V2X Cybersecurity Market (2020-2025) | MarketsandMarkets

The global V2X Cybersecurity Market size is projected to reach $2,798 million by 2025, from an estimated $659 million in 2020, at a CAGR of 33.5%.

V2X technology in the automotive industry has witnessed rapid evolution with V2X providers joining hands with renowned technology providers, including telecom and IT companies, and; OEMs developing, testing, and offering advanced connected car technologies.

Increasing cyber-attacks in the automotive industry, the growing trend of connected and autonomous vehicle technologies, and; continuously changing V2X technologies and related security protocols/standards have compelled cybersecurity companies to develop security solutions for V2X communications. In this pursuit, automotive OEMs, V2X providers, and cybersecurity companies are exploring ways to develop advanced security solutions for the V2X system. Thus, significant R&D activities in V2X technologies are focused on secured software and hardware platforms. Also, many V2X providers around the world have partnered with renowned cybersecurity and IT companies to secure data and information exchanged through V2X technologies.

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The V2X cybersecurity market is dominated by players such as ESCRYPT (Germany), OnBoard Security (US), Autotalks (Israel), AutoCrypt (Korea), and Green Hills Software (US). 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. However, COVID-19 has halted production and plunged sales and have forced key players in the global automotive field to buckle up and rethink plans. Businesses of a 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 projected to lead the global V2X cybersecurity market in the forecast, as the region is home to many renowned cybersecurity companies such as AutoCrypt, Autotalks, and Argus. They are offering advanced software and hardware security solutions to secure V2X communications. The V2X ecosystem is now becoming the focus area for many non-automotive suppliers, as the value chain is fragmented among all types of industries. The cybersecurity solutions vary due to the use of different platforms in vehicles and differences in the electronic architecture, connectivity, and software. With the introduction of 5G technology in V2X applications, some of the telecom companies have entered the market, which might encourage many more companies to enter as well.

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Recent Developments:

1. In March 2020, AutoCrypt revealed an advanced version of its BSM (Basic Safety Message) verification V2X technology, which the company claims to have a minimum of 30% enhanced speed and accuracy.
2. In November 2019, Hubject and Penta Security (AutoCrypt) announced their cooperation to enable standardized, secure communication between electric vehicles and charging stations. Both V2G Root Certificate Authorities (V2G Root CAs) will complete a direct cross-certification to enable a global use of the existing solutions.
3. In June 2019, Autotalks teamed up with Marben for a live V2X demo based on MARBEN V2X software solution running on Autotalks’ chipset. The joint demonstration will show V2V applications running using both DSRC and C-V2X standards and leverages the ability of Autotalks’ chipset to support both. Autotalks has been cooperating for several years with Marben, a global leader in embedded software solutions for the telecommunication and automotive industries.
4. In October 2018, OnBoard Security announced its latest product, the V2X Validation Tool, which facilitates penetration testing of automotive OBUs and RSUs used to improve the safety of connected vehicles. The V2X Validation Tool is compatible with the majority of V2X equipment.
5. In April 2018, ESCRYPT presented its V2X security solution that addresses both embedded protection for vehicles and traffic facilities, and securing the Public Key Infrastructure (PKI) in equal measure. ESCRYPT demonstrated how to protect the exchange of data among connected vehicles and with transportation infrastructure from unauthorized access.
6. In November 2017, Continental acquired Argus Cybersecurity—an Israel-based start-up focused on automotive cybersecurity. The acquisition strengthened and enhanced its capabilities in automotive cybersecurity.

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