Artificial Intelligence in Cybersecurity Market: Global Industry Analysis And Forecast (2021-2029)

Artificial Intelligence in Cybersecurity Market size was valued at US$ 14.49 Bn. in 2021 and the total Artificial Intelligence in Cybersecurity revenue is expected to grow by 21.4 % from 2022 to 2029, reaching nearly US$ 68.35 Bn.
Artificial Intelligence in Cybersecurity Market Overview:
AI is the perfect cybersecurity solution for organizations that wants to succeed online. Security professionals require significant help from intelligent machines and innovative technology such as AI to work successfully and protect their organizations from cyber attacks. It provides malware alerts, identifies new types of threats, and protects critical data for businesses. The information technology and telecommunications sector are the most advanced in the adoption of AI. According to a recent global study of more than 4,500 technology decision-makers from various industries, 45% of major enterprises and 29% of SMEs had used AI. Artificial intelligence in cybersecurity is now gaining traction to secure information, and it is capable of rapidly investigating millions of data sets and tracking down a wide range of cyber-attacks. hence, the adoption rate of artificial intelligence in the cybersecurity sector is rising continuously throughout the forecast period.



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This report provides an analytical representation of the global artificial intelligence in the cyber security market as well as current trends and future forecasts to identify potential investment areas. The study includes information about major drivers, restraints, and opportunities and a detailed analysis of market share. The Artificial Intelligence in Cybersecurity market is segmented based on Offering, Deployment Type, Security Type, Technology, Application, End User, and Region. The growth amongst these segments will help to analyze the industries and provide the users with a valuable market overview and market insights to make strategic decisions for identifying core market applications.

The research study provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies. The bottom-up approach has been used to collect the data and analyze the market to figure out the market size by volume and value by mentioned segments. Major Key Players in the Artificial Intelligence in Cybersecurity market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research involved a study of the top manufacturers' annual and financial reports, while primary research was done through interviews with company key persons and industry professionals such as experienced front-line staff, CEOs, and marketing executives.

The study gives insight into the growth dynamics of the Artificial Intelligence in Cybersecurity market in regions such as the Middle East and Africa, Asia Pacific, Europe, North America, and Latin America The report contains strategic profiling of top key players in the market, a wide-ranging analysis of their core competencies, and their strategies like new product launches, growths, agreements, joint ventures, partnerships, and acquisitions that apply to the businesses. They are continuously strategizing on mergers & acquisitions for the expansion of their market share and growth opportunities during the forecast period.

North America dominated the artificial intelligence market ecosystem in cyber security, contributing 40.7 % of total revenue in 2021. The presence of key companies such as IBM, Cisco Systems Inc., Dell Root 9B, Symantec Carpeted Micro Inc., Check Point Software Technologies Ltd., Herjavec, and Palo Alto Networks, which provide cutting-edge solutions and services to all sectors in the region is a significant contributor to regional market growth.

Impact of COVID-19 on the Market

Several organizations began implementing a work-from-home method of operation over the organization's network resulting in an increase in data thefts, computer hacking, and data breaches across enterprises. The reliance on remote access technologies made firms increasingly vulnerable to DDOS and phishing attacks. Many key players began improving their cyber risk management procedures and planning appropriately, ensuring that their remote access systems were sufficiently resilient to withstand cyber attacks. Organizations have started focused on monitoring emails and active directories for strange logins, reviewing tactical actions, and adopting essential security controls. Artificial intelligence in cybersecurity has played a crucial role in protecting enterprises from cyber attacks.
Artificial Intelligence in Cybersecurity Market Dynamics:
Artificial Intelligence for cybersecurity identifies Unknown Threats

A lot of activity goes on a company's network and an average mid-sized business has a lot of traffic on their site which means a lot of data is transferred between business and their clients on a daily basis. This information must be safeguarded from malicious people and software. A human may not be able to recognize all of the threats that a business faces. Every year, hackers conduct hundreds of millions of cyberattacks for a variety of reasons. Unknown threats can cause massive harm to a network. Modern solutions are required to avoid this threat because attackers try out different approaches for malware attacks. AI has shown to be one of the most effective security solutions for mapping and preventing unknown threats from causing chaos in a business. According to the Ponemon Institute, 68% of businesses became victims of direct or indirect endpoint attacks in 2020, exposing critical data and consumer information. The surge in cyberattacks and data breaches has forced organizations to adopt more decentralization and edge-based AI in cybersecurity approaches, fueling the growth of AI in the cybersecurity market. Thus, the increased awareness of the importance of AI in cybersecurity solutions as well as the resulting rise in investment are likely to contribute to the growth of artificial intelligence in the cybersecurity market during the forecast period.

Major companies are increasing their AI cybersecurity budgets

Technological innovation has not only given us the ability to handle everything with the push of a button, but it has also made us exposed to various online threats. The sudden arrival of the pandemic and the shift in the workplace have resulted in a significant increase in cyber-attacks globally. Many businesses recognize that cyber security is a serious concern to protect their data. According to the Neustar International Security Council (NISC), 81% of companies have committed to increasing their cybersecurity spending for 2022. Many businesses are also looking for novel solutions to safeguard their assets and interests. At the moment, half of the businesses have a cyber-insurance policy, and 94% consider it a good investment. In 2021, the US government is estimated to invest $18.78 billion in cyber security.

Importance of Cybersecurity in the BFSI sector

Cybersecurity in BFSI is used to identify thefts and data thefts that disrupt IT systems in organizations. Cybersecurity in BFSI is predicted to reach US$ 90.78billion by 2029 over the forecast period. Banks often store a large amount of sensitive information on their customers and businesses who have accounts with them. As a result, wealth managers and bankers must spend more money than other sectors to address challenges caused by cyberattacks. Artificial intelligence has been used in banking for several years. AI offers a wide range of applications in the banking business. Cybersecurity solutions assist firms in the BFSI sector in detecting, reporting, monitoring, and countering cyber-attacks while ensuring the confidentiality of information systems. The BFSI industry is taking many efforts to protect its IT infrastructure, and they continue to be challenged by the rate of innovation and the sophistication of the attacks. Several firms in the BFSI sector use cyber security solutions to secure critical information saved on a PC or other digital memory device. Furthermore, AI-powered banking systems' easy and automated workflows can provide answers to a wide range of issues. It not only helps in monitoring user authenticity but also in preventing potential threats and risks.



Market Restraint:

The shortage of experienced AI professionals, the perception of AI in cybersecurity as an incomplete security solution, and the effects of the COVID-19 pandemic are all expected to hamper the market's growth significantly. India's cybersecurity workforce is 9 % higher than the global average.


Artificial Intelligence in Cybersecurity Market Segment Analysis:
By offering, the Software segment for AI in cybersecurity is expected to grow at the highest CAGR during the forecast period. AI systems require several forms of software, including application program interfaces, language, audio, vision, and sensor data, as well as machine learning techniques. The software platforms and solutions are available at higher costs because there is a limited number of experts that develop machine learning algorithms. Key players such as Darktrace, Cylance, Securonix, and IBM are among the leaders in the development of software for AI in the cybersecurity market.

By deployment type, the cloud-based segment is expected to grow at the highest CAGR during the forecast period because of the rising number of major companies adopting cloud platforms for data repositories and the increasing desire to decrease capital investments necessary to install cybersecurity solutions. Furthermore, during the COVID-19 outbreak, several organizations began shifting operations to the cloud, prompting cybersecurity providers to create cloud-based security solutions.

By security type, the network security segment is expected to account for the majority of the artificial intelligence market in cybersecurity. The adoption of the Bring Your Own Device (BYOD) trend, the increasing number of APTs, malware, and phishing threats, the rising need for secure data transfer, the growing need for network security solutions, and rising privacy concerns all contribute to this segment's growth.

The cloud security segment is expected to grow at the fastest rate during the forecast period due to increased adoption of Internet of Things (IoT) devices, an increase in cloud solution deployment, the emergence of remote work and collaboration, and an increase in demand for robust and cost-effective security services.

By technology, the machine learning technology segment is expected to account for the highest share of AI in the cybersecurity market during the forecast period. This is primarily due to its improved ability to collect, process, and handle large amounts of data from various sources, as well as provide rapid analysis and prediction. It also helps in the analysis of user behavior, the detection of threats, and the response to active attacks in real-time.

By end user, the IT and telecommunications sectors are expected to account for the majority of the AI in the cybersecurity market. This segment's large share is primarily due to an increase in the frequency of security breaches by cybercriminals, and a shift in preference from traditional business models to sophisticated technologies such as IoT devices, 5G, and cloud computing.

The healthcare sector is expected to grow at the fastest rate during the forecast period due to rising demand for advanced cybersecurity solutions and privacy concerns, an increase in the frequency and complexity of cyber threats, and widespread adoption of IoT and connected devices.


Artificial Intelligence in Cybersecurity Market Regional Insights
The Asia-Pacific region has become increasingly attractive to cybercriminals. According to IBM X-Force Threat Intelligence Index 2022, Asia was the most cyber-attacked region in 2021, receiving 26.4 % of the global attacks. Many emerging countries in the region, including India, China, Singapore, and Japan, are struggling with growing cybersecurity issues. India topped the list of the most attacked country in Asia. Stringent policies governing the implementation of cyber security solutions are pushing the region's cyber security companies to grow. Therefore, the Artificial Intelligence in Cybersecurity Market is expected to grow in this region during the forecast period.

North America is a major contributor to AI in the cybersecurity market, with the United States accounting for the greatest share of the market in North America in 2020. North America dominates the global AI cybersecurity market due to the region's early adoption of AI. North America is an early user of innovative technology, since banks, government agencies, and financial institutions in the area face ever-increasing cyber-threats. As a result, innovative technologies are used to manage the cybersecurity landscape. Furthermore, various cybersecurity providers are situated in this region, which contributes to the growth of AI in the cybersecurity market in North America.



The objective of the report is to present a comprehensive analysis of Artificial Intelligence in the Cybersecurity market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Artificial Intelligence in Cybersecurity market dynamics, and structure by analyzing the market segments and projecting the Artificial Intelligence in Cybersecurity market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Artificial Intelligence in Cybersecurity market make the report investor’s guide.
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Global Artificial Intelligence in Cybersecurity Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 14.49 Bn.


Forecast Period 2022 to 2029 CAGR:
21.4 %
Market Size in 2029:
US $ 68.35 Bn.


 Segments Covered:
by offering
• Hardware
• Software
• Service


by deployment type
• Cloud
• On-Premise


by security type
• Network Security
• Endpoint Security
• Application Security
• Cloud Security


by technology
• Machine Learning
• Natural Language Processing
• Context-Aware Computing


by application
• Identity & Access Management
• Risk & Compliance Management
• Data Loss Prevention
• Unified Threat Management
• Security & Vulnerability Management
• Antivirus/Antimalware
• Fraud Detection/Anti-Fraud
• Intrusion Detection/Prevention System
• Threat Intelligence
• Others


by end user
• BFSI
• IT and telecommunications
• Retail
• Government & Defense
• Manufacturing
• Infrastructure
• Enterprise
• Healthcare



Artificial Intelligence in Cybersecurity Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Artificial Intelligence in Cybersecurity Market Key Players
• 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, Inc. (U.S.)
• McAfee LLC (U.S.)
• LogRhythm, Inc. (U.S.)
• Sophos Ltd. (U.S.)
• NortonLifeLock Inc. (U.S.)
• CrowdStrike Holdings, Inc. (U.S.)
• Kelco (U.S.)

FAQs:
1. Which is the potential market for Artificial Intelligence in Cybersecurity in terms of the region?
Ans. In the Asia Pacific region, the Stringent policies governing the implementation of cyber security solutions are expected to drive the market.

2. What is expected to drive the growth of the Artificial Intelligence in Cybersecurity market in the forecast period?
Ans. The increased awareness of the importance of AI in cybersecurity solutions as well as the resulting rise in investment are likely to contribute to the growth of artificial intelligence in the cybersecurity market during the forecast period.

3. What is the projected market size & growth rate of the Artificial Intelligence in Cybersecurity Market?
Ans. The Artificial Intelligence in Cybersecurity Market size was valued at US$ 14.49 Bn. in 2021 and the total Artificial Intelligence in Cybersecurity revenue is expected to grow by 21.4 % from 2022 to 2029, reaching nearly US$ 68.35 Bn.

4. What segments are covered in the Artificial Intelligence in Cybersecurity Market report?
Ans. The segments covered are Offering, Deployment Type, Security Type, Technology, Application, End User, and Region.