V2X Cybersecurity Market worth $778 million by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 29, 2024 /PRNewswire/ -- V2X Cybersecurity Market is projected to grow from USD 43 million in 2023 to USD 778 million by 2030, at a CAGR of 51.3%, according to a new report by MarketsandMarkets™. The advancement in connected car technology and the expansion of the automotive V2X market are key drivers contributing to the revenue growth in the V2X cybersecurity market. Furthermore, the increasing prevalence of cyber-attacks on a global scale, coupled with the escalating volume of data generated by vehicles, is anticipated to play a pivotal role in propelling market expansion. Additionally, the growing adoption of electric vehicles and advancements in autonomous vehicle development are expected to present favourable opportunities for the V2X cybersecurity market. The implementation of C-V2X (Cellular Vehicle-to-Everything), leveraging 5G technology, is enhancing connected mobility capabilities through V2X communication. The evolution of 5G technology and progress in autonomous vehicles is projected to establish a conducive environment for the widespread adoption of V2X cybersecurity solutions.

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V2X Cybersecurity Market Scope:

PKI segment is estimated to grow at a fastest rate during the forecast period.

Public Key Infrastructure (PKI) stands as a globally accepted technology for wireless communications, particularly in Internet of Things (IoT)-based automotive applications and autonomous vehicle technologies. A typical PKI system comprises essential components such as Certificate Policy, Root Certificate Authority (CA), Intermediate CA, Certificate Database, Revocation Services, and Digital Certificate. The incorporation of PKI technology in V2X communications offers significant advantages, given its scalability and capability for credential and access control management. Various companies provide PKI solutions based on standards like the Institute of Electrical and Electronics Engineering's (IEEE) WAVE and the European Telecommunications Standards Institute's (ETSI) ITS standards. The growing emphasis on autonomous mobility and increasing concerns about road safety globally are anticipated to drive the demand for On-Board Units (OBUs) and Roadside Units (RSUs). PKI solutions provide certificates for both OBUs and RSUs, with market growth tied to the increasing installation of RSUs and the penetration of V2X OBUs in vehicles. This trend is expected to contribute to the revenue growth of the PKI segment within the V2X cybersecurity market. Moreover, the rising focus on smart city projects is likely to boost the demand for RSUs, further supporting revenue growth in the V2X cybersecurity industry throughout the forecast period.

The V2P segment is expected to grow fastest in the V2X cybersecurity market during the forecast period.

The V2P cybersecurity market is projected to grow fastest during the forecast period. The primary driver for the V2P segment is the growing concern for pedestrian safety, prompted by a high pedestrian death rate in traffic accidents. This trend is expected to increase revenues in the V2P cybersecurity market. Notably, in the United States, the Centers for Disease Control and Prevention and the National Center for Injury Prevention and Control reported over 7,500 pedestrian fatalities in traffic accidents in 2022. The pedestrian fatality rate stood at 2.37 deaths per billion vehicle miles traveled (VMT) in the same year. The rise in traffic accidents involving pedestrians and a significant pedestrian presence is anticipated to drive market growth. V2P communications are closely associated with cyber threats, especially as the hacking of smartphones used for V2P communications is on the rise. Consequently, there is a growing demand for cybersecurity solutions to ensure the security of private communications and information.

"North America is expected to have a significant share in the V2X cybersecurity market by 2030."

The North American automotive industry stands as one of the fastest-growing sectors globally, housing major players such as Ford Motors, General Motors, and Fiat Chrysler Automobiles. The U.S. market, in particular, has shown a preference for passenger cars equipped with advanced comfort and safety technologies. American OEMs, including Ford Motors, General Motors, and Fiat-Chrysler Automotive, dominate the market, alongside established European and Asian OEMs such as Toyota (Japan), Nissan (Japan), Honda (Japan), Hyundai/Kia (South Korea), BMW Group (Germany), and Volkswagen Group (Germany). In the realm of V2X technologies, the U.S. holds prominence, contributing significantly to market growth with expanding application areas centered around connectivity. Consequently, the demand for cybersecurity solutions for automobiles in North America is anticipated to rise. The region is grappling with increasing traffic congestion, prompting a departure from traditional infrastructure expansion methods. Advanced solutions, such as connected car technologies for traffic and fleet management, have become crucial. This shift has been further fueled by the convergence of the ICT sector, automotive industry, and transportation sector, giving rise to the V2X ecosystem.

With the growing adoption of V2X technologies and heightened awareness of potential threats to this technology, the demand for automotive cybersecurity is poised to increase in the North American market. The North American Free Trade Agreement (NAFTA) has played a pivotal role in fostering the growth of the automotive and technology industries in the region. A substantial customer base and high disposable income make North America an attractive market for the entire automobile ecosystem. Ongoing advancements in safety regulations, such as discussions on the mandatory installation of rear-view cameras in the U.S. and deliberations on V2V communication mandates, are expected to propel the North American connected car market in the coming years. Additionally, the presence of key players in the V2X ecosystem, including Qualcomm, Savari, and Harman, is anticipated to contribute to the growth of the North American V2X cybersecurity market.

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Key Market Players:

The major players in V2X Cybersecurity Companies include ESCRYPT GmbH (Germany), Qualcomm Incorporated (US), Autotalks (Israel), AUTOCRYPT Co., Ltd. (Korea), Continental AG (Germany), among others.

Recent Developments

• In January 2024, AUTOCRYPT and Cohda Wireless have formalized a Memorandum of Understanding (MOU) during CES 2024, outlining their collaborative efforts to develop a security-integrated Vehicle-to-Everything (V2X) solution.
• In June 2023, Autotalks and Infineon Technologies AG have formed a collaborative partnership to develop advanced Vehicle-to-Everything (V2X) solutions. In this collaboration, Infineon will contribute its automotive-grade HyperRam 3.0 memory to be integrated into Autotalks' V2X reference designs, namely Tekton3 and Secton3.
• In May 2023, Qualcomm Incorporated declared that its subsidiary, Qualcomm Technologies, Inc., had entered into a definitive agreement to acquire Autotalks.
• 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 would be important for autonomous driving as it would sign and verify the messages transmitted through V2X communication to ensure safety and security.

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