Emerging Technology Market Intelligence Blog

Connected Vehicles - Are They a Blessing or a Nuisance for the Society!

Jul 31, 2020 5:05:31 AM / by BIS Research

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With each passing day, the technological advancements are enhancing the level of convenience in life; however, at a price. Passenger safety, for instance, has become a major cause of concern, globally. At present, major focus of the automotive industry is to enhance the safety features of the vehicle, to not only safeguard the physical existence of their customers but also their personal and intellectual properties.

The number of connected devices are adding to the convenience factor but at the same time they are increasing the threat of cyberattack. With the increasing number of connected vehicles, the threat to privacy and safety of the passengers is at stake.

How connectivity increases the risk for vehicles?

When vehicles are connected to the internet, the data generated by the vehicle is being recorded and necessary actions are being taken by the system to enhance the efficiency of the vehicle and the experience of the passenger in the vehicle. However, the connected vehicle is exposed to threats. For instance, playing music in a connected vehicle with a USB plugged in, can become a vulnerable point for the hacker to hack in to the system of the vehicle, also known as the controller area network (CAN).

A connected vehicle poses a threat as the data of both the vehicle and the passenger can be hacked by the hacker including the personal data or corporate data from the devices connected to the vehicle. Another risk associated with it is that the hacker can take over critical operations of the vehicles. Taking these into consideration, it can be stated that the automotive industry is at a point where the internet connectivity is available but at the same time, the availability of internet is compromises the privacy of data.

How Automotive Cyber Security Technology Can Help?

With increasing number of cyber threats, concerns of auto manufactures, and government initiatives to safeguard the interest of consumers, laws are coming into place to strengthen the cybersecurity in vehicles. According to market intelligence study by BIS Research, the automotive cybersecurity market is estimated at $1.61 billion in 2019 and is projected to grow at a CAGR of 22.30% during the forecast period from 2020 to 2025.

The market growth is attributed to factors such as increasing adoption of connected vehicles across the globe, visible increase in cyber threats due to rising data and connectivity, increasing number of electronic components in vehicles, and integration of big data analytics, and machine learning.

The automotive consortiums and even certain governments have decided that specific measures must be taken to develop and install systems to provide better cyber security to the vehicles and help safeguard the privacy of both the passenger and the vehicle. For instance, the UN passed a rule that auto companies must install systems in the vehicles produced by them that can prevent vehicles from cyberattack. This regulation is strictly followed in countries such as South Korea, Japan, and other European countries to prevent vehicles from getting cyber attacked.

Tags: automotive cybersecurity market

BIS Research

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