Artificial Intelligence (AI) in Cybersecurity Market Worth $46.3 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Estimates by Meticulous Research® – Benzinga

  1. Artificial Intelligence (AI) in Cybersecurity Market Worth $46.3 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Estimates by Meticulous Research®  Benzinga
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London, June 19, 2020 (GLOBE NEWSWIRE) — According to new market research report titled, Artificial Intelligence (AI) in Cybersecurity Market by Technology (ML, NLP), Security (Endpoint, Cloud, Network), Application (DLP, UTM, Encryption, IAM, Antivirus, IDP), Industry (Retail, Government, Automotive, BFSI, IT, Healthcare, Education), Geography– Global Forecast to 2027“. The artificial intelligence in cybersecurity market is expected to grow at a CAGR of 23.6% from 2020 to 2027 to reach $46.3 billion by 2027.

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Artificial intelligence in cybersecurity can simply be defined as the incorporation of AI technology to simplify complex processes of cybersecurity to make the system more reliable, secure, and independent. Emergence of disruptive digital technologies across different industry verticals, increasing demand for advanced cybersecurity solutions & privacy, increase in frequency & complexity of cyber threats, and consistent technological developments are the key factors driving the growth of the artificial intelligence in cybersecurity market. Moreover, the growing need for cloud-based security solutions among small and medium-sized enterprises and rising adoption of 5G technology is encouraging the growth of the artificial intelligence in cybersecurity market during the forecast period. However, the lack of skilled AI professionals and global impact of COVID-19 pandemic may restrict the growth of this market in the coming years to some extent.

Impact of COVID-19 on Artificial Intelligence in Cybersecurity Market

In 2020, the world is facing a very difficult and unpredicted situation as the coronavirus continues to spread. The COVID-19 has started showing its distressing collision on most of the profitable businesses across the globe. The outbreak is also causing the world’s economy to be slower and creating serious challenges for various industries. Due to lockdowns, several organizations are functioning with work from home policies over the organization’s network. Reliance on remote access systems is making organizations more vulnerable to DDOS and phishing attacks. Excessive dependence on network usage during the COVID-19 pandemic is creating several loopholes for data theft, ransomware attacks, and data breaches in an organization. Several organizations are ensuring their detection and alerting capabilities are functional while keeping an eye on the impact of having remote workers, thereby exposing sensitive information. Organizations are focusing on monitoring emails and active directory for anomalous logins, reviewing tactical actions, and implementing key security controls that are overlooked on multiple occasions. Several leading players are planning their strategies accordingly by ensuring remote access system is sufficiently resilient to withstand cyber threats and rethink their cyber risk management measures. The artificial intelligence in cybersecurity will play a significant role in the safety and security of organizations from cyber threats. With the COVID-19 impact, industry verticals are focusing on reducing dependencies on human resources, as well as maximizing the use of process and advanced technology to perform cybersecurity activities. The positive impact will be perceptible which in turn encourages the growth of the AI in cybersecurity market over the forecast period.

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Although the overall AI in cybersecurity market has got affected by the pandemic, the market still holds considerable potential to bounce back. According to the Cyber Intelligence Centre, in 2020, there is a spike of phishing attacks, mail spams, and ransomware attacks as attackers are using COVID-19 as bait to personate brands, thereby misleading customers and employees. Thus, organizations are focusing on advanced technologies in cybersecurity for protection against such threats. Besides, the factors such as favorable government policies & initiatives including financial packages for the businesses and ease in tax, increasing demand for advanced cybersecurity solutions in the healthcare sector coupled, and increasing investment in advanced technologies are further expected to contribute to the growth of the artificial intelligence in cybersecurity market.

The overall artificial intelligence in cybersecurity market study presents historical market data (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of component, technology, security, applications, deployment, industry vertical, and geography. The study also evaluates industry competitors and analyzes the market at a country level.

Based on component, the software segment is estimated to account for the largest share of the overall artificial intelligence in cybersecurity market in 2020. The large share of this segment is primarily driven by the factors such as growing number of data security concerns, increase in demand for AI platform solutions for security operation, and increasing demand for robust and cost-effective security solutions among business enterprises to strengthen their cybersecurity infrastructure. Moreover, the growing demand for new installation and integration and organizations’ call for frequent support and maintenance is also expected to encourage fast growth of the service segment during the forecast period. However, the service segment is expected to grow with the fastest growth rate over the coming years. AI in cybersecurity is expected to become more mature in the western part of the world. As a result, professional AI services such as deployment & integration and support & maintenance are expected to gain momentum with the consistent proliferation of AI in cybersecurity.

Based on technology, the Machine Learning technology segment is estimated to account for the largest share of the overall artificial intelligence in cybersecurity market in 2020, as well as projected to grow with the fastest CAGR during the forecast period. The large share and rapid growth of this segment is mainly attributed to its capability to collect, process, and handle big data that originated from different sources. This helps in making predictions based on the data, forecast cyber threats, and help in analyzing real-time user behavior patterns to protect the network from potential cyberthreats. Besides, role of machine learning in modern-day healthcare cybersecurity is quite crucial, as this particular end-use vertical is one of the most affected verticals from security breaches and data thefts. Therefore, the growing need for intelligent healthcare cybersecurity is encouraging the fast growth of Machine Learning technology in AI in cybersecurity market.

Based on security, the network security segment is estimated to account for the largest share of the overall artificial intelligence in cybersecurity market in 2020, owing to the increasing number of APTs, malware, and phishing attacks. Besides, the factors such as increase in the adoption of the Bring Your Own Device (BYOD) trend, growing demand for network security solutions, and privacy concerns is also expected to drive the growing demand for network security segment in the coming years. On the other hand, the cloud security segment is slated to grow at the fastest CAGR during the forecast, which is primarily driven by the increased adoption of Internet of Things (IoT) devices, growing adoption of cloud-based security technologies, and increasing demand for robust and cost-effective security services. Besides, the high adoption rate of cloud computing among small and medium scale enterprises has further proliferated the growth of the cloud security segment in the overall AI in cybersecurity market.

Based on application, the identity and access management segment is estimated to account for the largest share of the overall artificial intelligence in cybersecurity market in 2020. The large share of the segment is mainly attributed to the growing need for integrity and safety of the confidential information in industry verticals, growing emphasis on compliance management, increasing trend of mobility solutions, and increase in security concerns among organizations. However, the data loss prevention segment is slated to grow at the fastest CAGR during the forecast period, due to the increasing focus of organizations towards meeting regulatory and compliance requirements and shifting of data to cloud storage. Besides, consistently growing cases of data theft in organizations is also expected to support the fast growth of this segment.

Based on deployment, the on-premises deployment is estimated to account for the largest share of the overall artificial intelligence in cybersecurity market in 2020. The large share of this segment is primarily accounted for the factors such as increase in concerns towards enhancing the internal processes & systems, security issues related to cloud deployment, and rise in demand for advanced security application software among industry verticals. However, the cloud-based deployment is slated to grow at the fastest CAGR during the forecast period due to the increasing number of large enterprises using cloud platform for data repository as well as growing demand to reduce the capital investment required to implement cybersecurity solutions. Besides, several organizations are moving operations to the cloud, which has led cybersecurity vendors to develop cloud-based solutions.

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Based on industry vertical, the BFSI sector is estimated to account for the largest share of the overall artificial intelligence in cybersecurity market in 2020. The large share of this segment is primarily accounted for the rising sophistication levels of cyber-attacks, increasing number of financial & banking frauds, and hacking and mounting number of cyber-attacks in banking & financial services sector. However, the manufacturing sector is slated to grow at the fastest CAGR during the forecast period, due to the rising sophistication levels of cyber-attacks, increasing government funding to improve the cybersecurity of the industrial environment, advent of industrial 4.0, rise in the number of malware attacks, and increase in the adoption of IoT devices.

Geographically, the North America region is estimated to command the largest share of the global artificial intelligence in cybersecurity market in 2020, followed by Asia Pacific, Europe, Latin America, and the Middle East & Africa. The large share of this region is primarily accounted for the factors such as presence of major players along with several emerging startups in the region, increase in government initiatives towards advanced technologies such as artificial intelligence, proliferation of cloud-based solutions, increasing sophistication of cyber-attacks, and emergence of disruptive digital technologies. However, Asia-Pacific region is expected to witness rapid growth during the forecast period, driven by the factors such as rising consumption of connected devices; growing awareness regarding cybersecurity among organizations; rapid economic development; high adoption of advanced technologies such as IoT, 5G technology, and cloud computing; and rising privacy & security concerns in the region.

The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2017–2020). The artificial intelligence in cybersecurity market has witnessed partnerships & agreements in recent years that enabled companies to broaden their product portfolios, advance the capabilities of existing products, as well as gain the cost leadership in the cybersecurity market. For instance, in 2020, IBM Corporation partnered with will.i.am’s AI startup to further push artificial intelligence, with Red Hat OpenShift on IBM public cloud. This will further ensure enterprise-level security for customer data. Similarly, in 2020, LogRhythm, Inc. partnered with Keeper Security, provider of the leading cybersecurity platform. This partnership will integrate Keeper’s extensive password event data into LogRhythm SIEM to create a holistic view of a threat environment.

The global artificial intelligence in cybersecurity market is fragmented in nature. The major players operating in this 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.), Checkpoint 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.), among others.

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Scope of the Report:

AI in Cybersecurity Market by Component                            

  • Hardware                            
    • Processors
    • Networking Solutions
    • Memory Solutions
  • Software              
    • AI Platforms
    • AI Solutions
  • Services               
    • Deployment & Integration
    • Support & Maintenance

AI in Cybersecurity Market by Technology               

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

AI in Cybersecurity Market by Security Type             

  • Application Security
  • Endpoint Security
  • Cloud Security
  • Network Security

AI in Cybersecurity Market by Application

  • 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
  • Fraud Detection

AI in Cybersecurity Market by Deployment Type                    

  • On-Premises
  • Cloud

AI in Cybersecurity Market by Industry Vertical

  • Retail
  • Government & Defense
  • Automotive & Transportation
  • BFSI
  • Manufacturing
  • Infrastructure
  • IT & Telecommunication
  • Healthcare
  • Aerospace
  • Education
  • Energy

AI in Cybersecurity Market by Geography:    

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Latin America
  • Middle East and Africa

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