NEW YORK, March 10, 2021 /PRNewswire/ — As per the findings of a new market research report by Persistence Market Research, the worldwide automotive cyber security market reached a valuation of around US$ 5.4 Bn in 2020, and is anticipated to exhibit a CAGR of close to 8% over the next ten years. Usage of telematics services such as information, navigation, safety, security, diagnostics, and entertainment has been increasing in recent years, and is projected to grow at a significant rate over the coming years. Along with this, connected cars and autonomous vehicles will be available globally in the next five to ten years.
Telematics services and connected cars require the Internet for the functioning of some key applications and transferring of data. As such, they are vulnerable to cyber-threats. Automotive cyber security is a system or technology that prevents or protects the systems of a vehicle that are susceptible to any cyber-attack. As more and more vehicles are connected to the Internet, the automotive industry is working closely with Internet service providers, software companies, and others concerned players to provide better cyber security systems to end users.
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Key Takeaways from Study
- OEMs and cyber security tech players are continuously collaborating with each other to develop advanced cyber security solutions to deal with highly sophisticated…