Automotive Cybersecurity Market Trends

Growth Drivers

• Prevalence of data breaches in the automotive industry - Since modern vehicles carry personal information such as GPS data, contact details, and even health information, data leaks have become a serious worry for automotive corporations, which may augment market demand for automotive cybersecurity.
  
  As per a report published in 2023, data breaches are responsible for more than 35% of automobile cybersecurity incidents.
• Advent of cloud applications - A new era of vehicle management has been brought about by cloud apps, which are also transforming the automotive sector, and are also known to be vulnerable to data breaches and cyber intrusions, leading to higher adoption of automotive cybersecurity solutions.
  
  By 2025, more than 90% of enterprises are expected to be using cloud computing.

Challenges

• Complexity associated with regulatory compliance - Automobile manufacturers must implement cybersecurity measures to thwart cyber threats, according to the UNECE WP.29 Cybersecurity regulation, which comprises over 65 distinct cyber threats and vulnerabilities listed, and new car models have to comply with the rules, however, the automobile sector is confronted with significant obstacles, particularly as some original equipment manufacturers (OEMs) and suppliers bemoan the new laws' excessive generality.
  
  Regulations about automotive cybersecurity can be complicated to maintain since it is a continuous effort rather than a one-time accomplishment.
• Lack of standardized cybersecurity protocols- Automotive cybersecurity procedures are essential for defending automobiles against malevolent intrusions, however, the lack of industry-wide cybersecurity standards for the automotive supply chain presents a major challenge for OEMs and suppliers to establish clear guidelines.