Connected vehicles are part of an integrated transportation system that will use real-time data from passenger vehicles, commercial vehicles, and transportation infrastructure to create effective, safe, and reliable transportation systems.
FREMONT, CA: The automotive industry has undergone significant technological changes as a result of the evolution of smart technology. These cutting-edge innovations have been seamlessly incorporated, resulting in improved safety, convenience, and cost-effectiveness.
Factors such as the growing number of connected cars, increasing cyber-threats, and the ever-increasing number of electronic components in vehicles are driving the automotive cybersecurity market. Growing concerns about road safety, increasing congestion, and growing demand for automotive connectivity have prompted governments and manufacturers to work together to promote the growth of connected vehicles. In 2018, connected vehicles accounted for 44 percent of all vehicles manufactured worldwide.
While growing technological advances in the automotive industry have resulted in many developments in the autonomous vehicle sector, they have also increased cyber-threats due to increased data and vehicle connectivity. Connected vehicles are part of an integrated transportation system that will use real-time data from passenger vehicles, commercial vehicles, and transportation infrastructure to create effective, safe, and reliable transportation systems. On the other hand, the computed data is stored in the car, which often poses a security and data breach risk. This puts the vehicles at risk because they can be accessed remotely by hackers.
Furthermore, as the number of electronic components in vehicles grows, technological advancements in engine, transmission, chassis electronics, driver assistance, passenger comfort, and entertainment systems are accelerating. However, as the number of electronic components grows, the risk of a cyber-attack grows as well, since several electronic components are linked to one another, increasing network connectivity between systems.
The growing number of connected vehicles and cyber threats are expected to significantly affect the industry in the forecast era's early years. The effect, however, is expected to diminish over time. There are also opportunities, such as increased adoption of MaaS (Mobility as a Service) and vehicle platooning, increased use of the automotive cloud to store and exchange data, and over-the-air software updates, as well as high demand for advanced cybersecurity solutions with increased autonomy, all of which can help the market expand.