V2X Cybersecurity Market to Cross $3 Billion by 2025 - Leading Companies are ESCRYPT, OnBoard Security, Autotalks, AutoCrypt, and Continental
DUBLIN, July 30, 2020 /PRNewswire/ -- The "V2X Cybersecurity Market 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, Vehicle Type, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The V2X cybersecurity market comprises major companies such as ESCRYPT (Germany), OnBoard Security (US), Autotalks (Israel), AutoCrypt (Korea), and Continental (Germany).
The growth of the V2X cybersecurity market can be attributed to the increasing trend of connected and autonomous vehicles equipped with V2X technologies and growing cyber threats in the automotive industry.
The global V2X cybersecurity market size is projected to reach USD 3,065 million by 2025, from an estimated USD 935 million in 2020, at a CAGR of 26.8%. The advent of V2X technology will have a significant impact on connected and autonomous vehicle technologies, which, in turn, will drive the V2X cybersecurity market.
The focus of automobile manufacturers has shifted from fuel efficiency, performance, driver safety, and stability of the vehicle to additional features such as vehicle connectivity, electrification of functions, and digitalization. This change in focus has created a massive opportunity for non-automotive industry players such as Intel, Qualcomm, and Nvidia, to name a few. Also, from the demand side, consumers are more inclined toward connected features such as navigation systems, live traffic updates, and easy access to emails via the internet in their vehicles.
The growing attraction of connected cars is compelling automotive companies to develop skills in web technology, chip design, and embedded systems, starting with smartphone integration. However, with the technological evolution of V2X communications, secure data processing has become a significant challenge. Thus, cybersecurity has gained a significant focus in the V2X communication system of vehicles.
The increasing cloud-based applications would drive the V2C segment in the forecast.
The V2C segment is projected to be the largest market during the forecast period. The fact that cloud stores all the personal/private data such as driver information, driving details, location, and vehicle details, securing V2C communications is one of the highest priorities for cybersecurity companies. V2C is a technology where all the necessary information from vehicles is stored on the cloud in real-time as well as various cloud services ar provided in the vehicle.
V2C offers features such as weather updates, firmware & software updates (FOTA and SOTA), and multimedia services over the cloud (internet) inside a vehicle. These features allow vehicle users and passengers to stay connected with the outside environment. However, such features and applications need a constant update for proper functioning. Thus, it is the top priority for security solution providers to make cloud technology secure.
To avoid any malware, security updates are provided with the help of cloud-based services. These frequent updates reduce the risks associated with data loss, and at the same time, reduce the cost of data retrieval, which helps overcome many issues related to cybersecurity.
The Asia Pacific is expected to be the largest and the fastest-growing market during the forecast period.
The Asia Pacific region is projected to account for the largest share of the global V2X cybersecurity market during the forecast period. The region is home to renowned V2X cybersecurity companies such as Autotalks, AutoCrypt, and Argus Security. China is expected to be the most influential factor in the Asia Pacific V2X cybersecurity market. China has been conducting various tests and trails on cellular connectivity for V2X, and the expected country-wide launch is by 2021. The large market share of China can also be attributed to the high sales of the Mercedes-Benz E-Class, which is equipped with V2X, especially V2C and V2I.
Moreover, increasing the adoption of electric vehicles will result in the increased demand for V2X technologies, which are quite suitable for electric vehicles. Apart from this, the increasing purchasing power of the population and growing concerns over the environment have triggered the demand for V2X in the Asia Pacific. Since South Korea and Japan are among the leaders in electronics, it would enable them to design V2X solutions with better performance at a lesser price. Thus, increasing V2X use in vehicles will result in high demand for cybersecurity solutions, thus, driving the Asia Pacific V2X cybersecurity market.
North America is expected to be the second-fastest market in the forecast period.
The North American automotive industry is one of the fastest-growing sectors globally. The region, which is home to the big three - Ford Motors, General Motors, and Fiat Chrysler Automobiles - is known for passenger cars with advanced comfort and safety technologies. It is expected that market growth in North America would be significant due to the rise in application areas based on connectivity. Thus, the demand for cybersecurity solutions for cars in this region will also increase. The region is home to many renowned V2X cybersecurity solution providers such as OnBoard Security (Qualcomm), Green Hills Software, and Harman, which would further help the market grow.
The market study covers the V2X cybersecurity market size and future growth potential across different segments such as by unit type, connectivity, communication, security, vehicle type, form, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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