Artificial Intelligence in Cybersecurity Market

Market Synopsis:

Global Artificial Intelligence In Cybersecurity Market is valued at USD 12.28 Billion in the year 2022 and is projected to reach a value of USD 63.50 Billion by the year 2030. The Global Market is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 22.80% over the forecast period.

AI-based solutions are being increasingly adopted across various industries due to its ability to perform complex tasks with high accuracy and speed. This has resulted in increased adoption of Artificial Intelligence In Cybersecurity applications, especially in threat detection and prevention. In addition, the increasing demand for cyber security services and rising number of data breaches have led to the need for advanced technologies that can detect threats and prevent them before they cause damage. Moreover, the use of Artificial Intelligence In Cybersecurity helps organizations to reduce their operational costs, improve productivity, and enhance customer experience. The increasing adoption of cloud computing and IoT devices has further enhanced the penetration of Artificial Intelligence In Cybersecurity.

However, the major challenge faced by the industry is the high cost associated with the implementation of AI-based solutions and lack of skilled professionals who can effectively implement AI-based solutions. In order to overcome this challenge, many companies are focusing on developing training programs for employees to develop skills in using AI-based tools. These programs help to train employees to understand how to apply AI-based solutions and make them proficient in using these tools. Furthermore, the increasing adoption of mobile devices and smartphones is posing a challenge to the growth of the global security market.

Market Segmentation:

The Global Artificial Intelligence In Cybersecurity Market is segmented by offering, deployment type, security type, technology, application, and end user. Based on offering, the Global Artificial Intelligence In Cybersecurity Market is bifurcated as hardware, software, and service. By deployment type, the target market is segmented as cloud and on-premise. By security type, market is segmented as network security, endpoint security, application security, and cloud security. Based on technology, the Global Artificial Intelligence In Cybersecurity Market is segregated as machine learning, natural language processing, and context-aware computing. By application, the market is segmented as identity & access management, risk & compliance management, data loss prevention, unified threat management, security & vulnerability management, antivirus/antimalware, fraud detection/anti-fraud, intrusion detection/prevention system, threat intelligence, and others (firewall, disaster recovery, DDoS mitigation, web filtering, application whitelisting, and patch management). Based on end user, market is segmented as BFSI, retail, government & defense, manufacturing, infrastructure, enterprise, healthcare, automotive & transportation, and others (oil & gas, education, and energy).

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Software Segments Holds the Largest Market Share in Terms of Revenue

The software segment has the highest Compound Annual Growth Rate (CAGR) during the forecast period, account of rising data security concerns, an increase in demand for AI platforms solutions for security operations, and a surge in demand among business enterprises for robust and cost-effective security solutions to strengthen their cybersecurity infrastructure. To implement cybersecurity applications, AI systems require several forms of software, such as application program interfaces, language, speech, vision, and sensor data, as well as machine learning techniques. Because there are a limited number of experts that design machine learning algorithms, the software platforms and solutions are more expensive.

Cloud Security Accounts for a Major Share in the Market

Cloud-based security solutions offer centralized control over security policies and processes and way to secure the internet and mobile apps and networks across organizations, during the development, production, implementation phases. Security policies can also be enforced centrally, allowing for easier management and enforcement. This allows to be easily managed by IT administrators. The SaaS-based approach is simpler, more flexible and scalable than the on-premise deployment mode. As more applications are deployed in cloud, there's a shift from on- premises cybersecurity solutions to cloud- based security solutions across large enterprises and small & medium businesses. Increasing use of cloud based security solutions will provide growth opportunities for Artificial Intelligence In Cybersecurity solutions.

Machine Learning Technology Beats other Technologies

Machine learning technology accounts for the largest share of this market during the forecast period. Rapid analysis and processing of big data from different sources offers rapid analysis and prediction. Advanced ability to collect, process and handle big data from various sources provides rapid analysis and prediction. Real-time analysis and response to active attacks helps reduce the amount of time spent by organizations on routine tasks. Strategic use of resources helps support the growth of the machine intelligence technology market in the coming year.

Identity & Access Management Segments Dominates the Market

Identity and Access Management (IAM) is expected to be the largest segment of the market in the forecast period. This is due to the increase in security threats faced by organizations, the growing number of attacks, the growing need for integrity & safety of confidential information in industry, and the growing importance of compliance management. IAM comprises of authentication, authorization, user management, and central user repository techniques.

The North America Region Leads the Artificial Intelligence In Cybersecurity Market

North America dominates the Global Artificial Intelligence In Cybersecurity Market. Advanced technologies are used to manage the cybersecurity landscape, and many cybersecurity vendors are based in North America. This region is an early adopters of new technologies, and it is also an early adopter of new cybersecurity solutions. As a result, North America is the most promising region for the Artificial Intelligence In Cybersecurity Market.

Asia Pacific is expected to account for the fastest growth rate in the global cybersecurity market over the forecast period. Increasing demand for innovative products and services in this region is driving the growth of the market. Furthermore, governments are investing heavily in developing AI-driven technologies to enhance their cybersecurity capabilities.

Competitive Landscape:

Some of the major key players in the Global Artificial Intelligence In Cybersecurity Market are NVIDIA Corporation (US), Intel Corporation (US), Xilinx Inc. (US), Samsung Electronics Co., Ltd (South Korea), Micron Technology, Inc. (US), IBM Corporation (US), Amazon Web Services, Inc. (US), Darktrace (UK), Cylance Inc. (US), Vectra AI, Inc. (US), ThreatMetrix Inc. (US), Securonix Inc. (US), Sift Science (US), Acalvio Technologies (US), SparkCognition Inc. (US), Palo Alto Networks Inc. (US), Symantec Corporation (US).

Segmentation of the Global Artificial Intelligence In Cybersecurity Market: