V2X Cybersecurity Market Size, Share, Trends and Forecast Report 2030

V2X Cybersecurity Market

The global V2X cybersecurity market was valued at USD 43 million in 2023 and is expected to reach USD 778 million by 2030 and grow at a CAGR of 51.3% over the forecast period. The growth of the V2X cybersecurity market is driven by a confluence of factors that underscore the increasing connectivity and digitalization in the automotive industry. As vehicles become more integrated with communication technologies, including V2V (Vehicle-to-Vehicle) and V2I (Vehicle-to-Infrastructure), the susceptibility to cyber threats rises, necessitating robust cybersecurity solutions. The escalating adoption of connected and autonomous vehicles and the proliferation of smart infrastructure amplifies the attack surface for malicious actors, and government regulations mandating stringent cybersecurity measures further fuel market demand. Additionally, the growing awareness among automotive manufacturers and stakeholders about the potential risks associated with V2X communication systems propels investments in advanced cybersecurity solutions, fostering the expansion of the V2X cybersecurity market.

Large amount of data generated by vehicles and increasing cyberattacks

An advanced V2X communication system is integral to developing connected and autonomous vehicles. A V2X communication system uses several connectivity options, networks, sensors, and devices that produce a massive amount of data to be analyzed. The privacy of this data must be ensured to avoid misuse. Upon successfully breaching the system, hackers access comprehensive data encompassing the driver, infrastructure, cloud, and vehicle. Additionally, V2X facilitates the connection of vehicles to smartphones, increasing the risk of potential unauthorized access by hackers to users’ private information, which is commonly stored on the cloud. Companies such as ESCRYPT GmbH, Qualcomm Incorporated, HARMAN International, and AUTOCRYPT Co., Ltd. have developed sophisticated V2X cybersecurity and encryption systems to prevent cyberattacks on V2X communications.

Cyberattacks in the automotive field have increased over the years. For instance, as per Upstream Security Ltd., the automotive industry is expected to lose a staggering USD 505 billion by 2024 to cyber-attacks. Hackers are now easily able to hack the vehicle remotely; approximately 97% of attacks are executed remotely, with 70% of such remote attacks occurring over long distances. Further, in 2022, there was a 380% increase in automotive API attacks, constituting 12% of the total incidents. This occurred despite OEMs implementing advanced IT cybersecurity protections. Thus, increasing cyberattacks would drive the V2X cybersecurity market.

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Increasing trend of connected and autonomous vehicle technologies prone to cyberattacks

Connected and autonomous vehicles are considered the future of automobiles, and V2X technology will play an important role in this evolution. Connected and autonomous vehicles rely on advanced V2X technologies and systems to collect and share real-time data. Autonomous vehicles are gaining an unprecedented amount of traction. Companies such as Mercedes Benz, BMW, Continental AG, and BYD invest heavily in their R&D capabilities to revolutionize traditional driving. For instance, in January 2024, BYD was granted a Level 3 Advanced Driver Assistance Systems (ADAS) testing license for China’s high-speed roads, making it the first company in China to receive such a license. Continental and Aurora have also unveiled the world’s first scalable Level 4 autonomous truck system.

Asia Pacific is estimated to be the largest market during the forecast period.”

The Asia Pacific region is poised to become the largest market for V2X cybersecurity by 2030, driven by substantial sales of V2X-equipped vehicles that set a precedent for other automotive OEMs to integrate this technology. This surge in adoption is expected to elevate the demand for cybersecurity solutions. Notably, Asia Pacific hosts key players in the V2X cybersecurity market, including Autotalks and AUTOCRYPT Co. Ltd. The region’s increasing penetration of electric vehicles and connected car features is poised to boost the demand for V2X cybersecurity further. Countries such as China, Japan, and South Korea in Asia Pacific are anticipated to lead in 5G adoption, with the advancements in 5G enabling cellular connectivity and subsequently driving the adoption of V2X technology. This heightened adoption underscores the imperative need for cybersecurity to secure V2X communication, thereby fueling the growth of the Asia Pacific V2X cybersecurity market throughout the forecast period.

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. These companies offer V2X cybersecurity for automakers as well as for V2X technology providers and have strong distribution networks across the globe.

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