V2X Cybersecurity Market worth $2,798 million by 2025

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MarketsandMarkets Presents

V2X Cybersecurity Market worth 2,798 million by
2025
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2x-cybersecurity-market-194480977.html
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The report The 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", The global V2X cybersecurity market
size is projected to grow from USD 659 million to
reach USD 2,798 million by 2025, 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/standa
rds to protect data privacy. Download PDF
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wnloadNew.asp?id194480977 Browse 106 market
data Tables and 52 Figures spread through 195
Pages and in-depth TOC on "V2X Cybersecurity
Market
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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. 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.
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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. Request FREE Sample Report
_at_ https//www.marketsandmarkets.com/requestsampleN
ew.asp?id194480977 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.
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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). 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 RD. For
instance, the German automotive industry is an
internationally renowned innovation hub. Around
40 of the worlds premium car production takes
place in Germany. The global V2X cybersecurity
market is dominated by major players such as
ESCRYPT (Germany), OnBoard Security (US),
Autotalks (Israel), AutoCrypt (Korea), and Green
Hills Software (US).
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