PUBLISHER: Grand View Research | PRODUCT CODE: 1376147
PUBLISHER: Grand View Research | PRODUCT CODE: 1376147
The global V2X cybersecurity market size is projected to reach USD 7.97 billion by 2030, registering a CAGR of 18.9% from 2023 to 2030, according to a new study by Grand View Research, Inc.. The growth is anticipated to be driven by increasing demand for connected vehicles and development in autonomous vehicle technologies across the globe. The vehicles integrated with V2X technologies generate enormous volumes of data that need to be protected from cyberattacks, creating a favorable environment for the market. Furthermore, increasing private & public investment in intelligent transport systems is expected to further propel the growth of the vehicle-to-everything cybersecurity market.
Advancements in emerging technologies such as cloud computing, Internet of Things (IoT), 5G, big data analytics, Machine Learning (ML), and Artificial Intelligence (AI) are creating robust opportunities for the expansion of the market worldwide. The companies operating in the market are focusing on improving their brand identity by strengthening their automotive cybersecurity solution portfolio. For instance, in May 2023, an advanced technology company, Thales strengthened its automotive cybersecurity solutions by obtaining ISO/SAE 21434 which is mandatory in more than 60 countries. This certification ensures enhanced security by Thales for car manufacturers, sellers, and users, driving the vehicle-to-everything cybersecurity market growth.
The growing instances of cyber-attacks on connected vehicles are resulting in significant financial losses to the manufacturers and owners. The governments of various countries are taking supportive initiatives to improve the cybersecurity of vehicles, thereby driving the growth of the vehicle-to-everything cybersecurity market. For instance, in November 2022, the Swedish government-owned Research Institutes of Sweden (RISE) launched the RISE Cyber Test Lab for the automotive industry, which enables automotive manufacturers to test their vehicles using the latest cyber technologies with the most rigorous testing methods. This test lab provides various test services, including sub-system testing, simulation/virtualization, and full vehicle testing in multiple & controlled environments, creating a positive outlook for the vehicle-to-everything cybersecurity market.