The global V2X cybersecurity market was valued at USD 1.2 billion in 2022 and expected to reach USD 3.2 billion by 2028 and grow at a CAGR of 18.1% over the forecast period (2022 – 2028). Factors such as increasing cyberattacks on vehicles, along with the increase in the penetration of V2X technology in vehicles will boost the demand for the V2X cybersecurity. Increase in developments related to autonomous vehicles, in conjunction with rising focus toward connected technology in cars will create new opportunities for this market. Companies operating in the V2X cybersecurity market are focusing on new product development. For instance, in January 2022, AUTOCRYPT launched AutoCrypt SCMS Version 5.0, a Security Credential Management Security (SCMS) for Vehicle-to-Everything (V2X) communications and a crucial component of its AutoCrypt V2X security solution.
Factors such as developments in connected car technology, paired with increasing growth of automotive V2X market are expected to augment revenues for the V2X cybersecurity market. Rising sales of electric vehicles, in conjunction with development in autonomous vehicles will create favorable opportunities for this market.
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Embedded segment is estimated to have larger share during the forecast period.
The embedded is expected to larger segment in the V2X cybersecurity market during the forecast period. The embedded segment of the V2X cybersecurity market is expected to dominate due to the wide range of embedded solutions available to secure V2X communications. Companies such as ESCRYPT (Germany), Green Hills Software (US), Infineon Technologies AG (Germany), AUTOCRYPT Co. Ltd. (South Korea), and Autotalks (Israel) have been offering embedded security solutions for V2X communications.
The automotive industry has been using embedded security systems in vehicles for a while now. Embedded security is already integrated into the OBU system as hardware or software. It is an essential part that gives an additional layer of security to V2X communications. With the continuously growing connected car technologies, security solution companies are providing advanced software to OEMs and V2X providers, which can be embedded into the system to protect all V2X communications.
V2V segment is expected to account for significant share in the V2X cybersecurity market during the forecast period
The V2V cybersecurity market is projected to be the second largest during the forecast period. V2V plays a critical role in offering safety, which is a key factor fueling the growth of V2V communications. The presence of a significant number of vehicles equipped with V2V, such as the Cadillac CTS and Mercedes-Benz E-Class, will make way for more automotive manufacturers to deploy V2V in their cars. Thus, increasing penetration of V2V would help drive the V2V cybersecurity market during the forecast period for secured V2V communications.
“Europe is expected to have significant share in the V2X cybersecurity market by 2028.”
Europe is expected to have significant growth in the V2X cybersecurity market during the forecast period. Europe presents a huge growth opportunity for the V2X cybersecurity market owing to the improved road infrastructure in conjunction with and rising trials related to C-V2X. Many test and trials have been taking place over the years on C-V2X. Several of these are in partnership with the 5GAA- an association of top companies from telecommunication, automotive, and technology industries. In addition, Europe is home to some of the major V2X cybersecurity suppliers namely ESCRYPT (Germany), Infineon Technologies AG (Germany) and Continental AG (Germany). These companies have strong product portfolio as well as strong distribution networks at the global level.
Key Market Players
The V2X cybersecurity market is dominated by major players including ESCRYPT (Germany), Qualcomm Technologies, Inc. (US), Autotalks (Israel), AUTOCRYPT Co., Ltd. (Korea), and Continental AG (Germany). These companies offer V2Xs cybersecurity and have strong distribution networks at the global level.
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