The global V2X cybersecurity industry size is projected to grow from USD 43 million in 2023 to USD 778 million by 2030, at a CAGR of 51.3%.
The rise of the automotive V2X industry and the development of linked car technologies are two major factors driving the V2X cybersecurity market’s revenue growth. Additionally, the growing frequency of cyberattacks worldwide and the growing amount of data produced by automobiles are expected to be major factors driving market growth. Furthermore, the market for V2X cybersecurity is anticipated to benefit from the expanding use of electric vehicles and developments in autonomous vehicle technology. Through V2X communication, the deployment of C-V2X (Cellular Vehicle-to-Everything), which makes use of 5G technology, is improving linked mobility capabilities. It is anticipated that advancements in driverless vehicles and 5G technology would provide a favorable atmosphere for the broad use of V2X cybersecurity solutions.
Over the course of the forecast period, the PKI segment is anticipated to increase at the fastest rate.
For wireless communications, Public Key Infrastructure (PKI) is a widely recognized technology, especially in Internet of Things (IoT)-based automotive applications and autonomous vehicle technologies. Certificate Policy, Root Certificate Authority (CA), Intermediate CA, Certificate Database, Revocation Services, and Digital Certificate are all necessary parts of a standard PKI system. Because of its scalability and capacity to manage credentials and access control, PKI technology has many benefits when used in V2X communications. Numerous businesses offer PKI solutions based on standards such as the European Telecommunications Standards Institute’s (ETSI) ITS standards and the Institute of Electrical and Electronics Engineering’s (IEEE) WAVE standards. The demand for On-Board Units (OBUs) and Roadside Units (RSUs) is expected to be driven by the increased emphasis on autonomous mobility and the growing worries about road safety worldwide. PKI solutions offer certificates for both RSUs and OBUs, and the market is expected to develop as more RSUs are installed and V2X OBUs are found in automobiles. It is anticipated that this tendency will support the PKI segment’s revenue growth in the V2X cybersecurity market. Additionally, the increased emphasis on smart city initiatives is probably going to increase demand for RSUs, which will help the V2X cybersecurity market’s revenue growth throughout the course of the projection year.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=194480977
Over the course of the forecast period, the V2P segment of the V2X cybersecurity market is anticipated to develop at the fastest rate.
Over the course of the projection period, the V2P cybersecurity market is anticipated to expand at the fastest rate. A high pedestrian death rate in traffic accidents has sparked a growing concern for pedestrian safety, which is the main driver of the V2P category. Revenues in the V2P cybersecurity industry are anticipated to rise as a result of this trend. Notably, more than 7,500 pedestrians died in road accidents in the United States in 2022, according to data from the National Center for Injury Prevention and Control and the Centers for Disease Control and Prevention. In the same year, there were 2.37 pedestrian fatalities for every billion vehicle miles driven (VMT). It is projected that a high pedestrian presence and an increase in pedestrian-related traffic accidents will propel market expansion. Cyber dangers are intimately linked to V2P interactions, particularly given the increasing frequency of smartphone hacking. As a result, there is an increasing need for cybersecurity solutions to protect confidential data and communications.
“By 2030, North America is anticipated to hold a sizable portion of the V2X cybersecurity market.”
With significant manufacturers like Ford Motors, General Motors, and Fiat Chrysler Automobiles, the North American automotive industry is one of the fastest-growing in the world. Passenger cars with cutting-edge comfort and safety features have proven to be popular, especially in the US market. Along with well-known European and Asian OEMs like Toyota (Japan), Nissan (Japan), Honda (Japan), Hyundai/Kia (South Korea), BMW Group (Germany), and Volkswagen Group (Germany), American OEMs like Ford Motors, General Motors, and Fiat-Chrysler Automotive dominate the market. With growing application areas focused on connectivity, the U.S. leads the world in V2X technologies and has a substantial impact on market growth. As a result, there will likely be a greater need for cybersecurity solutions for cars in North America. Due to the region’s growing traffic problems, conventional approaches to infrastructure expansion are being abandoned. Modern solutions are now essential for fleet and traffic management, such as connected automobile technology. The integration of the transportation, automotive, and ICT sectors has further driven this transformation, creating the V2X ecosystem.
The need for automotive cybersecurity is expected to rise in the North American market due to the expanding use of V2X technologies and increased awareness of possible risks to these systems. The development of the technology and automotive sectors in the area has been greatly aided by the North American Free Trade Agreement (NAFTA). North America is a desirable market for the whole automotive ecosystem due to its sizable consumer base and high level of disposable income. The North American connected car industry is anticipated to grow in the upcoming years due to ongoing improvements in safety laws, such as debates over V2V communication requirements and the necessary installation of rearview cameras in the United States. Furthermore, it is projected that the existence of major V2X ecosystem participants like Qualcomm, Savari, and Harman will support the expansion of the North American V2X cybersecurity industry.
Key Players
The major players in V2X cybersecurity market include ESCRYPT GmbH (Germany), Qualcomm Incorporated (US), Autotalks (Israel), AUTOCRYPT Co., Ltd. (Korea), Continental AG (Germany), among others.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=194480977
