Global V2X Cyber security Market to Register CAGR of 17.28% through 2030

A comprehensive security solution is required in almost every sector for protection from advanced level threats. V2X or vehicle to everything is the passing of everything from one vehicle to another entity that might affect the vehicle or likewise. It is categorized into V2V that is vehicle to vehicle and V2I that refers to the vehicle to infrastructure. Collectively they both are called vehicles to everything (V2X) and they help in overcoming the limitations and challenges faced by Advanced Driver Assistance Systems that help enhance the safety of the vehicles. It also enables the communication between two vehicles or vehicles and infrastructure or entities to improve road safety, reduce fuel consumption, and enhance the passenger experience.

The V2X Cybersecurity Market registered a high rate of CAGR of 17.28% in the FY14-19 and is expected to grow at a CAGR of XX% till 2030. Increased demand for cloud-based cybersecurity services and a rise in the number of internets of thing devices in need of network security solutions is to increase the growth of the V2X Cybersecurity Market. A rise in cyber-attack incidents, increased demand for mobility of enterprises, and expansion of the global industrial cybersecurity market is also expected to drive the market growth.

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Recent highlights in the V2X cybersecurity market

• In April 2018, ESCRYPT announced its V2X security solution which provides both embedded protection for vehicles and traffic facilities, and securing the Public Key Infrastructure (PKI) in equal measure. ESCRYPT also enables the protected exchange of data among connected vehicles and with transportation infrastructure from unauthorized access.
• In November 2017, Continental acquired Argus Cybersecurity which is an Israel-based start-up that focuses on automotive cybersecurity which strengthened and enhanced its capabilities in automotive cybersecurity.

V2X Cybersecurity Market: Segments

V2X Cybersecurity Market is segmented on the basis of type, application, security, and region.

The Passenger Vehicle segment to grow with the highest CAGR of XX% during 2020-2030

By Type, it can be classified into passenger vehicles and commercial vehicles. Passenger vehicles hold the highest CAGR during the forecast period owing to the rising in-vehicle communication including infotainment services, navigation, mobile phone connectivity, and voice recognition.

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The Communication Sector segment to grow with the highest CAGR of XX% during 2020-2030

By Application, it can be segmented into On-board Diagnostic (OBD), Communication, Safety Systems, Infotainment, and telematics. The communication sector is expected to grow at the highest CAGR in the segment due to the rising technological advancements globally. It enables vehicles to communicate with other vehicles on the road along with various other applications.

The network security segment to grow with the highest CAGR of XX% during 2020-2030

By Service, it can be classified into hardware security, software security, network security, and cloud security. Network security dominated the segment due to the increased usage of cloud security in the market including Bluetooth, onboard diagnostics, Wi-Fi, and mobile 4G and 5G networks.

The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.

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V2X Cybersecurity Market: Dynamics

Rising cyber-attacks to drive the V2X Cybersecurity Market

Increased demand for cloud-based cybersecurity services and a rise in the number of internets of thing devices in need of network security solutions is to increase the growth of the V2X Cybersecurity Market. A rise in cyber-attack incidents, increased demand for mobility of enterprises, and expansion of the global industrial cybersecurity market is also expected to drive the market growth.

Lack of standardization and shortage of IT resources to act as market restraints

Lack of standardization of cybersecurity solutions is to act as restraints in the market. Limited budget for the security of small and medium scaled industries as well as a shortage of IT resources can also restrict the market growth.

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V2X Cybersecurity Market: Regions

The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.

North America dominated the regional segment due to a large number of users as well as the presence of prominent players in the region. Increase in the investments by the government in the region to also increase the market growth.

With the growth of digitalization in economies such as India and China which can accelerate cyber-crime activity, the APAC region is also likely to show significant growth.

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