New York, NY, Sept. 26, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Cognitive Security Market By Component (Solutions and Services), By Security Type (Cybersecurity and Physical Security), by Vertical (Aerospace and Defense, Banking, Financial Services, and Insurance, Energy and Utilities, Government, Healthcare, IT and Telecom, Manufacturing, Retail, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global cognitive security market was valued USD 3.20 billion in 2017 and is expected to reach around USD 21.38 billion by 2024, growing at a CAGR of approximately 35.46% for the forecast period 2018 to 2024.
The continuous growth in analytics and machine learning has enabled a system to extract data for certain information and gain knowledge about the system by sending proactive solutions against the predicted threats. The increasing need for an artificial security solution against digital, physical, and cybercrimes catered the need for cognitive security. The solution functions over artificial intelligence, eliminating the need for human resources. It is ideally used for the system security by learning techniques based on pattern recognition, data mining, natural language processing, and others. The global cognitive security market has witnessed a significant traction in the past few years and it is anticipated to witness an expansion in the forecast period.
Browse through 45 Tables & 34 Figures spread over 210 Pages and in-depth TOC on “Global Cognitive Security Market: By Component Type, Size, Share, Industry Segments, Analysis and Forecast, 2017 – 2024”.
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The cognitive security market is segmented on the basis of components, security types, verticals, and regions. The component segment includes solutions and services. In terms of security types, the market is divided into cybersecurity and physical security. The cybersecurity is sub-segmented into application security, cloud security, endpoint security, and network security. On the basis of verticals, the cognitive security market includes aerospace and defense, banking, financial services, and insurance, energy and utilities, and government. Some other verticals included in cognitive security market are healthcare, IT and telecom, manufacturing, retail, and others. The market is analyzed based on five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
On the basis of components, the solution segment is anticipated to account for the largest market size in the upcoming years. The visualization platforms and the real-time security analytics pose essential significant role in preventing unusual behaviors, detecting anomalies or cyber attacks. In contrast, the service segment is predicted to grow at a faster rate in the near future owing to the increasing demand for the proper use of cognitive security solutions. In terms of security types, the cybersecurity held the largest share in 2017 and it is estimated that the cybercriminals or the cyber attacks are going to create 3.5 million unfilled cybersecurity jobs by the end of 2021. Moreover, the emerging connected devices are another reason that made enterprise networks more prone to cyber attacks. This growth is further expected to create some serious cybersecurity revenue and a substantial growth rate in the forecast period.
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In the case of verticals, the healthcare sectors are constantly facing ransomware infections and cyber attacks, thus the use of machine learning cognitive security is expected to boost the market growth significantly. Machine learning and artificial intelligence are applied to various aspects such as the reduction of patient harm events, hospital-acquired infections, patient risk stratification, care management, revenue cycle management, and others. Moreover, they are predicted to transform the healthcare sector due to their amazing results are shown in the past. These are some of the factors propelling the growth of cognitive security in the healthcare industry.
North America is predicted to hold the largest market share in terms of revenue in the coming years owing to the maximum adoption of the cognitive security solutions in the region. The presence of certain market incumbents with trending security threats is projected to boost the adoption of cognitive security solutions in the region. According to the latest budget plan done by the Trump’s government in the U.S., the government has set apart more than USD 19 billion for cybersecurity-related initiatives due to the rapid growth of the cyber threats in the nation. The U.S. is anticipated to be the major contributor in North America followed by Canada. Moreover, the U.S. is expected to grow faster than other countries such as Canada due to the increasing data breaches and cyber attacks in the country.
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Furthermore, the advancement made in the data storage facilities, such as the evolvement of public and private cloud and integrated cloud storage facilities have strengthened the cognitive security market growth. The federal agencies in the U.S. had even reported that the total number of cybersecurity incidents have dramatically escalated from 5,503 in 2006 to 77,183 in 2015. In 2016, the U.S. business sector had the maximum data breaches accounting for about 45% of the total data breach incidents, followed by education and medical/healthcare sector, constituting about 35% and 10% respectively. Such data breach incidences are pressurizing the North American countries to flourish their security systems, providing huge opportunities to the cognitive security market.
The Asia Pacific and the Middle East & Africa are also anticipated to grow at a substantial rate. In November 2017, Asia Pacific witnessed several websites and web contents encrypted via a ransomware variant known as JapanLocker. Also in October 2017, several Pakistani’s government websites compromised and their web contents were encrypted by the CTB-Locker ransomware. Such attacks will continue to evolve in the forecast period, thus Asia Pacific region is forced to use the cognitive solutions; thereby, boosting the demand for the cognitive security market. Moreover, the emergence of digital technologies for analysis, collection, distribution, and storage of information in the Middle East and Africa has created insecurity in the region, serving a plethora of new opportunities in the cognitive security market.
Browse the full "Cognitive Security Market By Component (Solutions and Services), By Security Type (Cybersecurity and Physical Security), by Vertical (Aerospace and Defense, Banking, Financial Services, and Insurance, Energy and Utilities, Government, Healthcare, IT and Telecom, Manufacturing, Retail, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/cognitive-security-market
Some of the prominent players in the cognitive security market are Intel Security, XTN, Symantec Corporation, Trend Micro, Inc., IBM Corporation, Cisco Systems, Inc., DXC Technology, CA Technologies, Inc., CSC, Logrhythm, Inc., Cato Networks, Fortinet, Inc., Google, Amazon.com, Inc., and Check Point Software Technologies Ltd., among others. Top players are concentrating on upgrading their products to cater to the increasing demand in the emerging markets.
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The report segments the cognitive security market as follows:
Global Cognitive Security Market: By Component
- Solutions
- Services
Global Cognitive Security Market: By Security Type
- Cybersecurity
- Application Security
- Cloud Security
- Endpoint Security
- Network Security
- Physical Security
Global Cognitive Security Market: By Vertical
- Aerospace and Defense
- Banking, Financial Services, and Insurance
- Energy and Utilities
- Government
- Healthcare
- IT and Telecom
- Manufacturing
- Retail
- Others
Global Cognitive Security Market: By Region Type
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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