The global V2X (Vehicle-to-Everything) cybersecurity market is projected to reach USD 7.97 billion by 2030, with a compound annual growth rate (CAGR) of 18.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. This market growth is expected to be driven by the rising demand for connected vehicles and advancements in autonomous vehicle technologies globally. Vehicles integrated with V2X technologies generate large volumes of data that must be safeguarded against cyberattacks, creating a favorable environment for the expansion of the market. Additionally, the increasing investment from both private and public sectors in intelligent transport systems is expected to further boost the growth of the vehicle-to-everything cybersecurity market.
The growth of the market is also fueled by innovations in emerging technologies such as cloud computing, the Internet of Things (IoT), 5G, big data analytics, machine learning (ML), and artificial intelligence (AI). These technologies offer powerful opportunities for the global expansion of V2X cybersecurity solutions. Companies operating in this market are focusing on strengthening their cybersecurity offerings to enhance their brand identity. For example, in May 2023, the technology company Thales bolstered its automotive cybersecurity solutions by obtaining ISO/SAE 21434 certification, which is required in over 60 countries. This certification helps ensure enhanced security for car manufacturers, sellers, and users, thus contributing to the market’s growth.
The increasing frequency of cyber-attacks on connected vehicles is resulting in substantial financial losses for both manufacturers and vehicle owners. In response, governments around the world are implementing supportive initiatives to enhance vehicle cybersecurity, which is helping to drive the growth of the V2X cybersecurity market. One such initiative was launched in November 2022 by the Swedish government-owned Research Institutes of Sweden (RISE), which introduced the RISE Cyber Test Lab for the automotive industry. This lab enables automotive manufacturers to test their vehicles using the latest cyber technologies and rigorous testing methods. The test lab provides a range of services, including sub-system testing, simulation/virtualization, and full vehicle testing in multiple controlled environments. This initiative creates a positive outlook for the vehicle-to-everything cybersecurity market by fostering secure and innovative developments in vehicle cybersecurity solutions.
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Frequently Asked Questions (FAQ) – Global V2X Cybersecurity Market
1. What is the projected size of the global V2X cybersecurity market by 2030?
The global V2X cybersecurity market is expected to reach USD 7.97 billion by 2030.
2. What is the projected growth rate for the V2X cybersecurity market from 2023 to 2030?
The market is expected to grow at a compound annual growth rate (CAGR) of 18.9% during this period.
3. What factors are driving the growth of the V2X cybersecurity market?
Key factors driving the market growth include:
• The increasing demand for connected vehicles.
• Advancements in autonomous vehicle technologies globally.
• The growing volume of data generated by V2X technologies, creating the need for cybersecurity protection.
• Private and public sector investment in intelligent transport systems.
4. How do emerging technologies influence the V2X cybersecurity market?
Emerging technologies such as cloud computing, IoT, 5G, big data analytics, machine learning (ML), and artificial intelligence (AI) provide strong growth opportunities by enabling more advanced and secure systems for connected vehicles, thereby expanding the market.
5. What are some of the recent initiatives in the V2X cybersecurity market?
In May 2023, Thales enhanced its automotive cybersecurity portfolio by obtaining ISO/SAE 21434 certification, which is required in over 60 countries. This certification ensures better security for manufacturers, sellers, and end-users, supporting market growth. Additionally, in November 2022, the RISE Cyber Test Lab was launched by the Swedish government-owned Research Institutes of Sweden, offering various testing services for automotive manufacturers to improve vehicle cybersecurity.
6. Why is there an increasing need for V2X cybersecurity?
As vehicles become more connected and autonomous, they generate vast amounts of data that need to be protected from cyber threats. The increasing frequency of cyber-attacks on connected vehicles has led to substantial financial losses for manufacturers and owners, highlighting the importance of robust cybersecurity measures.
7. How are governments contributing to the growth of the V2X cybersecurity market?
Governments are implementing supportive initiatives to strengthen the cybersecurity of connected vehicles. For example, the Swedish government launched the RISE Cyber Test Lab in 2022 to allow manufacturers to test their vehicles against the latest cyber technologies and rigorous methods, promoting the development of secure V2X systems.
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