Growing number of cyber-attacks in different industries and increasing adoption of digitalization are predicted to drive global AI in cybersecurity market.
Allied Market Research published a report, “AI in Cybersecurity Market by Offering (Hardware, Software, and Service), Deployment Mode (On-Premise and Cloud), Security Type (Network Security, Endpoint Security, Application Security, and Cloud Security), Technology (Machine Learning (ML), Natural Language Processing (NLP) and Content-aware Computing), and Industry Vertical (BFSI, Retail and E-commerce, Healthcare, Automotive & Transportation, Government, and Defense, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. As per the report, the AI in cybersecurity market is estimated to garner $154.8 billion by 2032. The market was valued at $19.2 billion in 2022 and will rise at a CAGR of 23.6% during the 2023-2032 period.
AI in cyber security refers to the use of Artificial Intelligence and machine learning algorithms to protect the computer systems and networks from different types of cyber threats and cyber-attacks. AI and machine learning models essentially rely on speed and precision to detect cyber-attacks at an early stage and thus improve the efficiency of security operations.
Prime Determinants of Growth
The increasing number of cyber-attacks in various industries and widespread adoption of digital security solutions is anticipated to drive the global AI in cybersecurity market. On the other hand, lack of skilled cybersecurity experts might impede the growth of the market. On the other hand, increasing demand for threat detection systems will create numerous growth opportunities in the market.
The software segment to be the most profitable
By offering, the software segment accounted for the largest share in 2022 and is set to maintain its lead in the analysis timeframe. The same segment will also witness the highest CAGR of 26.0% during this period. Widespread adoption of AI in cybersecurity by different end-use industries is anticipated to widen the scope of the market.
The on-premise segment to garner significant market revenue
By deployment type, the on-premise segment held the highest market share in 2022 and will dominate throughout the forecast timeframe. The growing popularity of on-premise deployment mode due to its ability to provide an extra level of security will play a huge role in the market’s growth. On the other hand, the cloud segment is expected to rise at a CAGR of 26.2% during the 2023-2032 period. Extensive adoption of wireless networks for data transfer is predicted to boost the market share.
The network security segment to grow rapidly during the analysis period
By security type, the network security segment gathered the highest revenue in 2022 and is projected to continue its great run in the analysis period. Escalating demand for machine learning in security to detect malware in encrypted communications is estimated to push the market ahead. On the other hand, the cloud security segment is estimated to have the fastest CAGR of 27.4% during the 2023-2032 period. The surge in demand for cloud-based cybersecurity to protect customer privacy is anticipated to expand the operations of the market.
The machine learning segment to flourish immensely by 2031
By technology, the machine learning (ML) segment accounted for the largest market share in 2022 and will maintain its top position in the coming period. Widespread use of machine learning in security to examine data and locate trends is estimated to propel the market forward. On the other hand, the context-aware computing segment is anticipated to demonstrate a CAGR of 27.1% in the analysis timeframe. Growing demand for effective cloud-based cybersecurity to enhance security and privacy will impact the market’s growth positively.
Asia-Pacific to be the fastest growing by 2031
By region, the North America AI in cybersecurity market generated the maximum revenue in 2022. Use of AI in cybersecurity by various industrial sectors including manufacturing and logistics will help the market to flourish in this region. On the other hand, the Asia-Pacific region is predicted to have the fastest CAGR of 27.7% during the 2023-2032 period. Huge investments in AI in cybersecurity to enhance productivity in automotive manufacturing is predicted to boost the market in this region.