AI in Cybersecurity Market Projected to Hit USD 96.3 billion at a 22.50% CAGR by 2032 – Report by Market Research Future (MRFR)
Research Reports
Sep 26, 2023
Market Analysis
The global AI in cybersecurity market will touch USD 96.3 billion at a 22.50% CAGR by 2032, as per the recent Market Research Future report.
Drivers
Burgeoning Need for IoT to Boost Market Growth
Increasing IoT technology demand and Wi-Fi networks’ vulnerability to security attacks are two key reasons driving market expansion. The ubiquity of linked companies, devices, and apps is a result of the increase in IoT demand. These businesses are getting more exposed since they are technologically connected. As a result, AI in cybersecurity offers solutions with capabilities for threat mitigation.
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Key Players
Eminent industry players profiled in the AI in cybersecurity market report include:
- NVIDIA Corporation
- Intel Corporation
- Xilinx Inc.
- Samsung Electronics Co Ltd
- Micron Technology Inc.
- Amazon Web Services, Inc.
- IBM Corporation
- Microsoft Corporation, FireEye, Inc.
- Palo Alto Networks Inc.
- Juniper Networks Inc.
- Fortinet, Inc.
- Cisco Systems, Inc.
- Check Point Software Technologies Ltd.
- Imperva
- McAfee LLC
- LogRhythm, Inc.
- Sophos Ltd.
- NortonLifeLock Inc.
- Crowdstrike Holdings, Inc.
- Darktrace, Cylance Inc.
- Vectra AI, Inc.
- ThreatMetrix Inc.
- Securonix Inc.
- Sift Scienc
- Acalvio Technologies
- SparkCognition Inc
- Symantec Corporation.
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Opportunities
Growing Need for Advanced Cybersecurity Services and Privacy to offer Robust Opportunities
As organizations and individuals depend more on technology to both store & process sensitive information, there is a rising demand for better cybersecurity solutions and privacy in AI. Organizations are realizing the need to invest in cutting-edge cybersecurity solutions to safeguard their data and assets in light of the increase in cyber threats & data breaches. Because they may offer real-time threat detection & response capabilities which conventional security solutions may not be able to, AI-based cybersecurity solutions are becoming increasingly common. Prior to an assault, AI may aid in identifying possible weaknesses in a system.
Restraints and Challenges
Lack of Skilled Experts to act as Market Restraint
The lack of skilled AI experts, lack of awareness about AI in cyber security, and limited security budget for cyberattacks may act as market restraints over the forecast period.
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Market Segmentation
The global AI in cybersecurity market is bifurcated based on application, vertical, technology, offering, and type.
By type, network security will lead the market over the forecast period.
By offering, services will domineer the market over the forecast period.
By technology, machine learning will spearhead the market over the forecast period.
By vertical, enterprise will spur the market over the forecast period.
By application, fraud detection/anti-fraud will command the market over the forecast period.
COVID-19 Analysis
The worldwide artificial intelligence in cybersecurity business was affected in two different ways by the COVID-19 epidemic. As more organizations and people migrated to remote work & digital communications, the pandemic not only brought about economic uncertainty and disruptions across industries, but it also brought to light the significance of cybersecurity. During the pandemic, companies and individuals were more dependent on technology, which raised the need for cybersecurity solutions.
Increased funding for AI-based cybersecurity systems that include real-time threat detection & response capabilities resulted from it. As security personnel were compelled to manage a greater volume of security issues while working remotely, the pandemic also brought to light the necessity for automation in cybersecurity. Security teams may concentrate on more difficult duties by using AI-based cybersecurity solutions to automate common security chores.
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Regional Analysis
North America to Head AI in Cybersecurity Market
In 2022, this market was headed by the North America (45.80%). The adoption of the IoT, 5G, & Wi-Fi 6 is mostly to blame for the surge in network-connected devices. Businesses in the auto, healthcare, energy, government, and mining sectors have been driving the construction of the 5G network, which might be a point of access for hackers. Additionally, the North American market saw the highest growth in Canada, while the U.S. market had the greatest market share.
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