As vehicles become increasingly connected, the risk of cyber attacks grows, leading to the emergence of the automotive cybersecurity market. This market comprises solutions such as intrusion detection systems, firewalls, encryption, and secure communication protocols to protect vehicles from cyber threats. The growth of this market is driven by the rising prevalence of connected vehicles, heightened awareness of cybersecurity risks, and an increasing number of regulations and industry standards related to vehicle cybersecurity.
The COVID-19 pandemic has significantly impacted the global integrated automotive industry, revealing vulnerabilities in corporate supply chains and causing disruptions in production. The production and development of automotive cybersecurity products declined by nearly 6%-8% in Q1-Q2 2020. However, production has stabilized in the last two quarters of 2020, and demand has started to gain traction again.
The automotive cybersecurity market is expected to continue growing, fueled by the increasing demand for connected vehicles, the growing use of autonomous vehicles, and the need for robust cybersecurity solutions. However, challenges such as the need for standardization and collaboration across the industry, and the need for ongoing investment in research and development to stay ahead of evolving cyber threats, persist.
Source: Digital Journal
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