V2X Cybersecurity Market - Forecasts from 2024 to 2029

V2X Cybersecurity Market - Forecasts from 2024 to 2029

The V2X cybersecurity market was estimated at US$1.433 billion in 2022, growing at a CAGR of 17.70%, reaching a market size of US$4.483 billion by 2029.

The V2X (Vehicle-to-Everything) cybersecurity market is projected to show steady growth during the forecast period. V2X cybersecurity is required to protect self-driving cars from cyber-attacks. The increased prevalence of connected cars and connectivity with the internet, like self-driving cars, are prone to being trapped by hackers. V2X cybersecurity plays an important role in securing communication channels among vehicles, roadside systems, and other connected devices. Hence securing the data from breach and avoiding the possible threat that could impact the vehicle control systems or disturb the traffic protocols.

V2X technology provides accessible options where one can share their location, speed, and acceleration criteria which helps to prevent crashes on the road and provides the best option for driving. Vehicles use radio signals to transfer data from one point to another point, which is restricted to a specific range. Increased connected cars, the progression of self-driving cars, and growing cyber threats are driving the V2X cybersecurity market growth.

V2X Cybersecurity Market Drivers

Increased connected cars drive the V2X cybersecurity market growth.

The increased population of automated vehicles that are connected to the internet is a primary driving force for the V2X cybersecurity market. V2X communication channel enables vehicles to change their conversations with each other, cover the environment of the vehicle, and establish a network of interconnected vehicles. This innovative technology grabs the attention towards its efficacy and traffic safety protocols. Increased connectivity enables significant cyber threats.

The exchange of information between vehicles and external systems alerts a hacker and is vulnerable to cyber threats. A weak connectivity vehicle is prone to cyber attackers, which leads to expected data leaks, traffic violations, or unauthorized entry. These are weaker points for connected cars where there is a high requirement for V2X cybersecurity solutions to safeguard these internet-connected vehicles’ environment and guarantee the safe and reliable functioning of the connected vehicles
Progression of Self-Driving Cars propels V2X cybersecurity market growth.

The self-driving cars mostly rely on internet connections, and having better connectivity, the cars will have advanced features where they can communicate within and outside the vehicle or surrounding them. As these types of vehicles depend on real-time information from other vehicles to drive safely. The safer exchange of data is possible with the help of V2X technology. As the most important part of this communication channel is to keep almost safe all the time.

To protect and secure the connected vehicles, V2X is an absolute end solution required to enhance their safety measures. Top-level security needs to be adopted for the vehicles as their connections to the internet make the vehicle vulnerable to more cyber threats. The adoption of appropriate security solutions enables the safe driving of the vehicle.

For instance, in June 2023, Here 360 company published an article that states that the report from the National Sleep Foundation reveals data about drivers who are asleep or tired when they drive, where 37 million drivers in the US are driving vehicles in a state of tiredness. To detect sleeping drivers while driving the cars technological advancement had a feature of driver drowsiness alarm.
Growing cyber threats boost the V2X cyber security market growth.

The increased interconnected cars with internet and network systems are prone to cyber-attacks, which makes them an easy bait for hackers to manipulate vehicles and can cause disastrous events on roads. With more internet connections, there will be more risk factors that the vehicle can be breached at any time. New innovations in technology are big threats that pose cybercrimes in the future. An enhanced security measure ensures the safety of the vehicle and its data.

Cybersecurity is an important part of technology. It is not an option but needs to be incorporated to safeguard vehicles. With the enhanced threat and evolution of Internet connectivity, there is a growing demand for the V2X cybersecurity market which enables the cybersecurity market to grow in the future.

For instance, a security breach called CVE-2023-29389 was found by the investigation team in April 2023, where cybercriminals can manipulate the vehicle using the CAN injector method. This method enables the cybercriminal to have access to electronic parts and industrial systems.

V2X Cybersecurity Market – Geographical Outlook

North America is anticipated to grow significantly.

North America is anticipated to account for a significant share of the V2X cybersecurity market due to various factors. The region is an early adopter of a significant number of internet-connected car technologies, including V2X communication. This enlarged market with internet connectivity for vehicles makes a good environment for the V2X cyber security market in the region. Furthermore, the enhanced public awareness of cyberattacks on enterprises and transportation systems is driving demand for powerful security protocols.

The government in the region has taken the initiative to implement and incorporate security measures in enterprises, businesses, and organizations to safeguard the data, which enhances the V2X cybersecurity market. as the mentioned factors propel the V2X cybersecurity market growth in the upcoming years.

For instance, in November 2023, Canadian transportation professionals were invited to participate in Transport Canada's ITS Cyber Security Communities of Practice. They engaged with colleagues to exchange best practices, discuss experiences, and enhance the organization's cybersecurity readiness for Intelligent Transportation Systems (ITS).

V2X Cybersecurity Market Restraints
The complexity of the V2X network curbs V2X cybersecurity market growth

Establishing a unified security approach and ensuring consistent implementation across the V2X communication ecosystem is made difficult by the involvement of multiple stakeholders, such as car manufacturers, infrastructure providers, mobile network operators, and cloud service providers.
Changing Security Environment hinders the V2X cyber security market growth.

Cyber attackers are consistently innovating fresh hacking methods. V2X cybersecurity solutions must possess adaptability and remain one step ahead of these ever-changing risks by engaging in ongoing research and development in security protocols and threat detection techniques.

V2X Cybersecurity Market Key Industry Developments
February 2024: Rohde and Schwarz collaborated with auto talks to evaluate the first 5G V2X Chipset. By using the advanced network feature, the companies examined auto talks TEKTON3 and SECTION 3 chips, where the product is capable of transferring the data securely in upcoming internet-connected vehicles.
September 2023: Autotalks, the renowned manufacturer of V2X technology, launched the V2X Solution. The company's innovative product is capable of communicating using DSRC and C-V2X protocols,

V2X Cybersecurity Market Major Players and Products
Continental's Hybrid V2X solution: The solution streamlines communication for connected vehicles by providing a unified hardware and software platform that supports both DSRC (current standard) and C-V2X (emerging cellular-based standard) technologies. This ensures that vehicles are prepared for the future, eliminates the necessity for solutions tailored to specific regions, and simplifies the process for manufacturers implementing V2X technology worldwide.

V2X Cybersecurity market is segmented and analyzed as given below:

By Propulsion Type
ICE
Electric and Hybrid
Others
By Unit Type
On-Board Unit
Roadside Unit
By Vehicle Type
Passenger Car
Light Commercial Vehicle
Heavy Commercial Vehicle
By Geography
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
Japan
China
India
South Korea
Taiwan
Thailand
Indonesia
Others