V2X Cybersecurity Market Size, Share & Trends Analysis Report By Unit Type (On-Board Units, Roadside Units), By Connectivity, By Communication, By Propulsion, By Vehicle Type, By Security Type, By Region, And Segment Forecasts, 2023 - 2030

V2X Cybersecurity Market Size, Share & Trends Analysis Report By Unit Type (On-Board Units, Roadside Units), By Connectivity, By Communication, By Propulsion, By Vehicle Type, By Security Type, By Region, And Segment Forecasts, 2023 - 2030

V2X Cybersecurity Market Growth & Trends

The global V2X cybersecurity market size is projected to reach USD 7.97 billion by 2030, registering a CAGR of 18.9% from 2023 to 2030, according to a new study by Grand View Research Inc. The growth is anticipated to be driven by increasing demand for connected vehicles and development in autonomous vehicle technologies across the globe. The vehicles integrated with V2X technologies generate enormous volumes of data that need to be protected from cyberattacks, creating a favorable environment for the market. Furthermore, increasing private & public investment in intelligent transport systems is expected to further propel the growth of the vehicle-to-everything cybersecurity market.

Advancements in emerging technologies such as cloud computing, Internet of Things (IoT), 5G, big data analytics, Machine Learning (ML), and Artificial Intelligence (AI) are creating robust opportunities for the expansion of the market worldwide. The companies operating in the market are focusing on improving their brand identity by strengthening their automotive cybersecurity solution portfolio. For instance, in May 2023, an advanced technology company, Thales strengthened its automotive cybersecurity solutions by obtaining ISO/SAE 21434 which is mandatory in more than 60 countries. This certification ensures enhanced security by Thales for car manufacturers, sellers, and users, driving the vehicle-to-everything cybersecurity market growth.

The growing instances of cyber-attacks on connected vehicles are resulting in significant financial losses to the manufacturers and owners. The governments of various countries are taking supportive initiatives to improve the cybersecurity of vehicles, thereby driving the growth of the vehicle-to-everything cybersecurity market. For instance, in November 2022, the Swedish government-owned Research Institutes of Sweden (RISE) launched the RISE Cyber Test Lab for the automotive industry, which enables automotive manufacturers to test their vehicles using the latest cyber technologies with the most rigorous testing methods. This test lab provides various test services, including sub-system testing, simulation/virtualization, and full vehicle testing in multiple & controlled environments, creating a positive outlook for the vehicle-to-everything cybersecurity market.

V2X Cybersecurity Market Report Highlights

• Based on unit type, the on-board units segment is expected to exhibit a CAGR of 19.6% over the forecast period. owing to various benefits, such as extended radio coverage, flexible management tools, high precision positioning, and multiple Operating System (OS) support, are propelling their adoption in vehicles, creating robust opportunities for the market
• Based on connectivity, the cellular segment is anticipated to register a CAGR of 19.4% in the coming years. Advancements in 5G technologies and increasing cellular-based V2X system usage due to its longer connectivity are creating a positive market outlook
• Based on communication, the Vehicle-to-Grid (V2G) segment is expected to witness a CAGR of 21.7% over the forecast period. The shifting consumer focus on utilizing electric vehicle energy for monetary benefits is supporting the segment's growth
• Based on propulsion, the electric & hybrid segment is expected to grow with a CAGR of 19.8% over the forecast period attributed to the growing need for advanced cybersecurity solutions due to rising cyberattacks on connected hybrid & electric cars and the extensive V2X cybersecurity solution portfolio by market players
• Based on vehicle type, the commercial vehicles segment is expected to register a CAGR of 20.4% from 2023 to 2030. Increasing investment in Intelligent Transportation Systems (ITS) and automotive cybersecurity to improve road safety and establish a secured ecosystem for connected vehicles is supporting the adoption of V2X cybersecurity solutions in commercial vehicles
• Based on security type, the cloud security segment is anticipated to witness a CAGR of 20.7% over the forecast period. The growing adoption of cloud-based platforms by various companies operating in the automotive sector, owing to their enhanced flexibility and minimum infrastructure requirements, is creating the need for effective cloud security solutions to prevent data breaches and cybercrimes
• The Latin America region is expected to register a CAGR of 22.0% from 2023 to 2030. The rapid digital transformation led by significant internet penetration and aggressive use of AI and machine learning in automotive cyber security applications is supporting the regional market growth

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