Global V2X Cybersecurity Market Size Analysis Estimated to Reach USD 6.27 Billion By 2032, Expecting 18.4% CAGR: Polaris Market Research

NEW YORK , July 5, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "V2X Cybersecurity Market Share, Size, Trends, Industry Analysis Report, By Unit (On-Board Units and Roadside Units); By Communication; By Security Type; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.

"According to research report, the global V2X cybersecurity market size/share was valued at USD 1.16 Billion in 2022 and is expected to touch USD 6.27 Billion By 2032, growing at a CAGR of 18.4% during the forecast period."

What is V2X Cybersecurity? How Big is V2X Cybersecurity Market Size?

• Report Overview

V2X stands for Vehicle-to-everything, which refers to communication between a vehicle with its drivers, other vehicles, roadway equipment like traffic lights, and pedestrians. The technology enables vehicles to share data such as sensor data, traffic conditions, and safety warnings to improve road safety and support future autonomous vehicle deployments. In order to operate safely, V2X requires a security framework to ensure the reliability of communication of each message.

Cybersecurity for V2X aims to protect communication between vehicles and mentioned entities. V2X cybersecurity involves putting measures to secure the integrity, confidentiality, and availability of information shared between vehicles and other entities of the V2X ecosystem. The V2X cybersecurity market size is primarily driven by factors such as the rising number of cyberattacks on vehicles and the rise in penetration of V2X systems in vehicles.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• Blackberry Certicom
• Denso Corporation
• Green Hills Software
• Harman International
• Lear Corporation
• Onboard Security
• Saferide Technologies
• STMicroelectronics
• Trillium Secure Inc.
• Vector Informatik GmbH
• Karamba Security
• Autocrypt
• Continental
• Qualcomm Technologies
• Infineon Technologies
• NXP
• Altran

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Prominent Growth Driving Factors

• Increasing focus on enhancing vehicle safety: Due to the increasing number of road accidents, ensuring vehicle safety measures have become essential. V2X technology has emerged as an effective solution to enhance vehicle safety. Thus, the market is expected to grow at a significant pace.
• Initiatives by government and private organizations: Rising interest and initiatives by government and private firms for the development of more efficient security solutions with advanced features are expected to propel the V2X cybersecurity market growth.
• Growing sales of electric vehicles: Recently, people have been prioritizing convenience in their travel choices which have led to an increase in the purchase of electric vehicles (EVs) with innovative safety features. Electric vehicles are becoming popular as they offer several advantages compared to other vehicles. The availability of charging options offers owners accessibility and flexibility in recharging their vehicles. Thus, growing sales of EVs are likely to drive the V2X cybersecurity market demand.
• Global demand for connected vehicles: The demand for connected vehicles is increasing as the V2X technology enables vehicles to communicate with drivers, other vehicles, road infrastructure, and cloud. Also, it allows drivers to automate various driver functions and improve safety which is accelerating the market growth.

Recent Trends Influencing the Market

• AUTOCRYPT launches enhanced security credential management system: In January 2022, AUTOCRYPT, a top supplier of solutions for autonomous vehicles, released a security credential management system for V2X communications. The new version of the solution contains a newly added Certificate Revocation List and enhanced Misbehaviour Detection functions.
• Growing cellular-V2X and AI adoption: Moreover, rising developments in cellular-V2X technology coupled with increasing adoption of artificial intelligence and 5G technology have been playing a key role in the automotive sector. This is because predictive abilities are increasingly becoming more important in cars for safety. These factors are anticipated to flourish the V2X cybersecurity market growth during the forecast period.

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Segmental Analysis

• On-board units segment held the major V2X cybersecurity market share in 2022

By unit, on-board units category dominated the market in 2022 and is expected to maintain its dominance during the anticipated period. The key factors supporting the segment's growth include the increasing necessity for communications from vehicle to vehicle, vehicle to pedestrian, and vehicle to infrastructure. On-board units have superior control over the vast array of security measures in the cars.

• Vehicle to vehicle segment accounted for a significant revenue share in 2022

Based on communication V2X cybersecurity market segmentation, vehicle-to-vehicle witnessed a significant market share in 2022 owing to its efficient feature of delivering messages to the surrounding vehicles that aid in identifying the risk of accidents and crashes on roads and also guide drivers to take early required actions. Further, rapidly growing concerns about road safety and rising interest in improving care safety features, better infrastructure, better transportation planning, enforcement of laws, and surging public awareness are predicted to positively affect the market demand.

• Cloud security segment is likely to account for a significant revenue share during the foreseen period

On the basis of security type, cloud security category is predicted to capture a substantial market share throughout the forecast period. This type of security type is beneficial for both drivers and passengers as it serves improved entertainment systems, telematic services, safety features, and better navigation systems due to the high technological development in mobile technology.

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V2X Cybersecurity Market: Report Scope & Segmentation

Geographic Overview

·  Asia Pacific region registered the highest market share in 2022

In terms of geography, the V2X cybersecurity market in the Asia Pacific category held the greatest revenue share in 2022, which can be attributed to the growing evolution of the APAC region as an automotive hub along with the rising presence of various large manufacturing services in nations like China, Japan, and South Korea, and India. Furthermore, the expanding manufacturing of automobiles with enhanced and advanced connected vehicle features to deliver high-quality security to customers as well as increasing knowledge about these features among the population is enhancing the market growth in the region.

Browse the Detail Report "V2X Cybersecurity Market Share, Size, Trends, Industry Analysis Report, By Unit (On-Board Units and Roadside Units); By Communication; By Security Type; By Region; Segment Forecast, 2023 - 2032" with in-depth TOC: https://polarismarketresearch.com/industry-analysis/v2x-cybersecurity-market 

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Recent Developments

• In September 2022, Cohda Wireless has unveiled an enhanced V2X connectivity solution, which encompasses the MK6 Road-Side Unit and On-Board Unit. This cutting-edge solution provides an extensive range of connectivity capabilities, solidifying Cohda Wireless' status as the global leader in connected vehicle technology solutions. Users can now benefit from enhanced reliability, interoperability, and flexibility through this advanced offering.
• In October 2021, Infineon Technologies launched its SLS37 V2X security model, an innovative plug & play security solution for automobiles. The new solution is highly secure, tailored to the rising security needs across V2X applications. The scope of SLS37 V2X HSM is mainly focused of high security risks including storage and generation of signatures.

What Does the Market Report Include?

• The report covers top vendors in the market
• The future growth rate and expected growth of the industry and your business
• The study recognizes the drivers and restraints of the market
• The risk and uncertainties that may arise in the market
• The segments or regions that have extreme growth potential and are projected to experience tremendous during the forecast period are featured in the report
• The report gives a perspective of the market and its performance

Polaris Market Research has segmented the V2X cybersecurity market report based on unit, communication, security type, and region:

By Unit Outlook

• On-Board Units
• Roadside Units

By Communication Outlook

• Vehicle to Vehicle
• Vehicle to Infrastructure
• Vehicle to Pedestrian
• Vehicle to Grid
• Vehicle to Cloud
• Others

By Security Type Outlook

• Endpoint Security
• Software Security
• Cloud Security

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research