Artificial Intelligence (AI) in Cybersecurity Market Worth $46.3 Billion by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

According to a new market research report titled "AI in Cybersecurity Market by Technology (ML, NLP), Security (Endpoint, Cloud), Application (DLP, UTM, IAM, IDP), Industry (Retail, Government, Automotive, BFSI, IT, Healthcare, Education), and Geography - Global Forecast to 2027", published by Meticulous Research®, 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 is changing the game for cybersecurity across several industries by providing cutting-edge security technologies that analyze massive quantities of data. AI technology uses its ability to improve network security over time.

Today, several organizations are increasingly implementing AI-powered intelligent security solutions & services to understand and reuse threat patterns to identify new coercions. AI technology provides wider security solutions and simplifies complete recognition and acknowledgment procedures related to cyberattacks. Thus, there is a growing demand for AI-based solutions in the end-use industry for cybersecurity.

The growth of the overall AI in cybersecurity market is backed by the emergence of disruptive digital technologies across various industry verticals, increasing demand for advanced cybersecurity solutions & privacy, and increasing frequency & complexity of cyber threats. Moreover, the growing need for cloud-based security solutions among small and medium-sized enterprises provides significant opportunities in this market. However, the lack of skilled AI professionals may hamper the consistent growth of this market. Vulnerabilities issues with IoT devices are a major challenge for the growth of the market. Also, the increasing use of smartphones and rising adoption of 5G technology are the new trends in this market.

The Impact of COVID-19 on the Artificial Intelligence in Cybersecurity Market

Due to the COVID-19 outbreak, governments worldwide were forced to shut manufacturing plants, retail stores, and import-export operations, disrupting supply chains. The surge in communications and the wholesale shift to operate businesses online have at the same time increased the risk of cyberattacks by order of magnitude. They have also introduced a wide range of new risks. Organizations' perimeter security was put at risk. Thus, there was a growing need to adopt and adapt to always-on surveillance and real-time risk analysis to relegate breaches at physical and digital entry points.

Relying on remote access systems made organizations vulnerable to DDOS and phishing attacks. Thus, several leading players planned their strategies accordingly by ensuring that the remote access system is sufficiently resilient to withstand cyber threats and rethink their cyber risk management measures. Organizations are focusing more on monitoring emails and active directories for anomalous logins, reviewing tactical actions, and implementing key security controls that are overlooked. Artificial intelligence in cybersecurity will play a significant role in the safety and security of organizations from cyber threats.

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The pandemic has brought to the forefront the venerability of physical and digital systems, which needs to be restarted to check for any digital holes in the fence. System and data access rights granted during the pandemic to enable remote work will require auditing to determine whether they should be revoked or updated. IT systems will need to be analyzed for cracks, foul paths, or fraudulent identities.

Although the overall AI in cybersecurity has got affected by the pandemic, the market still holds considerable potential to bounce back. In 2020, Cybels Analytics, a French company, developed an AI-based cybersecurity platform to detect complex cyber-attacks with advanced artificial intelligence and big data analytics technologies to provide faster, sharper, and more exhaustive detection of attacks in real-time. In addition, the factors such as favorable government policies & initiatives, including financial packages for the businesses and tax rebates & incentives, increasing demand for advanced cybersecurity solutions in the healthcare sector, and increasing investment in advanced technologies are further expected to contribute to the growth of the AI in cybersecurity market.

Increasing demand for advanced cybersecurity solutions & privacy to drive the AI in cybersecurity market

Modern-day industries heavily rely on transformational technologies, such as cloud computing, big data, and IoT, as these technologies can achieve maximum agility. However, the proliferation of these disruptive technologies has also led to greater concerns associated with unauthorized access, data breaches, and account hijacking, among others. Cybersecurity emerged as one of the major concerns for an organization to minimize the issues associated with data security.

According to a report published in 2018, security breaches increased by over 11%, with an overall increase of 67% since 2014. Further, according to a report, data breaches exposed 4.1 billion records in the first half of 2019. Therefore, there is a consistent growth in incorporating cybersecurity solutions to protect data and information from security breaches and cyber-attacks.

According to the Global State of Information & Security (GSIS), in 2019, there has been a tremendous increase in the investments made by organizations for fortifying cybersecurity. The survey was conducted in 122 countries with more than 95,000 respondents across 75 industrial and organizational sectors. Also, it is predicted that privacy breach issues will drive nearly 10% of the total demand for security services over the coming years.

Moreover, remote working adapted by many organizations during the coronavirus lockdown period has led to an increase in the number of cyber threats. For instance, in June 2020, Russian hackers breached the networks of remote workers with ransomware called WastedLocker, in which over 30 organizations were located in the U.S. This is expected to drive organizations to take more preventive measures to ensure identity & access management, identity governance and administration, and data loss prevention. Consequently, the increasing awareness regarding the necessity of data security solutions and the resultant increase in the investment by organizations is expected to drive the growth in the AI in cybersecurity market over the coming years.

To provide efficient analysis, Meticulous Research® has segmented this market on the basis of component (hardware, software, and services), technology (machine learning, natural language processing, and context-aware computing), security (application, endpoint, cloud, and network), application (data loss prevention, unified threat management, encryption, identity & access management, risk & compliance management, antivirus/antimalware, intrusion detection/prevention system, distributed denial of service mitigation, security information & event management, threat intelligence, and fraud detection), deployment (on-premise and cloud), industry vertical (retail, government & defense, automotive & transportation, BFSI, manufacturing, infrastructure, IT & telecommunication, healthcare, aerospace, education, and energy), and geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa).

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Based on component, the software segment accounted for the largest share of the overall artificial intelligence in cybersecurity market in 2020. The large share of this segment is mainly attributed to the growing number of data security thefts, increasing demand for AI platforms solutions for security operations, and growing demand for robust & cost-effective security solutions. However, the services segment is expected to grow at the highest CAGR during the forecast period.

Based on technology, the Machine Learning technology segment accounted for the largest share of the overall artificial intelligence in cybersecurity market in 2020. This segment's large share is mainly attributed to its capability to collect, process, and handle big data that originated from different sources. In addition, the role of machine learning in modern-day healthcare cybersecurity is crucial, as this particular end-use vertical is one of the most affected by security breaches and data theft.

Based on security type, the network security segment accounted for the largest share of the artificial intelligence in cybersecurity market in 2020. The large share of this segment is mainly attributed to the increasing number of APTs, malware, and phishing attacks; increasing adoption of the Bring Your Own Device (BYOD) trend; growing demand for network security solutions; and privacy concerns. However, the cloud security segment is expected to grow at the highest CAGR during the forecast period.

Based on application, the identity and access management segment accounted for the largest share of the artificial intelligence in cybersecurity market in 2020. The large share of this segment is mainly attributed to the growing need for integrity & safety of confidential information in industry verticals, growing emphasis on compliance management, increasing trend of mobility solutions, and increasing security concerns among organizations. However, the data loss prevention segment is expected to grow at the highest CAGR during the forecast period.

Based on deployment, the on-premise segment accounted for the largest share of the artificial intelligence in cybersecurity market in 2020. The large share of this segment is mainly attributed to the 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 segment is expected to grow at the highest CAGR during the forecast period.

Based on industry vertical, the BFSI sector accounted for the largest share of the artificial intelligence in cybersecurity market in 2020. The large share of this segment is mainly attributed to the rising sophistication levels of cyber-attacks, increasing number of financial & banking frauds, and hacking & the mounting number of cyber-attacks in the banking & financial services sector. However, the manufacturing sector segment is expected to grow at the highest CAGR during the forecast period.

Geographically, the market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The North American region is estimated to account for the largest share of the artificial intelligence in cybersecurity market in 2020. The large share of this region is primarily attributed to the increasing government initiatives towards artificial intelligence, proliferation of cloud-based solutions, increasing sophistication of cyber-attacks, and the emergence of disruptive digital technologies. Apart from this, various government initiatives supporting AI research are contributing to the growth in this region.

The key players operating in the global artificial intelligence in cybersecurity 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 Sytems, 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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