The V2X cybersecurity market achieved revenue of USD 47.6 million in 2023, and it is expected to grow at a rate of 52.0% during 2024–2030, reaching USD 890.2 million by 2030. It is because of the improvements that V2X technologies and the connections among automobiles have that this is happening.
Cellular vehicle-to-everything (C-V2X) is the technology that makes communication between cars with each other and with many elements of the surrounding area possible, using a single platform, Cellular. It allows for a safer driving experience, improving traffic flow efficiency and enabling autonomous driving. These features are why it is considered by many to be a basic component of connected and autonomous vehicles.
Like before, the cars can listen to the traffic alters on the vehicles which are equipped with C-V2X and utilize the information to navigate towards the roads with the least traffic. These facilitate a smoother flow of traffic and superior transportation efficiency, thereby introducing the wrinkle of vulnerability which viz.
Machine-to-machine communication (V2X) is what increases road safety because it is the real-time communication between smart vehicles. This stops vehicles from hitting each other as they can sense the presence of objects ahead and change the path. It warns drivers of the hazardous step, and it calls for them to take part in insurance to prevent accidents.
Key Insights
• DSRC holds a larger market share of around 65% in 2023.
• DSRC enables direct communication between cars without intermediary networks, improving information flow speed and efficiency.
• This communication means speed, allows for consistency in V2V (Vehicle-to-Vehicle) and V2I communication, and works just as well during hazardous weather.
• Exchanging DSRC permits the vehicles to ascertain the validity of received messages and any dubious activities are also notified to the drivers about it.
• While a cellular communication growth rate of 52.3% is projected for the 2024–2030 period, it is anticipated to rise quickly.
• It is because of the automotive or transportation 5G technology enhancements and vehicle system security policy against cyber dangers.
• V2V (Vehicle-to-Vehicle) communication held the largest market share of around 40% in 2023 due to the increased use of telematics systems in vehicles.
• V2G (Vehicle-to-Grid) communication is expected to be the fastest-growing category, with a predicted CAGR of 52.7% during 2024–2030.
• Endpoint security is the largest category with a 50% share in 2023 due to its role in setting rules for devices before they can connect to a network, ensuring compliance with policies.
• On-board units (OBUs) dominated the market in 2023 with advanced security mechanisms like encryption and authentication protocols for secure communication and data protection.
• The roadside unit (RSU) category is expected to witness a higher CAGR of 52.2% during 2024–2030, facilitating real-time data exchange between vehicles and infrastructure for traffic management and road safety.
• Public Key Infrastructure (PKI) is the larger category with an 80% market share in 2023, offering robust security measures like encryption and authentication through certificates in V2X communication.
• APAC held the largest share in the V2X cybersecurity market in 2023 due to increased sales of V2X-equipped vehicles, creating opportunities for automotive OEMs and software vendors.
• North America is expected to be the fastest-growing market with a CAGR of 53.0% during 2024–2030, driven by high automobile demand and investments in automotive cybersecurity.
• North America benefits from an established IT infrastructure and numerous automotive software companies, facilitating the availability and usability of cybersecurity solutions in the region.
