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AI in Cyber Security Market To Generate Revenue Worth $101.8 Billion by 2030

Published Date:   August 2020

The increasing number of cyber frauds and malicious attacks, adoption of the bring-your-own-device (BYOD) policy, rising implementation of internet of things (IoT) and increasing number of connected devices are the factors driving the demand for artificial intelligence (AI) solutions in cyber security. Furthermore, the growing penetration of mobile internet, expanding information technology (IT) industry, customer shift to digital banking from traditional banking, and increasing investments by financial, government, and IT firms in the AI technology are some other factors contributing to the industry growth. Owing to this, the global AI in cyber security market is projected to generate $101.8 billion revenue in 2030, growing with a CAGR of 25.7% during the forecast period (2020–2030).

The impact of the coronavirus disease (COVID-19) has been considered for forecasting the AI in cyber security market values. The data security risks during the COVID-19 period are expected to propel the implementation of AI-based cyber security, as the present circumstances are resulting in increasing cyberattacks, due to which businesses are witnessing data breaches and exposure of sensitive data. Cybercrime has increased significantly, and malicious actors have successfully breached major entities, including government agencies. The World Health Organization (WHO), Cognizant, and the U.S. Defense Information Systems Agency are among those who have fallen victim to cyberattacks during this pandemic.

Software Category To Attain Faster Growth during Forecast Period

On the basis of offering, the AI in cyber security market has been categorized into hardware, software, and services. Among these, the hardware category dominated the industry during the historical period (2014–2019). During the forecast period, the software category is projected to witness the fastest growth. AI systems need different types of software, including application program interfaces (APIs), such as speech, language, vision, and sensor data, along with machine learning (ML) algorithms, to realize the applications for cyber security. Cloud has made data and applications accessible from anywhere, thereby leading to a higher level of convenience for users. Such factors are propelling the category growth in the artificial intelligence in cyber security industry.

Based on application, the AI in cyber security market has been categorized into identity and access management (IAM), risk and compliance management, data loss prevention (DLP), unified threat management (UTM), security and vulnerability management, antivirus/antimalware, fraud detection/anti-fraud, intrusion detection/prevention system (IDS/IPS), threat intelligence, and others. Among these, the DLP category is set to attain the fastest growth during the forecast period. DLP systems are used to enforce data security policies, to prevent unauthorized access or usage of confidential data. DLP solutions are growing in popularity, as enterprises look for ways to reduce the risk of loss of sensitive data.

Among all regions, Asia-Pacific (APAC) is projected to witness the fastest growth during the forecast period. With a growing number of customers inclining toward online and plastic card payments through the wired or wireless network, the risk of cyberattacks is rising, thereby posing a major challenge in IT security management. The use of artificial intelligence in cyber security will not only make transactions safe and secure, but also speed up the process of detecting cybercrimes.

Companies Adopting Mergers and Acquisitions as Strategic Measure to Enhance Market Presence

Players in the global AI in cyber security market are taking several strategic measures, such as mergers and acquisitions, in order to enhance their market presence. For instance, in March 2020, Accenture plc, a professional services company based in Dublin, Ireland, completed the acquisition of Context Information Security, a cyber security consultancy in London, U.K., from the Babcock International Group, for $132 million. The acquisition is expected to bolster Accenture’s security business, as well as expand its presence in Germany, Australia, and the U.S.

Browse report overview with detailed TOC on "AI in Cyber Security Market Research Report: By Offering (Hardware, Software, Services), Deployment Type (Cloud, On-Premises), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing), Security Type (Network Security, Data Security, Identity and Access Security, Cloud Security), Application (Identity & Access Management, Risk & Compliance Management, Data Loss Prevention, Unified Threat Management, Security & Vulnerability Management, Antivirus/Antimalware, Fraud Detection/Anti-Fraud, IDS/IPS, Threat Intelligence), End User (BFSI, Retail, IT and Telecom, Healthcare, Manufacturing, Government & Defense, Automotive & Transportation) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/artificial-intelligence-in-cyber-security-market

Similarly, in Feb 2020, McAfee LLC, a cyber security company, entered into a definitive agreement to acquire Light Point Security LLC, a browser isolation company. Browser isolation prevents malicious web content from infecting corporate networks, by executing browser sessions in a virtual environment outside the network.

Some of the key players operating in the AI in cyber security market are International Business Machines (IBM) Corporation, BAE Systems Plc, Cisco Systems Inc., RSA Security LLC, Fortinet Inc., Palo Alto Networks Inc., Check Point Software Technologies Ltd., FireEye Inc., NVIDIA Corporation, Juniper Networks Inc., Acalvio Technologies, and Cylance Inc.