The AI in cybersecurity market is projected to reach USD 38.2 billion by 2026 from USD 8.8 billion in 2019, at the highest CAGR of 23.3%
NEW YORK, May 21, 2019 /PRNewswire/ --
AI in cybersecurity to grow at CAGR of 23.3% from 2019 to 2026
The AI in cybersecurity market is projected to reach USD 38.2 billion by 2026 from USD 8.8 billion in 2019, at the highest CAGR of 23.3%. Major drivers for the market's growth are growing adoption of IoT and increasing number of connected devices, rising instances of cyber threat, growing concerns of data protection, and increasing vulnerability of Wi-Fi networks to security threats. Furthermore, underlying opportunities for the AI in cybersecurity market include growing need for cloud-based security solutions among SMEs and increased use of social media for business functions. Major restraints for the market are the inability of AI to stop zero-day and advanced threats, and rise in insider cyber threats. Limited number of cybersecurity and AI professionals, and lack of interoperability with existing information systems pose major challenges to the AI in cybersecurity market.
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Software segment to hold largest share of AI in cybersecurity market during forecast period
Software holds a major share of the overall AI in cybersecurity market owing to developments in AI software and related software development kits.AI systems require different types of software, including application program interfaces, such as language, speech, vision, and sensor data, along with machine learning algorithms, to realize the applications for cybersecurity.
The software platforms and solutions are available at higher costs as there are only a limited number of experts that develop machine learning algorithms. Companies such as Darktrace (UK), Cylance (US), Securonix (US), and IBM (US) are among the frontrunners in the development of software for the AI in cybersecurity market.
Among all applications, market for risk and compliance to hold largest share of AI in cybersecurity market from 2019 to 2026
Risk and compliance is the major application in the AI in cybersecurity market and is, therefore, expected to hold large market share during the forecast period.With the latest development of AI-enabled risk and compliance management solution, along with its higher adoption rate among end users, the deployment of this solution has become an integral part of companies to manage their performance effectively.
It allows organizations to achieve their desired goals by automating workflows while complying with policy guidelines and government regulations, thereby reducing financial risks as well as safeguarding the company's brand image.
The AI in cybersecurity market in APAC to grow at highest CAGR during forecast period.
APAC is expected to be the largest AI in cybersecurity market during the forecast period.This market is further divided into China, Japan, South Korea, India, and the Rest of APAC.
The Rest of APAC includes Singapore, Malaysia, Thailand, Australia, and New Zealand.China is the largest market among all APAC countries.
China, Japan, South Korea, and India are witnessing growth in the AI in cybersecurity and its start-ups.SMEs and large enterprises in this region are rapidly adopting cybersecurity solutions to ensure security of their networks, web, and mobile applications.
High adoption of advanced technologies, such as IoT, Big Data analytics, and cloud computing, and rising concerns about data security in the region are expected to drive the growth of the AI in cybersecurity market in APAC.
Breakdown of primary participants' profile:
• By Company Type: Tier 1 = 30%, Tier 2 = 30%, and Tier 3 = 40%
• By Designation: C-Level Executives = 45%, Directors = 30%, and Others = 25%
• By Region: North America = 30%, Europe = 40%, APAC = 25%, and RoW = 5%
NVIDIA Corporation (US), Intel Corporation (US), Xilinx Inc. (US), Samsung Electronics Co., Ltd (South Korea), Micron Technology, Inc. (US), IBM Corporation (US), Amazon Web Services, Inc. (US), Darktrace (UK), Cylance Inc. (US), Vectra AI, Inc. (US), ThreatMetrix Inc. (US), Securonix Inc. (US), Sift Science (US), Acalvio Technologies (US), SparkCognition Inc. (US), Palo Alto Networks Inc. (US), and Symantec Corporation (US) are a few major players in the AI in cybersecurity market.
Research Coverage:
Offering, deployement type, security type, technology, application, end user, and geography are the segments covered in this report. It also gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Reasons to Buy the Report:
• This report includes statistics pertaining to the AI in cybersecurity market in terms of offering, deployement type, security type, technology, application, end user and region, along with their respective market sizes.
• Major drivers, restraints, opportunities, and challenges for the AI in cybersecurity market have been provided in detail in this report.
• The report includes illustrative segmentation, analysis, and forecast for the AI in cybersecurity market based on its segments and subsegments.
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