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(Transportation-News.com, November 25, 2020 ) The Global V2X Cybersecurity Market size is projected to reach $2,798 million by 2025, from an estimated $659 million in 2020, at a CAGR of 33.5%.
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 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 huge opportunity for non-automotive industry players such as Intel, Qualcomm, and Nvidia, to name a few. OEMs, technology companies, and V2X providers worldwide have joined hands and are focusing heavily on research & testing of security applications/standards to protect data privacy.
Some leading manufacturers and suppliers of V2X cybersecurity are ESCRYPT (Germany), OnBoard Security (US), Autotalks (Israel), AutoCrypt (Korea), Harman (US), Green Hills Software (US), and Continental (Germany).
Opportunities:
1. Increasing Trend of Connected And Autonomous Vehicle Technologies Prone To Cyberattacks
2. Rising Demand For Electric Vehicles
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The external cloud services segment is projected to have the largest share in the V2X cybersecurity market. V2X communication security mostly requires external cloud services due to continuously changing security protocols, connectivity options, and cloud updates. With the increasing cloud-based applications, smart devices, and IoT penetration, the market for external cloud services has increased in the automotive market. Manufacturers are looking for cost-effective solutions along with better resource planning. Fleet management system, OTA, V2X, and other IoT applications and services are the major applications of external cloud services for the automotive market. The V2X, cybersecurity, and network providers have started creating their cloud servers to support secured V2X communications. With cloud-based security services, V2X messages can be kept encrypted and cannot be accessed without proper authentication. Cloud services help in maintaining certificate and security keys to keep V2X communications secured. Also, external cloud services for V2X cybersecurity are more feasible, as they are cost and time efficient (due to OTA updates).
Asia Pacific is projected to be the largest and the fastest-growing V2X cybersecurity market by 2025. The high sales of V2X equipped vehicles in the region would pave the way for other automotive OEMs to equip their vehicles with V2X. This whole scenario would increase the demand for cybersecurity solutions as well. Asia Pacific is home to some of the top players in the V2X cybersecurity market, such as Autotalks, Argus Security, and AutoCrypt. Growing electric vehicle adoption and vehicles with connected car features would boost the demand for V2X cybersecurity requirements in the region. All these factors put together are expected to drive the Asia Pacific V2X cybersecurity market during the forecast period.
China is expected to be the most influential factor in the Asia Pacific V2X cybersecurity market in terms of value. 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. Also, increasing adoption of electric vehicles will result in the increased demand for V2X technologies, which are quite suitable for electric vehicles.
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Europe presents a significant growth opportunity for the V2X cybersecurity market, as the region’s vibrant R&D landscape and technological excellence with over 100 automotive electronics-related study programs every year justify the region’s dominance in the field of connectivity, vehicle electronics, self-driving cars, and cybersecurity. In Europe, the IEEE 802.11 based standard, which is in use, is called ITS-G5. The EU has also opened the doors for C-V2X by rejecting the European Commission to mandate the ITS-G5 standard for V2X communication. This would help in fueling the growth of the European V2X cybersecurity market during the forecast period, as C-V2X technology is expected to be the future of V2X communications.
C-V2X, LTE-V2X, and 5G-V2X are the key market trends or technologies which will have a major impact on the V2X cybersecurity market in the future. Also, the introduction of PKI in V2X communication security will have a significant impact on the market.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
newsletter@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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