Global V2X Cybersecurity Market Highlights 2022 – 2030
The global V2X cybersecurity market is estimated to garner a sizeable revenue and grow at a CAGR of ~33% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing amount of data generated by vehicles, and rise in the number of cyberattacks around the world. The total number of malware infections rose up to 812.6 million in 2018, up from 702 million and 580.4 million since 2017 and 2016 respectively. Along with these, growing dependency on internet, and rapid development of autonomous vehicles by prominent automobile manufacturers are also crucial factors expected to boost market growth in the forthcoming years. Furthermore, connected and autonomous vehicles rely on sophisticated V2X technologies and systems for collecting and sharing real-time data. As these vehicles are gaining momentum since the last few years, OEMs and other stakeholders are collaborating for revolutionizing the traditional way of driving, which in turn is projected to offer profitable opportunities to the market in the near future.
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The market is segmented by unit type into on-board unit, and roadside unit, out of which, the on-board unit segment is anticipated to hold the largest share in the global V2X cybersecurity market on account of the fact that a vehicle requires OBU for all types of V2X communications. In addition, an on-board unit has control over several security features in the vehicle, making the security provided by these units highly significant, which is also predicted to drive the market segment’s growth in the future. Moreover, on the basis of vehicle type, the passenger cars segment is projected to grab the largest share during the forecast period, which can be credited to the surge in demand for connected car technologies in passenger cars, and increase in the number of electric vehicles and autonomous cars around the world.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global V2X Cybersecurity Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global V2X cybersecurity market includes the following segments:
By Communication Type
- V2I
- V2V
- V2G
- V2C
- V2P
By Unit Type
- On-Board Unit
- Roadside Unit
By Security Type
- PKI
- Embedded
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Growth Drivers
- Increasing Amount of Data Generated by Vehicles
- Rising Number of Cyberattacks Around the World
Challenges
- Difficulty in Keeping Up with Continuous Evolutions in V2X Ecosystem
Top Featured Companies Dominating the Market
- Continental AG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Autotalks Ltd.
- Infineon Technologies AG
- Vector Informatik GmbH
- HARMAN International
- Denso Corporation
- Infineon Technologies AG
- AUTOCRYPT Co., Ltd.
- Capgemini Engineering
- ID Quantique SA
