Dubai, UAE, Sept. 28, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Extrapolate, the Global Artificial Intelligence (AI) in Cybersecurity Market size is estimated to reach USD 46.76 billion by 2032 from USD 19.34 billion in 2022, exhibiting a roughly 9.2% CAGR between 2023 and 2032. The rising proliferation of 5G technology and escalating demand for cloud-based security solutions are fostering market growth.
The market for artificial intelligence in cybersecurity is continuously growing as a result of the rising number of consumers who are expected to identify security concerns and recognize various forms of attacks that may happen at any time. Artificial intelligence (AI)-based technologies are being used to recognize, prevent, and respond to risks. Examples include smachine learning and natural language processing. Additionally, the need for powerful artificial intelligence (AI) protection systems has been underlined by a rise in cyberattacks on high-tech, defense, and government organizations.
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Competitive Landscape
Leading companies in the artificial intelligence in cybersecurity industry are increasing their market share through a range of corporate growth strategies, including partnerships, joint ventures, mergers and acquisitions, and product innovations. These strategies aim to broaden their product portfolios and bolster their market shares across several industries through investments in R&D initiatives, the building of new manufacturing facilities, and the optimization of supply networks.
Prominent manufacturers in the global artificial intelligence in cybersecurity market include:
- AO Kaspersky Lab
- BlackBerry Limited
- Cisco Systems, Inc.
- CrowdStrike
- FireEye, Inc
- Fortinet, Inc.
- IBM Corporation
- Imperva
- LexisNexis
- Micron Technology, Inc.
- Microsoft
- Musarubra US LLC (Trellix)
- NVIDIA Corporation
- Palo Alto Networks
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Market Segmentation
By Technology
- Machine Learning
- Natural Language Processing (NLP)
- Context-aware computing
Surging Adoption of Machine Learning to Augment Artificial Intelligence in Cybersecurity Market Progress
Based on technology, the machine learning segment held the largest market share in 2022 due to the growing adoption of technology, supported by deep learning across industries. Leading companies like Google and IBM have started utilizing machine learning for threat identification and email filtering. Deep learning and machine learning are being used by businesses to enhance safety protocols.
Deep learning, for instance, has become the industry standard for image identification across a range of applications, including autonomous vehicles and medical diagnosis. Machine learning platforms are also used to automate monitoring, spot anomalies, and sort through massive amounts of generated data.
By Vertical
- IT & Telecommunications
- Banking, Financial Services, and Insurance (BFSI)
- Retail
- Healthcare
- Defense & Government
- Manufacturing
- Energy
- Others
Rising Demand for Security Solutions to Augment Artificial Intelligence in Cybersecurity Market Progress
By vertical, the banking, financial services, and insurance (BFSI) segment is anticipated to dominate the market through the review timeline due to the growing demand for security solutions caused by an increase in online transactions, as well as in RTGS, NEFT, and mobile transactions. As a result, the banking sector has experienced an upsurge in the adoption of artificial intelligence-based security solutions, improving financial services, which is positively influencing segment outlook.
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Growing IoT and BYOD Adoption to Drive Artificial Intelligence in Cybersecurity Market Expansion
BYOD and IoT adoption rates among enterprises are having a beneficial impact due to the streamlining of the process and provision of real-time warnings. Cybersecurity is being used widely as a result of the advantages of having a BYOD policy, such as higher productivity, increased employee happiness, and lower corporate costs. Employees with flexible schedules, those working from home, or those who wish to stay connected while traveling for work or commuting can all benefit from BYOD solutions. BYOD policies are therefore spreading across enterprises, which is fostering market expansion.
Recent Key Developments
- March 2023: Palo Alto Networks launched the ITDR (Identity Threat Detection and Response) module for Cortex XSIAM, which uses cutting-edge AI technology to combine user identification and behavior data, detect identity-driven cyberattacks quickly, and deploy cutting-edge AI technology. The module increases XSIAM's capability by integrating diverse security operations skills into a single, AI-driven security operations center (SOC) platform.
- March 2023: Dell Technologies and CrowdStrike partnered to increase security controls across networks, endpoints, and clouds by enhancing MDR (managed detection and response) capabilities with MDR Pro Plus.
Technological Advancements in North America to Support Artificial Intelligence in Cybersecurity Market Development
North America held the leading position in the market in 2022 due to the rise in network-connected devices supported by the deployment of 5G, IoT, and Wi-Fi 6. The development of the 5G network has been fueled by several sectors, including healthcare, the automobile, energy, and mining industries. Leading businesses are anticipated to make investments in cutting-edge analytical tools like machine learning, visualization, and asset mapping for in-the-moment monitoring and assessment to capitalize on this expansion. In order to stop assaults, identify harmful user behavior, and spot aberrant trends, neural networks, machine learning, and natural language processing are projected to be used more frequently in North America.
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Increasing Cyberattacks in APAC to Bolster Artificial Intelligence in Cybersecurity Market Proliferation
The Asia Pacific market is anticipated to expand at the fastest rate due to rising cyberattacks against businesses that are driving the region's growth. As internal processes transition to digitization, growing internet access has had an impact on the acceptance of cloud-based services. According to a Cisco research study, more than 500,000 dollars in losses were caused by cyberattacks that affected over 75% of SMBs in September 2021. This demonstrates the importance of strong cybersecurity procedures to defend against such attacks and prevent significant financial damages for enterprises.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Global Artificial Intelligence in Cybersecurity Market
Chapter 5. Global Artificial Intelligence in Cybersecurity Market Overview, By Component, 2018 - 2032 (USD Million)
Chapter 6. Global Artificial Intelligence in Cybersecurity Market Overview, By Deployment, 2018 - 2032 (USD Million)
Chapter 7. Global Artificial Intelligence in Cybersecurity Market Overview, By Organization Size, 2018 - 2032 (USD Million)
Chapter 8. Global Artificial Intelligence in Cybersecurity Market Overview, By Technology, 2018 - 2032 (USD Million)
Chapter 9. Global Artificial Intelligence in Cybersecurity Market Overview, By Vertical, 2018 - 2032 (USD Million)
Chapter 10. Global Artificial Intelligence in Cybersecurity Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 11. North America Artificial Intelligence in Cybersecurity Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 12. Europe Artificial Intelligence in Cybersecurity Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 13. Asia Pacific Artificial Intelligence in Cybersecurity Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 14. Middle East & Africa Artificial Intelligence in Cybersecurity Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 15. South America Artificial Intelligence in Cybersecurity Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 16. Competitive Landscape
Chapter 17. Key Vendor Analysis
Chapter 18. Sourcing Strategy and Downstream Buyers
Chapter 19. Marketing Strategy Analysis, Distributors/Traders
Chapter 20. Market Effect Factors Analysis
Chapter 21. Future Outlook of the Market
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