V2X Cybersecurity Market Segmentation by Communication Type (V2I, V2V, V2G, V2C, and V2P); by Unit Type (On-Board Unit, and Roadside Unit); by Security Type (PKI, and Embedded); and by Vehicle Type (Passenger Cars, and Commercial Vehicles) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3586 | Published Date: Feb 07, 2023
On the basis of geographical analysis, the global V2X cybersecurity market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to gather the largest share and witness noteworthy growth over the forecast period on the back of the high sales of V2X equipped vehicles, and growing demand for cybersecurity solutions in the region. Apart from these, strong presence of major market players is also predicted to drive APAC’s market growth in the future. Additionally, the market in North America is also assessed to grab a notable market share during the forecast period ascribing to the rise in sales of connected vehicles, and high emphasis on developing innovative artificial intelligence solutions in the region. In 2017, more than 45 percent of Americans used digital assistants to interact with their smartphones, whereas around 8 percent of them used it on a standalone device.
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The global V2X cybersecurity market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global V2X cybersecurity market includes the following segments:
By Communication Type
By Unit Type
By Security Type
By Vehicle Type
Growth Drivers
Challenges
March 2020- AutoCrypt launched an advanced version of its basic safety message (BSM) verification V2X technology, which the company claims to have a minimum of 30% enhanced speed and accuracy.
June 2019- Autotalks collaborated with Marben for a live V2X demo based MARBEN V2X software solution running on Autotalks’ chipset. Th demonstration showed V2V applications running using both DSRC and C-V2X standards.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving market growth are increasing amount of data generated by vehicles and rising number of cyberattacks around the world.
Ans: The market is anticipated to attain a CAGR of ~33% over the forecast period, i.e., 2022 – 2030.
Ans: Difficulty in keeping up with continuous evolutions in V2X ecosystem is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the high sales of V2X equipped vehicles, and growing demand for cybersecurity solutions in the region.
Ans: The major players in the market are Continental AG, Autotalks Ltd., Infineon Technologies AG, Vector Informatik GmbH, HARMAN International, and others.
Ans: The major players in the market are Continental AG, Autotalks Ltd., Infineon Technologies AG, Vector Informatik GmbH, HARMAN International, and others.
Ans: The market is segmented by communication type, unit type, security type, vehicle type, and by region.
Ans: The on-board unit segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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