V2X Cybersecurity Market size was over USD 44.2 million in 2023 and is poised to cross USD 9.06 billion by 2036, witnessing more than 50.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of V2X cybersecurity is evaluated at USD 62.09 million. 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
50.6% |
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Base Year Market Size (2023) |
USD 44.2 million |
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Forecast Year Market Size (2036) |
USD 9.06 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments
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By Communication Type |
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By Unit Type |
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By Security Type
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By Vehicle Type
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On the basis of geographical analysis, the global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is anticipated to dominate majority revenue share by 2036, due to 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.
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.
Author Credits: Abhishek Verma
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