The vehicle-to-everything (V2X) cybersecurity market consists of revenues earned by entities by providing services such as security credential management systems (SCMS), intrusion detection and prevention systems (IDPS), and security operations center (SOC) services. The market value includes the value of related goods sold by the service provider or included within the service offering. The vehicle-to-everything (V2X) cybersecurity market also includes sales of processors, sensors, and edge security devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The vehicle-to-everything (V2X) cybersecurity market size has grown exponentially in recent years. It will grow from $1.62 billion in 2023 to $1.99 billion in 2024 at a compound annual growth rate (CAGR) of 23.1%. The growth in the historic period can be attributed to high-profile cyber-attacks, cybersecurity regulations, and standards, rapid growth in connected vehicles, the emergence of v2x communication standards, and automotive industry digitization.
The vehicle-to-everything (V2X) cybersecurity market size is expected to see exponential growth in the next few years. It will grow to $4.59 billion in 2028 at a compound annual growth rate (CAGR) of 23.2%. The growth in the forecast period can be attributed to demand for user authentication, a collaboration between automotive, technology, and cybersecurity sectors, exploration of blockchain for secure and tamper-resistant v2x data transmission, integration of Internet of things (IoT) devices with v2x systems and growth in electric and autonomous vehicles. Major trends in the forecast period include technological advancements in the v2x ecosystem, advancements in cryptography, integration of 5g technology, development of advanced encryption and authentication methods to secure v2x communications, and implementation of secure over-the-air (OTA) updates.
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Segmentation & Regional Insights
The vehicle-to-everything (V2X) cybersecurity market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Security Type: Network Security, Cloud Security, Application Security, Other Security Types
3) By Unit: On-Board Units, Roadside Units
4) By Communication: Vehicle To Vehicle, Vehicle To Infrastructure, Vehicle To Pedestrian, Vehicle To Grid, Vehicle To Cloud, Other Communications
5) By Vehicle Type: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
Asia-Pacific was the largest region in the vehicle-to-everything (V2X) cybersecurity market in 2023. The regions covered in the vehicle-to-everything (V2X) cybersecurity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in demand for connected vehicles is expected to propel the growth of the vehicle-to-everything (V2X) cybersecurity market going forward. Connected vehicles refer to automobiles equipped with internet connectivity and onboard sensors that enable them to communicate with other devices, infrastructure, and networks, enhancing safety, convenience, and efficiency on the road. The number of connected vehicles is rising due to advancements in technology, increased consumer demand for smart features, enhanced safety and efficiency benefits, and the expansion of infrastructure supporting connected car capabilities. V2X cybersecurity protects data exchanges between connected vehicles and infrastructure, ensuring safe, secure communication and preventing cyber threats. For instance, in August 2021, according to the Australian Computer Society, an Australia-based professional association, there were around a million connected cars in Australia, which is projected to rise to 10 million by 2030. Therefore, the rising demand for connected vehicles is driving the growth of the automotive digital services market. Therefore, the rise in demand for connected vehicles is driving growth in the vehicle-to-everything (V2X) cybersecurity market.
Key Industry Players
Major companies operating in the vehicle-to-everything (V2X) cybersecurity market are Robert Bosch GmbH, Qualcomm Technologies Inc., Continental AG, Aptiv PLC, Infineon Technologies AG, NXP Semiconductors, Harman International Industries Inc., Kapsch TrafficCom AG, ETAS, Vector Informatik GmbH, Danlaw Inc., Green Hills Software, Commsignia, Argus Cyber Security Ltd., AUTOCRYPT Co. Ltd., Autotalks, ID Quantique, Karamba Security, Upstream Security Ltd., HAAS Alert, RunSafe Security
The vehicle-to-everything (v2x) cybersecurity market report table of contents includes
1. Executive Summary
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