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V2X Cyber security Market: Segmentation: By Application (Passenger Vehicle and commercial vehicle); By Type (On-board Diagnostic (OBD), Communication, Safety Systems, Infotainment and telematics); By Security (Hardware Security, Software Security, Network Security and Cloud Security) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030.
V2X Cyber security Market to surpass USD 5.8 billion by 2031 from USD 0.96 billion in 2021 at a CAGR of 19.70% in the coming years, i.e., 2021-31.
A comprehensive security solution is required in almost every sector for protection from advanced-level threats. V2X or vehicle to everything is the passing of everything from one vehicle to another entity that might affect the vehicle or likewise. It is categorized into V2V which is vehicle to vehicle and V2I which refers to the vehicle to infrastructure. Collectively they both are called vehicles to everything (V2X) and they help in overcoming the limitations and challenges faced by Advanced Driver Assistance Systems that help enhance the safety of the vehicles. It also enables the communication between two vehicles or vehicles and infrastructure or entities to improve road safety, reduce fuel consumption, and enhance the passenger experience.
V2X Cyber security Market is expected to project a CAGR of 19.70% during the forecast period, 2021-2031
Increased demand for cloud-based cybersecurity services and a rise in the number of Internet of thing devices in need of network security solutions are to increase the growth of the V2X Cybersecurity Market. The rise in cyber-attack incidents, increased demand for mobility of enterprises, and expansion of the global industrial cybersecurity market are also expected to drive the market growth.
The Passenger Vehicle se gment to grow with the highest CAGR of XX% from 2020-to 2030
By Type, it can be classified into passenger vehicles and commercial vehicles. Passenger vehicles hold the highest CAGR during the forecast period owing to the rising in-vehicle communication including infotainment services, navigation, mobile phone connectivity, and voice recognition.
The Communication Sector segment to grow with the highest CAGR of XX% during 2020-2030
By Application, it can be segmented into On-board Diagnostic (OBD), Communication, Safety Systems, Infotainment, and telematics. The communication sector is expected to grow at the highest CAGR in the segment due to the rising technological advancements globally. It enables vehicles to communicate with other vehicles on the road along with various other applications.
The network security segment to grow with the highest CAGR of XX% during 2020-2030
By Service, it can be classified into hardware security, software security, network security, and cloud security. Network security dominated the segment due to the increased usage of cloud security in the market including Bluetooth, onboard diagnostics, Wi-Fi, and mobile 4G and 5G networks.
Rising cyber-attacks to drive the V2X Cybersecurity Market
Increased demand for cloud-based cybersecurity services and a rise in the number of Internet of thing devices in need of network security solutions are to increase the growth of the V2X Cybersecurity Market. The rise in cyber-attack incidents, increased demand for mobility of enterprises, and expansion of the global industrial cybersecurity market are also expected to drive the market growth.
Lack of standardization and shortage of IT resources to act as market restraints
The lack of standardization of cybersecurity solutions is to act as a restraint in the market. Limited budget for the security of small and medium scaled industries as well as a shortage of IT resources can also restrict the market growth.
North America dominated the regional segment due to a large number of users as well as the presence of prominent players in the region. Increase in the investments by the government in the region to also increase the market growth. With the growth of digitalization in economies such as India and China which can accelerate cyber-crime activity, the APAC region is also likely to show significant growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The V2X Cyber security Market size was estimated at USD 0.96 billion in 2021 and is expected to reach USD 5.8 billion by 2030
Rockwell Automation ,Audi ,BMW, Caption, Cognata, Daimler, Trucks, Ford, General Motors, Honda, Other Prominent Players
The Passenger Vehicle segment and The Communication Sector segment are anticipated to hold the V2X Cyber security Market
Rising cyber-attacks to drive the V2X Cybersecurity Market
A comprehensive security solution is required in almost every sector for protection from advanced-level threats. V2X or vehicle to everything is the passing of everything from one vehicle to another entity that might affect the vehicle or likewise.
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