V2X Cybersecurity Market: Trends and Developments

V2X Cybersecurity Market

The Global V2X Cybersecurity Market size is projected to reach USD 2,798 million by 2025, from an estimated USD 659 million in 2020, at a CAGR of 33.5%.

The increasing trend of connected and autonomous vehicle technologies will trigger the demand for V2X technologies, which, in turn, will drive the market V2X cybersecurity market. Also, the increasing cyber threats in the automotive industry is one of the significant driving factors of the V2X cybersecurity industry. 

OEMs, technology companies, and V2X providers worldwide are focusing heavily on research & testing of security applications/standards to protect data privacy. For instance, in March 2020, Argus and NXP announced a new integrated solution that allows carmakers to protect Ethernet network communications based on the NXP S32G vehicle processor. The joint solution of Argus Ethernet IDS integrated with NXP S32G vehicle network processors, enables mobility innovations, protecting in-vehicle Ethernet networks from cyberattacks to keep drivers connected and safe. Also, in September 2019, the company collaborated with C2A Security for developing cybersecurity solutions for automated and connected vehicle applications. Apart from this, in September 2018, Trillium partnered with the University of Michigan’s TechLab at Mcity for AI research to secure connected cars. These initiatives are expected to provide an impetus to the growth of the global V2X cybersecurity market.

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In the V2X cybersecurity market, by connectivity type, the DSRC segment is projected to dominate the market during the forecast period. The availability of a large number of vehicles equipped with DSRC connectivity, such as Cadillac CTS and Toyota Prius, is expected to draw more automotive manufacturers toward DSRC connectivity for V2X purposes. Thus, increasing demand for DSRC in V2X communications will help the cybersecurity market grow, as many OEMs will be working with cybersecurity solution providers. The fact that DSRC technology has matured over the years has also enabled the study of its pros and cons for V2X applications, which has contributed to the segment growth over the years.

The V2X cybersecurity market players are focusing on expanding their businesses in new markets across the world. Asia Pacific is one of the potential markets for V2X cybersecurity providers. Economies such as China, Japan, and South Korea, have a technologically advanced automotive industry. The large market share of the region can be attributed to the high sales of the V2X equipped vehicles in China. Also, increasing the adoption of electric vehicles will result in the increased demand for V2X technologies, which are quite suitable for electric vehicles.

Apart from this, One of the key factors driving the growth of the market in the Asia Pacific is the increased production of passenger cars with advanced connected car features. In recent years, this region has emerged as a hub for automobile production. According to OICA, China, and India together produce approximately 30 million vehicles every year. The increasing purchasing power of the population and increasing concerns over the environment have triggered the demand for V2X in the Asia Pacific.

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Europe presents a significant growth opportunity for the V2X cybersecurity market, as the region’s vibrant R&D landscape and technological excellence with over 100 automotive electronics-related study programs every year justify the region’s dominance in the field of connectivity, vehicle electronics, self-driving cars, and cybersecurity. In Europe, the IEEE 802.11 based standard, which is in use, is called ITS-G5. The EU has also opened the doors for C-V2X by rejecting the European Commission to mandate the ITS-G5 standard for V2X communication. This would help in fueling the growth of the European V2X cybersecurity market during the forecast period, as C-V2X technology is expected to be the future of V2X communications.

Recent Developments:

  1. In March 2020, AutoCrypt revealed an advanced version of its BSM (Basic Safety Message) verification V2X technology, which the company claims to have a minimum of 30% enhanced speed and accuracy.
  2. In November 2019, Hubject and Penta Security (AutoCrypt) announced their co-operation to enable standardized, secure communication between electric vehicles and charging stations. Both V2G Root Certificate Authorities (V2G Root CAs) will complete a direct cross-certification to enable a global use of the existing solutions.
  3. In June 2019, Autotalks teamed up with Marben for a live V2X demo based on MARBEN V2X software solution running on Autotalks’ chipset. The joint demonstration will show V2V applications running using both DSRC and C-V2X standards and leverages the ability of Autotalks’ chipset to support both. Autotalks has been cooperating for several years with Marben, a global leader in embedded software solutions for the telecommunication and automotive industries.
  4. In October 2018, OnBoard Security announced its latest product, the V2X Validation Tool, which facilitates penetration testing of automotive OBUs and RSUs used to improve the safety of connected vehicles. The V2X Validation Tool is compatible with the majority of V2X equipment.
  5. In April 2018, ESCRYPT presented its V2X security solution that addresses both embedded protection for vehicles and traffic facilities, and securing the Public Key Infrastructure (PKI) in equal measure. ESCRYPT demonstrated how to protect the exchange of data among connected vehicles and with transportation infrastructure from unauthorized access.
  6. In November 2017, Continental acquired Argus Cybersecurity—an Israel-based start-up focused on automotive cybersecurity. The acquisition strengthened and enhanced its capabilities in automotive cybersecurity.

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