DUBLIN, February 26, 2016 /PRNewswire/ --
The global connected car market is expected to reach a value of USD 153.6 billion by 2020, according to an industry report available from Research and Markets. The report states that consumer concerns over data safety and privacy is a major challenge to this market, a challenge confirmed today as Nissan Motor Co were forced to disabled a mobile app for their Lead electric car due to security concerns about remote accessibility.
Security research Troy Hunt was able to hack into a friend's Leaf car and access information for the vehicle's climate controls and battery status. Hunt was based in Norway during the demonstration, while the car was located in the UK. Hunt revealed that the only piece of information required to compromise the application's programming was the vehicle identification number, visible through the windshield.
The global auto cyber security market is forecast to grow at a CAGR of 13.2% during the 2015-2020 period, as noted in a recent report. Todays events could see further investment in cyber security technology from automotive manufacturers, resulting in further growth.
The global connected car M2M connections market is estimated to grow at a CAGR of 28% by 2020, as stated in a technology analysis report. However, cyber security risks such as the one exposed by Troy Hunt must be minimized in order to build consumer confidence and encourage sales in this market.
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SOURCE Research and Markets