CHICAGO, July 8, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the 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 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.
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The V2X cybersecurity is part of a complex ecosystem with multiple stakeholders, as the value chain is fragmented among all types of industries. Due to COVID-19, businesses of majority of stakeholders in the V2X ecosystem have been affected, one way or the other. Most of the ongoing developments in this ecosystem have been suspended or stopped for a while as well. With such a complex ecosystem, the COVID-19 affects one or two stakeholders in the chain will result in the whole ecosystem suffering the impact.
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Asia Pacific is expected to be the largest and fastest-growing market in the forecast
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. The Chinese government is committed to the growth of IoT with a great emphasis on the development of connected cars and has already invested more than USD 10 billion in the IoT industry since October 2010. Apart from this, one of the key factors driving the growth of the market in Asia Pacific is the increased production of passenger cars with advanced connected car features. The increasing purchasing power of the population and increasing concerns over the environment have triggered the demand for V2X in 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.
The external cloud services segment is expected to be the largest market during the forecast
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).
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The European region is expected to be the second-largest market during the forecast period
Europe is projected to be the second largest V2X Cybersecurity Market as the regulations related to safety issues have become stringent. Therefore, the increasing demand for connected cars equipped with V2X technologies is likely to drive the V2X Cybersecurity Market in this region. Moreover, given the present infrastructure, the inclination of OEMs in the region and recovery from the financial crisis is likely to result in a high growth market, with Germany expected to be the fastest market in the region for connected cars and cybersecurity solutions. To strengthen the competitiveness of the EU automotive industry and preserve its global technological leadership, the European Commission supports global technological harmonization and provides funding for R&D. For instance, the German automotive industry is an internationally renowned innovation hub. Around 40% of the world's premium car production takes place in Germany. Approximately 70% of worldwide premium cars are manufactured by German OEMs.
The V2X Cybersecurity Market is dominated by players such as ESCRYPT (Germany), OnBoard Security (US), Autotalks (Israel), AutoCrypt (Korea), and Continental (Germany). These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth V2X Cybersecurity Market.
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