AI in Cybersecurity Market
According to a new report published by Allied Market Research, titled, “AI in Cybersecurity Market,” The ai in cybersecurity market was valued at $19.2 billion in 2022, and is estimated to reach $154.8 billion by 2032, growing at a CAGR of 23.6% from 2023 to 2032.
AI in cybersecurity solutions provides data security capabilities to several sectors by enabling the confidentiality of sensitive information, it allows organizations to protect their assets from various cyber-attacks and improve customer experience. In addition, several large and small-sized enterprises are increasingly employing AI in cybersecurity solutions to expand their security services. Moreover, in the financial sector, AI examines user behavior and transaction data to identify trends that may represent fraud, assisting financial institutions in the detection and prevention of fraud.
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As this sector deals with a vast amount of sensitive data, which in turn provides lucrative opportunities for the growth of AI in cybersecurity in this sector. Meanwhile, there is an increasing demand for AI in cybersecurity solutions in the healthcare sector, as AI protects patient information and sensitive medical data from breaches and unauthorized access. These multiple applications offered by AI in cybersecurity solutions in several industries are expected to propel artificial intelligence in cybersecurity market demand.
Based on security type, the network security segment held the highest market share in 2022, accounting for nearly two-fifths of the global AI in cybersecurity market revenue, and is projected to rule the roost by 2032. Machine learning in security continually learns by examining data to locate trends, enabling users to more effectively detect malware in encrypted communications and identify insider risks. However, the cloud security segment is projected to manifest the highest CAGR of 27.4% from 2023 to 2032. The increasing demand for effective cloud-based cybersecurity to protect customer privacy is further expected to propel global market growth.
Based on offering, the software segment held the highest market share in 2022, accounting for nearly half of the global AI in cybersecurity market revenue, and is estimated to retain its lion’s share throughout the forecast period. The same segment would also display the fastest CAGR of 26.0% during the forecast period. The adoption of AI in cybersecurity continues to grow across various industries and rising demand for software services to build and deploy new security systems.
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Based on deployment mode, the on-premise segment dominated the AI in cybersecurity market in 2022 and is expected to continue this trend during the forecast period. As on-premise deployment mode solutions provides an extra level of security to the organizations. However, the cloud segment is expected to exhibit the highest growth during the forecast period. The growth of the segment of cloud security is mainly driven by the increase in the adoption and susceptibility of wireless networks, as facilities increasingly rely on wireless networks for data transfer.
Based on technology, the machine learning (ML) segment held the highest market share in 2022, accounting for more than half of the global AI in cybersecurity market revenue, and is estimated to maintain its leadership status throughout the forecast period. Machine learning in security continually learns by examining data to locate trends, enabling users to more effectively detect malware in encrypted communications and identify insider risks. However, the context-aware computing segment is projected to manifest the highest CAGR of 27.1% from 2023 to 2032. The increasing demand for effective cloud-based cybersecurity to protect customer privacy is further expected to propel global market growth.
By region, North America dominated the AI in cybersecurity market size in 2022. Businesses in this area are embracing security solutions at an increasing rate, which in turn are expected to propel the artificial intelligence in cybersecurity market growth. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. The presence of strong government policies regarding privacy and security in this region has been driving the growth of the global market.
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With most of the population confined in homes even after the lockdown measures of the COVID-19 pandemic, businesses needed to optimize their business operations and offerings. In accordance to maximize the revenue opportunities while optimizing the operations to support the rapidly evolving business environment post the outbreak of the COVID-19 pandemic. This enabled many businesses to invest in AI in cybersecurity solutions. In addition, threat detection, anomaly detection, and predictive analysis may all be improved by incorporating cutting-edge technology like artificial intelligence (AI) and machine learning (ML) into cybersecurity services. Based on user behavior patterns, these technologies can help the identification of potentially security-breaching activities, the automation of encryption processes, and the detection of suspicious conduct.
Furthermore, the rise in trend of cloud computing in several industries including cybersecurity industry is anticipated to create numerous opportunities for AI in cybersecurity industry growth. As cloud-based cybersecurity solutions offer scalability, flexibility, and accessibility, that enhance business operations. For instance, in March 2021, IBM launched new and enhanced services designed to help organizations manage the cloud security strategy, policies and controls across hybrid cloud environments. Therefore, numerous strategies adopted by businesses further help to accelerate the AI in cybersecurity market forecast.
Key Findings of the Study:
1. By offering, the software segment accounted for the largest AI in cybersecurity market share in 2022.
2. By deployment mode, the on-premise segment accounted for the largest AI in cybersecurity market share in 2022.
3. By security type, the network security segment accounted for the largest AI in cybersecurity market share in 2022.
4. By technology, the machine learning segment accounted for the largest AI in cybersecurity market share in 2022.
5. By industry vertical, the BFSI segment accounted for the largest AI in cybersecurity market share in 2022.
6. Region-wise, North America generated the highest revenue in 2022.
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Leading Market Players: –
Intel Corporation
IBM Corporation
NVIDIA Corporation
Samsung Electronics Co. Ltd.
Amazon Web Services, Inc.
Palo Alto Networks, Inc.
Microsoft Corporation
Cisco Systems, Inc.
Micron Technology Inc.
GenDigital
The report provides a detailed analysis of these key players in the global AI in cybersecurity market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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