COVID-19 Impact on Automotive Cyber Security Market in Semiconductors and Electronics Industry
The pandemic started with its epicenter in China in 2019 and has been continuously spreading by then to all over the world; so far, 216 countries and territories have been affected with COVID-19, the U.S. being on the top with cases reaching about 13 million, followed by India, Brazil and then by many European countries such as Russia, Spain, Italy, and others. The COVID-19 cases are reaching the big named countries with a strong dominance in the global market, which has adversely affected the economy globally. The spread of the Coronavirus has led to the worldwide recession, many companies are being bound to take stringent actions of laying of their employees, small businesses are being shut, manufacturing facilities are being put on hold. There has been a disruption in many industries' supply chain due to restrictions in logistics and the closing of manufacturing facilities. Besides, the slowdown in the economy has lowered the spending capability of individuals, and people are saving money for emergencies.
The U.S. has witnessed a decline of 4.8% on an annualized basis in the first quarter Q1-2020. In addition, the slowdown in economy has also lowered the spending capability of individuals and people are saving money for emergencies.
The Latin America region is affected by COVID-19 in both human and economic terms. The IMF World Economic Outlook stated a decrease of 8.1% in GDP of Latin America in 2020.
Automobiles are now connected devices with Wi-Fi for remote start, built-in cellular communication and Bluetooth, and many other apps. The vehicles are now highly automated and connected through the use of advanced technologies such as IoT. Vehicles and the internet are now being integrated, and the increasing connectivity provides a solution to road safety, increasing traffic flow, and climate pollution. The use of these technologies will lead to a high generation of data required to be protected. The increasing cyber thefts and cyber-attacks have been shown to protect the data associated with automobiles too. The expanding growth in connected vehicles has increased the need for cybersecurity for these vehicles over the years.