period (2020–2030). In terms of application, the market is divided into telematics, advanced driver-assistance systems (ADAS) and safety system, powertrain, infotainment, and body electronics. Out of these, the infotainment division dominated the market in 2019, since consumers can connect their smartphone with the infotainment system for accessing features through their phones, in-vehicle cybersecurity solutions are needed for safeguarding consumer data.
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The COVID-19 pandemic has negatively impacted the progress of the global automotive cybersecurity market primarily on account of the imposition of strict lockdowns in several countries and the subsequent disruption in supply chain and logistics, falling imports and exports of goods, declining availability of raw materials, reducing demand for automobiles, shutting down of OEM factories and manufacturing plants, and decreased output.
The major players operating in the automotive cybersecurity market such as Harman International Industries Inc.,Continental AG, Trillium Secure Inc., Vector Informatik GmbH,Visteon Corporation, Robert Bosch GmbH, NXP Semiconductors N.V., Aptiv Plc, DENSO CORPORATION, and Honeywell International Inc. are increasingly focussing on getting into strategic partnerships with each other and mergers for increasing their available resources and technical expertise in order to improve the quality of their product and service offerings.