January 11, 2021
According to the research report titled ‘Global V2X Cybersecurity Market Size study, by Unit Type (OBU and RSU), Form (In-vehicle and External Cloud Services), Communication Type (V2I, V2V, V2G, V2C, and V2P), Security Type (PKI and Embedded), Connectivity Type (DSRC, Cellular), Vehicle Type (Passenger car, Commercial Vehicle) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global V2X cybersecurity market was remunerated at USD 1 billion in 2019 and is expected to record a CAGR of 26.8% during 2020-2027.
Increasing investments in autonomous car manufacturing and rising adoption of connected cars are adding to the demand for security of messages exchanged between these vehicles, thereby stimulating global V2X cybersecurity market growth. As per Germany Trade & Invest (GTAI), Germany accounted for 38% of global premium car production.
For those unversed, V2X communications include direct V2I (Vehicle to Infrastructure) and V2V (Vehicle to Vehicle) method of wireless communication. The technique allows the vehicle to interact with each other as well as with roadside equipment like traffic signals.
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Notably, V2X cybersecurity is the fundamental infrastructure for reliable, secure, and two-way authenticated messages sent in this type of communication. It majorly contributes in the adoption of autonomous and connected vehicles as these are dependent on internet, sensors, and networks.
Large volume of data produced by these vehicles and rising cyber-attacks on vehicle data are further boosting the demand for V2X cybersecurity solutions. As per Upstream Security, there were about 51 cyber-attack incidents in the first quarter of 2019, which is a 300% rise as compared to first quarter of 2018. In comparison to 2018, the year witnessed a doubled number of cyber-attacks, and about 82% of these were carried out remotely, without physically accessing the vehicle.
Considering the shortcoming, complex ecosystem with various stakeholders is anticipated to impede the expansion of worldwide V2X cybersecurity industry over the forecast timespan.
Speaking of the regional landscape, worldwide V2X cybersecurity market dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. As per the report, North America leads the overall market forecast presently, attributable to concentration of major players and prompt acceptance of technology in the region.
On the other hand, Asia Pacific V2X cybersecurity industry is poised to gain momentum through 2027, on account of consumer inclination towards connected cars, and increasing disposable income.
Established firms in global V2X cybersecurity market are Green Hills Software Inc., Harman International Industries Inc, Continental AG, Autocrypt Co. Ltd., Autotalks Ltd., OnBoard Security Inc., and ESCRYPT GmbH.