V2X cybersecurity market is increasing in popularity because of the rise in cybersecurity requirements, the advancement on Cellular V2X (C-V2X) technology and a increasing threats to cybersecurity in the automotive sector. But, there are a lot of problems that need to be resolved to maximize the potential of this market.

Bosch is among the renowned V2X cybersecurity companies striving to create an unhindered world of mobility. Bosch is well-known for its automotive-related technologies in addition to cybersecurity services.

V2X Cybersecurity Market is expected to grow rapidly at a 7.89% CAGR consequently, it will grow from its existing size of from $1.4 billion in 2023 to $ 9.35 billion by 2030.

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Overview

The rise of V2X Cybersecurity Market is due to the growing number of vehicles that are equipped with V2X technology and the growing cyber-related threats to the automobile industry. The primary focus of car manufacturers has changed from fuel efficiency and performance, as well as driver safety and the stability of the car to features that add connectivity to the vehicle, electrification of functions and digitalization.

This shift has created an opportunity for non-automotive companies like Intel, Qualcomm, and Nvidia to get into the market of automobiles by creating security-related applications and supplying security solutions.

Additionally, the rising adoption of ADAS equipped vehicles for passenger use is expected to propel the market for V2X cybersecurity globally. The increasing concerns about the traffic jam, safety on roads and pollution levels are driving the demand to have V2X security solutions around the world.

The market for V2X cybersecurity services is divided by type of unit (On-Board Unit and Roadside Unit) as well as the type of vehicle Propulsion type, communications and location. The On-Board units can be further categorized into cloud-based in-vehicle and external services. The kind of vehicle is subdivided into ICE and hybrid electric vehicles.

The communication is further divided into Vehicle-To-Vehicle (V2V), Vehicle-To-Infrastructure (V2I), and Vehicle-To-Grid (V2G). The market is highly competitive with significant players like The ESCRYPT Corporation (Germany), DENSO Corporation (Japan), Autotalks Ltd. (Israel), Argus Security LLC (US) as well as Continental AG (Germany).

These companies have implemented strategies like expanding their product lines, new product development as well as collaborations, partnerships and acquisitions to increase their presence on the V2X Cybersecurity market.

Competitive Landscape of the V2X Cybersecurity Market

• ESCRYPT (Germany)
• Qualcomm Incorporated (US)
• Autotalks (Israel)
• AUTOCRYPT Co. Ltd. (Korea)
• Continental AG (Germany)

Trend

The V2X Cybersecurity Market is driven by ever-growing cybersecurity risks in the automobile sector. As connected vehicles become more sophisticated, they create huge amounts of data that must be transferred securely. But hackers are able to alter the data transmission process and compromise the security of the infrastructure for vehicles. This has forced governments to enact regulations that require V2X cybersecurity for vehicles.

Furthermore that, there is a need for V2X Cybersecurity Market is also driven by a growing consumer awareness and the need for a robust security of connected vehicles. In addition, with the advent of autonomous driving technology that require secure V2X communication system is required to ensure safety in operations.

This is why it is expected that the V2X cybersecurity industry is anticipated to expand quickly over the forecast time.

V2X Cybersecurity Market players are working on the development of new and innovative products that ensure security, safety and the performance for connected cars. Qualcomm is among the major players in this field and is a pioneer in the field of developing advanced solutions and technologies that change how people communicate, connect and interact with their devices.

Qualcomm offers a variety of products, including processors platforms, modems and RF systems as well as connectivity.

The company also offers tools and software to help customers create, integrate the best practices and implement V2X solutions and programs. Another important participant on the V2X cybersecurity market is Bosch which offers an array of automobile engineering services.

This includes production, development research and development, as well as the design and production of automobiles. The company also provides an array of aftermarket and support services to the auto industry.

Growth Driver

Direct vehicle-to-vehicle (V2V) and also vehicle to infrastructure (V2I) wireless communications also referred to as V2X communication, enables autonomous and connected vehicles to connect with each with roadside equipment, like traffic signals. These systems produce a large amount of data, and are vulnerable to cyber-attacks that could cause harm to safety in the real world. Therefore, the need in V2X security solutions have grown substantially.

A variety of factors drive the expansion of V2X Cybersecurity Market, including increasing use of connected car technologies, the strengthening of regulatory agencies' mandates for the protection of vehicle data as well as the expanding the global auto V2X market, growing global sales of electric vehicles as well as the increasing demands of safer roadways.

Furthermore, the technological advances in Cellular-V2X (C-V2X) the technology which uses the cellular network to transmit data between vehicles as well as roadside equipment, are expected to increase the growth rate of the market.

Additionally, cloud-based services from outside are also becoming popular in the automotive sector because of their value and efficiency in OTA update and management of fleets. Additionally, the EV sector within the V2X Cybersecurity Market is expected to see significant growth over the forecast timeframe, since electric vehicles have batteries which store the electricity.

Electric vehicles require connection between their batteries and power grids in order to transfer energy and manage demand for electricity. This type of communication is susceptible to cyberattacks as well as data breach, making it more important to have V2X security.

Segments

As vehicles become more connected and dependent on communications to ensure safety and effectiveness cybersecurity solutions are crucial. This need is fueled by increased awareness among consumers and the government regulations that mandate the use of strong security measures in connected vehicles. This market is also driven by the rapid development in autonomous vehicle technology which requires the most advanced V2X communication.

Vehicle-to-vehicle (V2V) communications segment held the highest portion in 2021 and accounted for more than three-fifths the total V2X market for cyber security. It is anticipated to expand in the fastest pace during the forecast period due to the growing demand for connected car technologies and enhanced technology for traffic control systems.

The V2V communications system relays information on the road conditions, speed of vehicles as well as the direction of travel and other pertinent data via wireless networks between vehicles.

Based on model type, the onboard unit segment dominated the market in 2022. This increase can be attributed to the increasing sales of luxurious and mid-luxury passenger cars equipped with V2X technology. The V2X system allows passengers to avail various services provided from the automobile, including parking assistance, collision avoidance or roadside aid.

Based on region by region Asia Pacific V2X Cybersecurity Market is projected to expand at the highest CAGR over the forecast time. This is due to an increase in sales of electric vehicles, as well as the increasing use of V2X communication for connected cars. Furthermore, the OEMs in this region are working to improve the safety and performance of their vehicles by incorporating V2X functions.

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