Meticulous Research®—a leading global market research company published a research report titled Artificial Intelligence in Cybersecurity Market by Technology (ML, NLP), Security (Endpoint, Cloud, Network), Application (DLP, UTM, IAM, Antivirus, IDP), Industry (Retail, Government, BFSI, IT, Healthcare), and Geography - Global Forecast to 2029”.
According to this latest publication from Meticulous Research®, the Artificial Intelligence in Cybersecurity Market is expected to grow at a CAGR of 24.2% from 2022 to reach USD 62.22 billion by 2029. The growth of this market is attributed to factors such as the increasing demand for advanced cybersecurity solutions and privacy, the growing significance of AI-based cybersecurity solutions in the banking sector, and the increasing frequency and complexity of cyber threats. In addition, the growing need for AI-based cybersecurity solutions among small and medium-sized enterprises (SMEs) is expected to support the growth of this market over the coming years.
However, factors such as the vulnerability issues associated with IoT devices, misconceptions, and a lack of knowledge regarding AI in cybersecurity solutions pose serious challenges in the adoption of AI in cybersecurity solutions, thereby hindering the market’s growth.
The global AI in cybersecurity market is segmented based on component, technology, security, applications, deployment, industry vertical, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on component, the AI in cybersecurity market is segmented into software, hardware, and services. In 2022, the software segment is estimated to account for the largest share and highest CAGR of the AI in cybersecurity market. The is mainly attributed to the increasing demand for AI platforms solutions for security operations, the growing number of data security concerns, and the rising demand for robust and cost-effective security solutions among business enterprises to strengthen their cybersecurity infrastructure.
Based on the technology, the AI in cybersecurity market is segmented into machine learning, natural language processing (NLP), and context-aware computing. In 2022, the machine learning technology segment is estimated to account for the largest share of the AI in cybersecurity market. This segment is also slated to register the highest CAGR during the forecast period. This is mainly attributed to its increased ability to collect, process, and handle big data from different sources and offer rapid analysis and prediction. It also helps analyze user behavior, finds threats, and respond to active attacks in real-time.
Based on security, the AI in cybersecurity market is segmented into network security, cloud security, endpoint security, and application security. In 2022, the network security segment is estimated to account for the largest share of the AI in cybersecurity market. The high growth of this segment is attributed to the rising incidences of APTs, malware, and phishing attacks. In addition, the surge in the adoption of the Bring Your Own Device (BYOD) trend during the COVID-19 pandemic and the growing demand for network security solutions and privacy concerns is expected to drive the growing demand for the network security segment in the coming years. However, the cloud security segment is slated to grow at the highest CAGR during the forecast period due to the increased adoption of Internet of Things (IoT) devices, cloud-based security technologies, and the surge in demand for remote and cost-effective security services amidst the COVID-19 pandemic.
Based on the application, the AI in cybersecurity market is segmented into data loss prevention, unified threat management, encryption, identity and access management, risk and compliance management, antivirus/antimalware, intrusion detection/prevention system, distributed denial of service (DDoS) mitigation, security information and event management (SIEM), threat intelligence, and fraud detection. In 2022, the identity and access management segment is estimated to account for the largest share of the AI in cybersecurity market. The large share of this segment is mainly attributed to the growing need for integrity and safety of confidential information in industry verticals, the growing emphasis on compliance management, the increasing trend of mobility solutions, and the increase in security concerns among organizations. However, the data loss prevention segment is slated to register the fastest CAGR during the forecast period due to the increasing focus of organizations towards meeting regulatory and compliance requirements, shifting of data to cloud storage, and increasing incidences of data theft in organizations.
Based on the deployment, the AI in cybersecurity market is segmented into on-premises and cloud-based. The on-premises segment is estimated to account for the largest share of the AI in cybersecurity market in 2021. The large share of this segment is attributed to the increasing need to enhance the internal processes & systems, security issues related to cloud deployment, and the rising demand for advanced security application software among industry verticals. However, the cloud-based segment is slated to register the fastest CAGR during the forecast period due to the increasing number of large enterprises using cloud platforms for data repositories and the increasing demand to reduce capital investments required to implement cybersecurity solutions. In addition, several organizations started moving operations to the cloud during the COVID-19 pandemic, which led cybersecurity vendors to develop cloud-based security solutions.
Based on the industry vertical, the market is segmented into government & defense, retail, manufacturing, banking, financial services, and insurance (BFSI), automotive & transportation, healthcare, IT & telecommunication, aerospace, education, and energy. In 2022, the IT & telecommunication sector is estimated to account for the largest share of the AI in cybersecurity market. The large share of this segment is mainly attributed to increasing incidence of security breaches by cybercriminal, shifting preference from traditional business models to sophisticated technologies, and including IoT devices, 5G, and cloud computing. However, the healthcare sector is slated to register the highest CAGR during the forecast period due to the growing demand for advanced cybersecurity solutions & privacy concerns, increase in frequency & complexity of cyber threats, and growing adoption of IoT & connected devices across the healthcare sector.
Based on geography, the AI in cybersecurity market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the global AI in cybersecurity market. The large share of this segment is mainly attributed to several emerging startups and the presence of prominent players offering advanced AI in cybersecurity solutions and services across different sectors in the region. In addition, the increasing sophistication of cyber-attacks, proliferation of cloud-based solutions, supportive government initiatives, and growing awareness regarding AI in cybersecurity among small and medium-scale organizations are anticipated to propel the demand for AI in cybersecurity solutions during the forecast period. However, Asia-Pacific is expected to witness rapid growth during the forecast period driven by factors such as the rising number of connected devices, the growing awareness regarding cybersecurity among organizations, the increasing incidences of cybercrimes, rapid investments in IT infrastructure, and rising privacy & security concerns in the region.
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The key players operating in the global artificial intelligence in cybersecurity market are Amazon Web Services, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), FireEye, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Micron Technology, Inc. (U.S.), Check Point Software Technologies Ltd. (U.S.), Imperva (U.S.), McAfee LLC (U.S.), LogRhythm, Inc. (U.S.), Sophos Ltd. (U.S.), NortonLifeLock Inc. (U.S.), and Crowdstrike Holdings, Inc. (U.S.).
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