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The artificial intelligence-based cybersecurity market size is estimated to grow at a CAGR of 22.3% between 2022 and 2027. The market size is forecast to increase by USD 28,285.28 million. The growth of the market depends on several factors, including a rapid increase in the use of mobile and other connected devices, regulatory compliance, and increasing demand for cloud-based applications. Artificial intelligence-based cybersecurity applies machine learning (ML) and pattern recognition techniques to tap unstructured data and uncover new patterns. It analyzes sensitive security-related structured and unstructured data to understand and learn about constantly evolving threats, building instincts and expertise. The market scope only includes AI as software and does not include any hardware or services.
This artificial intelligence-based cybersecurity market report extensively covers market segmentation by End-user (BFSI, government, ICT, healthcare, and others), Deployment (cloud and on-premises), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rapid increase in the use of mobile and other connected devices is notably driving market growth. With the advent of AI, machine learning, and high-end data networks, the sales volume of connected devices, including routers, tablets, and smartwatches, is increasing. IoT devices have a security system that is vulnerable to cyberattacks. It is not designed to pre-detect or prevent threats, such as hacking. Thus, these devices could be prime targets for hackers to obtain usernames and passwords and access other confidential information.
AI risk management plays a critical role in securing the information on these devices. AI-based cybersecurity, when implemented on IoT devices, will help users get a predetermined notification regarding threats. This will help them avoid cyber threats and attacks. Therefore, the increasing adoption of IoT devices will likely be a major driver for the market during the forecast period.
The implementation of cloud-based services is an emerging trend in the market. Cloud-based services are adopted for purposes such as authentication, video management systems, and storing biometric information. As banks and hospitals store large volumes of confidential data in the cloud, it is important to secure the data from unauthorized access. The flexibility and scalability of cloud-based security solutions accommodate the varying needs of consumers, which is a reason for their increased adoption.
With the increased employee mobility, a number of organizations have implemented cloud-based services for business functions, such as customer relationship management (CRM), payroll, and enterprise communication, to ensure remote access to data. The need to protect the information stored in the cloud is increasing, which is leading to a greater demand for security solutions. Furthermore, governments worldwide are also implementing stringent regulations, such as Payment Card Industry Data Security Standard (PCI DSS) Act and HIPAA, to enforce data security for banking and healthcare organizations. Therefore, these factors will drive the market growth during the forecast period.
The high cost of deployment is a major challenge impeding market growth. One of the major challenges for the global AI-based cybersecurity market is the high deployment cost of cybersecurity solutions. The total installation cost includes the cost of software licensing, system designing and customization, implementation, training, and maintenance for an individual organization. Furthermore, an organization must recruit specialized staff, for proper implementation of the cyber security software, which incurs additional costs.
Furthermore, the maintenance of on-premises cyber security solutions requires in-house IT administration staff to manage and control issues, which would result in high implementation costs. Moreover, these solutions contain additional costs, such as costs involved in providing knowledge, experience, and skill development of the solution to understand its functionality. Thus, the high cost of deployment will impede the growth of the market in focus during the forecast period.
The market share growth by the BFSI segment will be significant during the forecast period. The BFSI sector deals with the financial information of customers. The advent of new technologies has led to an increase in the number of online transactions, thus making data vulnerable to cyberattacks. Thus, it is important to maintain the confidentiality of this data.
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The BFSI segment was valued at USD 2,724.50 million in 2017 and continued to grow until 2021. The BFSI sector is investing heavily in AI-based cybersecurity solutions to identify and detect the sources of threats. Several regulations are also compelling financial organizations to adopt cybersecurity solutions to prevent data theft. Furthermore, with the increased use of mobile devices, the adoption of mobile banking is rising among end-users. This is also increasing the need for cybersecurity solutions. The primary drivers that contribute to the large market share and high growth of this segment include the increasing adoption of AI-enabled technology for operational efficiency and the generation of data due to digitalization. Moreover, the financial sector is expected to focus on the improvement of customer services and superior workflow automation of core and allied activities, such as deposits, lending, leasing, and regulatory compliance. This will also likely lead to an increase in the deployment of AI-based security solutions across the segment. Therefore, the abovementioned factors will drive segment growth during the forecast period.
Based on deployment, the cloud segment holds the largest market share. The cloud is a cost-effective and convenient way to store and share critical business data; therefore, its adoption is increasing among SMEs, which will increase the need for cloud cybersecurity solutions. With the increasing adoption of data backup in the cloud, the need for cloud AI-based cybersecurity solutions is increasing significantly. The integration of enterprise applications, along with the popularity of cloud-based solutions, is anticipated to increase its adoption in large enterprises in the upcoming period. Another reason is that enterprises need not spend money on training their workforce on the maintenance of hosted services. The shift from traditional cybersecurity solutions to cloud-based solutions has resulted in an increase in the year-over-year (YoY) growth rate of the global AI-based cybersecurity market.
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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The AI-based cybersecurity market in APAC is expected to grow at the fastest rate compared with other regions, mainly due to the rapid growth in the IT sector, such as ICT, which uses AI-based cybersecurity solutions. China is the most prominent market as it has a growing number of startups, the presence of favorable government initiatives, and an expanding government and BFSI sector, leading to the increased use of IT systems and rapid urbanization. Furthermore, as China is the most populated country in the world, the expansion of the end-user base and application areas is also very high. This fuels the demand for AI-based cybersecurity solutions, thereby driving the market in APAC.
Moreover, the growing adoption of mobile devices such as smartphones, tablets, and laptops in emerging economies, such as China, India, and Indonesia, is contributing to the generation of a significant amount of security-related data. This is creating a need to adopt cybersecurity solutions. With a large pool of potential clients who can be approached to buy cybersecurity software, the vendors are becoming active on social media, print media, and other forms of marketing channels to conduct various forms of campaigns. This will propel the growth of the regional market during the forecast period.
The AI-based cybersecurity market in APAC witnessed slight growth in 2020 due to the outbreak of COVID-19. The outbreak of the deadly virus compelled governments in APAC to impose lockdowns, leading to the isolation of the population in their home. This changed the work scenario of end-users, particularly in the ICT sector, by making their employees work from home, which is further generating the need for AI-based cybersecurity solutions. Furthermore, the existing vendors in the regional market are organizing campaigns to raise awareness among customers regarding the need for AI-based cybersecurity solutions, which will further enhance the market revenue in APAC. Such factors are expected to boost the growth of the regional AI-based cybersecurity market during the forecast period.
The Artificial Intelligence-based Cybersecurity Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Artificial Intelligence-based Cybersecurity Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Check Point Software Technologies Ltd. - The key offerings of the company include artificial intelligence-based cybersecurity.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The artificial intelligence-based cybersecurity market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Artificial Intelligence-based Cybersecurity Market Scope |
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Report Coverage |
Details |
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Page number |
178 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22.3% |
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Market growth 2023-2027 |
USD 28,285.28 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
19.52 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amazon.com Inc., AO Kaspersky Lab, BlackBerry Ltd., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., CrowdStrike Holdings Inc., Dell Technologies Inc., Fortinet Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., Juniper Networks Inc., LogRhythm Inc., Mahindra and Mahindra Ltd., S.C. BITDEFENDER Srl, Securonix Inc., Vectra AI Inc., Intel Corp., Micron Technology Inc., and NVIDIA Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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