Artificial Intelligence in Cybersecurity Market is anticipated to grow at a CAGR of ~22.3% from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Artificial Intelligence in Cybersecurity Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global artificial intelligence in cybersecurity market is estimated to account for over US$ 8.5 billion in 2019. It is anticipated to grow at a CAGR of ~22.3% from 2019 to 2030. 

The growth of the AI in cybersecurity market can be attributed to several factors which have led to the wide-scale adoption of these services by large enterprise and SMEs. The rising number of cyber-attacks due to the growing trend of digitalization coupled with increasing adoption of cloud-based services is further anticipated to fuel the demand for AI in cybersecurity. To obtain better insights regarding the market scenario, prominent players are increasingly focusing on the development of novel technologies, providing updates and simultaneously offering innovative solutions to ensure the sustainability of different solutions. For instance, IBM provides IBM QRadar, a cloud-based security solution to identify unknown threats. QRadar helps to automatically identify the top threats and reduce the risk of cyber-attacks.

As the volume of data generated by companies is on the rise, cloud-based storage has gained immense popularity recently. This has spurred the demand for cloud-based security platforms to manage and retrieve data efficiently. Both large enterprises and SMEs are deploying various cloud-based applications that are prone to critical cyber-attacks. Therefore, companies are continuously deploying cloud-based security solutions to provide protection against threats from unknown sources. Moreover, cloud-based security solutions help businesses to save costs by eliminating the need for hardware-based security equipment and physical space taken up by data centers.

From the last few years, the deployment of smart devices has been on the rise. IoT adoption is not merely limited to offices and finds applications across various other types of infrastructures. IoT devices are used extensively by the healthcare, finance, and infrastructure sectors. The increasing number of connected devices and the growing need for the IoT have significantly contributed to the growing demand for cybersecurity worldwide. For instance, F-Secure, a Finnish cybersecurity company, uses "honeypots" network to get information about attacks. The company estimated more than 2.9 billion events of cyber-attacks globally.

Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Artificial Intelligence in Cybersecurity Market by Offering (Hardware, Software and, Services), Technology (Machine Learning and Natural Language Processing), Security Type (Cloud Security and Network Security), Deployment Type (Cloud and On-Premise), Application (Risk & Compliance Management, Data Loss Prevention, Antivirus/Antimalware, Identity & Access Management, and Security & Vulnerability Management), End-User (Banking, Financial Services, & Insurance (BFSI), IT & Telecommunication, Healthcare, Retail, Government & Defense, and Automotive & Transportation ) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:

SMEs are comparatively more prone to cyber-attacks than large organizations due to weaker security infrastructure. Approximately 43% of cyber-attacks are directed toward small businesses and among those, only 14% are well-equipped to protect their businesses. The lack of awareness regarding cloud services can considerably hamper AI in cybersecurity market growth.

North America is expected to account for the largest market size in the AI in cybersecurity market during the forecast period. This large market share can be attributed to various factors such as robust economic infrastructure in the region and the increasing business demand for various security services. Moreover, the region is also one of the early adopters of AI and consists of several noteworthy market players.

Some of the prominent market players include Intel Corporation, NVIDIA Corporation, IBM, SAMSUNG, Xilinx, Micron Technology, Inc., Cylance (BlackBerry Limited.), F-Secure, LexisNexis Risk Solutions, and Sift, among others.

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