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V2X Cybersecurity Market Trends 2024, Growth Opportunities Forecast 2030

V2X Cybersecurity Market Trends Analysis Research Report by Unit Type (OBU and RSU), Form (In-vehicle and External Cloud Services), Communication Type (V2I, V2V, V2G, V2C, and V2P), Security Type (PKI and Embedded), Connectivity Type, Vehicle Type and Region - Global Forecast to 2030

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Format : V2X Cybersecurity Market Trends 2024, Growth Opportunities Forecast 2030

V2X Cybersecurity Market Overview

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.

In 2024, the V2X (Vehicle-to-Everything) cybersecurity market is poised for significant growth and evolution as the automotive industry continues its rapid transition towards connected and autonomous vehicles.

The growing dependence on V2X communication highlights the crucial importance of implementing robust security measures to guarantee the integrity, security and integrity of data that is exchanged between infrastructure or other gadgets.

The most significant challenges are the possibility of unauthorised access, data alteration and malicious attacks which is why there is a greater emphasis on authentication and encryption mechanisms.

The industry anticipates the advancement of advanced technology for detecting threats that utilize artificial intelligence to aid in monitoring in real-time and for detecting anomalies. Additionally, the blockchain integration is anticipated to gain momentum by providing a decentralized, secure ledger that is not tamper-proof to increase the security of data.

The future of regulation is in the cards as regulators and governments will likely to take on an active part in the definition and enforcement of security guidelines to ensure V2X communication.

Collaboration among stakeholders in the industry such as automakers, technology companies, as well as cybersecurity firms is likely to increase the sharing of information and joint efforts to tackle emerging cyber-related threats in this rapidly changing and important market.

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Trends 2024

As of 2024, the V2X (Vehicle-to-Everything) cybersecurity market is witnessing dynamic trends shaping the landscape of connected and autonomous vehicles. Modern threat detection techniques have advanced, incorporating artificial intelligence for more sophisticated anomaly detection as well as real-time monitoring.

Blockchain technology has become more prominent as it provides a decentralized and secure framework that can be tampered with to increase the security of data in V2X communications.

The regulatory developments have been more significant in light of the growing awareness of the crucial role that cybersecurity plays in ensuring safety and security for connected cars. The regulatory and government bodies actively participate in the development and implementation of rigorous security standards for V2X communications.

Collaboration between industry players has increased and has seen automakers, technology companies, and cybersecurity companies working together to combat the ever-changing cyber-security security threats.

This approach to collaboration includes information sharing and efforts to build a more unified safe V2X ecosystem. These developments collectively indicate a growing market where technological advancement, regulatory compliance and collaboration efforts come together to improve the overall security level of V2X communication systems.

V2X Cybersecurity Market Dynamics

Growth Drivers

The V2X (Vehicle-to-Everything) cybersecurity market is experiencing robust growth driven by several key factors in 2024. The rising number of autonomous and connected vehicles, in conjunction with the growing use of V2X communications systems, has significantly increased the need for effective security solutions.

The rising awareness among the various stakeholders of the risks that could be posed by cyber threats has spurred investment in cutting-edge cybersecurity technology.

The ever-changing regulatory landscape, which has the focus on developing and enforcing cybersecurity standards is also playing a key factor in accelerating the growth of the market. As regulatory and government agencies recognize the crucial importance of securing V2X communications to ensure road safety and reliability of the system

The automotive industry has responded by stepping up efforts to adopt effective cybersecurity measures. Additionally, the increasing technological sophistication of cyber-attacks that target connected vehicles has prompted advancements in security and threat detection technologies and has accelerated the development of the V2X cybersecurity market.

In the end, these interconnected elements are a major factor in the booming development path for V2X security solutions, as they become integral elements of the ever-changing automotive ecosystem.

Restraints

Despite the promising growth of the V2X (Vehicle-to-Everything) cybersecurity market, several significant restraints pose challenges to its development in 2024. The most significant concern is the interoperability and complexity that arise from the wide range of V2X communications protocols and technologies.

The absence of standardized frameworks could hinder seamless integration and lead to security vulnerabilities within the overall cybersecurity infrastructure. Furthermore, the speed of technological advancements both in the cybersecurity and automotive domains creates the constant challenge of maintaining the most current security mechanisms.

The ever-changing nature of cyber-attacks requires continuous improvement, making it difficult for those involved to keep abreast of emerging dangers. Another issue is the possibility of higher expenses associated with the implementation and maintaining strong cybersecurity measures.

As V2X systems are more advanced as they become more sophisticated, the financial cost to ensure their safety could be significant for both the manufacturer and users. Additionally, privacy concerns relating to the sharing and collection of sensitive data from vehicles could cause regulatory problems that could hinder the smooth implementation of security measures.

In the end, addressing these limitations are crucial to the long-term development of the cybersecurity market for V2X, that requires the collaboration of regulators, industry players, and technology companies to overcome these challenges.   

V2X Cybersecurity Market Segment Analysis

The in-vehicle market is predicted to grow at a faster rate in the coming forecast. In-vehicle V2X cybersecurity is primarily about protecting vehicles from being hacked through external vulnerabilities. 

V2X technology is used in a variety of applications including infotainment and communication, ADAS & safety, and the telematics. Hackers could hack the vehicle through manipulating the in-vehicle network to carry out unauthorised actions. 

V2X and OEMs as well as cybersecurity service companies are collaborating to develop security solutions for cars to enable secure V2X communication. In-vehicle security solutions comprise a variety of devices, hardware platform and programmed chips that protect all kinds of vehicle communications. 

The advancement autonomy vehicles will have expected to boost the demands for V2V, V2P and V2I communications. This will help boost the growth in revenue of the in-vehicle segment of security market for V2X.

Roadside Units (RSUs) and Infrastructure Security: RSUs form an important part of the V2X's communication infrastructure. This section focuses on security measures for roadside units, the communication networks, and infrastructure. A robust security system is crucial to guard against potential threats to the communication channels as well as to ensure the integrity of data exchanges between vehicles.

Competitive Landscape of the V2X Cybersecurity Market

New Developments

In January 2022, AUTOCRYPT Co., Ltd. launched AutoCrypt SCMS Version 5.0, a Security Credential Management Security (SCMS) for Vehicle-to-Everything (V2X) communications and a crucial component of its AutoCrypt V2X security solution. The SCMS will be essential for autonomous driving since it will authenticate and verify messages sent through V2X communications to ensure security and safety.

In October 2021, Infineon launched the SLS37 V2X Hardware Security Module to safeguard vehicle-to-everything communication.

In February, ESCRYPT launched a new pilot public key infrastructure (PKI) for the CAR 2 CAR Communication Consortium (C2C-CC). The PKI issues certificates which can be used by members of C2C-CC for pilot and testing operations based on ETSI TS 103 097 v.1.3.1 security standard. This most recent edition of the standard for security, which is a harmonization between the IEEE 1609.2 and ETSI which helps in reducing the workload for OBU (OBU) operators and vendors.

V2X Cybersecurity Market Regional Insights

The Asia-Pacific region is seeing an increase in the use of V2X driven by rapid advances in technology for automobiles and the development of infrastructure. Countries such as China, Japan, and South Korea are at the leading the way, investing in the development of smart transportation technology.

The regulatory initiatives differ in some countries, with some involved in the creation security standards. There is also increasing interest in emerging technologies, as companies incorporate AI and blockchain technology into security solutions using V2X.

North America continues to be a major participant in the V2X cybersecurity market, driven by the large number of users of autonomous and connected vehicles. The region has an enviable regulatory framework, which is aided by active participation from the government in developing and enforcing cybersecurity norms.

Collaboration among industry players which include automobile makers, technology providers and cybersecurity companies is a strong factor, which contributes to the advancement of threat detection and extensive security measures.

Europe places a significant importance upon V2X communication, which is backed by initiatives to increase the safety of roads and improve efficiency.

The EU's regulatory framework is crucial in the development of cybersecurity standards, driving innovation and making sure that interoperability is maintained. Concerns about privacy and security are tackled by strict regulations for data protection.

Collaboration efforts between auto manufacturers and technology companies aid in the development of V2X cybersecurity solutions across the region.

While the adoption rate in Africa is likely to be slower but there is an increasing recognition of potential advantages of V2X technology. The development of infrastructure as well as regulatory efforts play major aspects in creating the market.

Partnerships between international players as well as technology providers are essential to the development of a strong basis for connected vehicles.

Segments Covered in the V2X Cybersecurity Market

V2X Cybersecurity Market Based on Unit:

  • On-Board Units
  • Roadside Units

V2X Cybersecurity Market Based on Connectivity:

  • Cellular
  • DSRC

V2X Cybersecurity Market Based on Communication:

  • Vehicle-to-Vehicle (V2V)
  • Vehicle-to-Infrastructure (V2I)
  • Vehicle-to-Pedestrian (V2P)
  • Vehicle-to-Grid (V2G)
  • Vehicle-to-Cloud (V2C)

V2X Cybersecurity Market Based on Vehicle Type:

  • Passenger Cars
  • Commercial Vehicles

V2X Cybersecurity Market Based on Security Framework:

  • PKI
  • Embedded

V2X Cybersecurity Market Based on Form:

  • In-Vehicle
  • External Cloud Services

V2X Cybersecurity Market Based on Propulsion:

  • Internal Combustion Engines
  • Electric Vehicles
  • Based on Security Type
  • Endpoint Security
  • Software Security
  • Cloud Security

Frequently Asked Questions:

How big V2X Cybersecurity Market?

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.

What is the future outlook for the V2X Cybersecurity Market?

The future outlook for the V2X (Vehicle-to-Everything) cybersecurity market appears promising, with sustained growth expected. Increasing adoption of connected and autonomous vehicles, evolving regulatory frameworks, and advancements in cybersecurity technologies will drive demand for robust V2X security solutions.

What applications do V2X Cybersecurity have?

V2X (Vehicle-to-Everything) cybersecurity applications encompass securing communication between vehicles, infrastructure, and other devices. This includes in-vehicle security, protection of roadside units and infrastructure, back-end server defense, and collaborative solutions to ensure the integrity and confidentiality of data xchanged in connected and autonomous vehicle ecosystems.

Which Are the Top Companies Hold the Market Share in V2X Cybersecurity Market?

The report profiles key players such as ESCRYPT (Germany), Qualcomm Incorporated (US), Autotalks (Israel), AUTOCRYPT Co., Ltd. (Korea), and Continental AG (Germany).

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