Artificial Intelligence in Cybersecurity: Global Market Analysis and Forecast 2024

The artificial intelligence in cybersecurity market size has grown exponentially in recent years. It will grow from $23.35 billion in 2023 to $28.68 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The growth in the historic period can be attributed to rising cyber threats, automation for threat detection, shortage of cybersecurity talent, advanced persistent threats, data breaches and privacy concerns.

The artificial intelligence in cybersecurity market size is expected to see exponential growth in the next few years. It will grow to $64.59 billion in 2028 at a compound annual growth rate (CAGR) of 22.5%. The growth in the forecast period can be attributed to increase in sophistication of malware, ai-enhanced threat hunting, exponential growth of data, zero-day threat protection, integration with security orchestration. Major trends in the forecast period include collaborative threat intelligence, behavioral analytics, threat intelligence automation, adversarial machine learning defense, cloud security integration.

Market Overview -
Artificial intelligence (AI) in cybersecurity refers to the application of advanced computational algorithms and machine learning techniques to enhance the efficiency and effectiveness of security measures in protecting digital systems, networks, and data from cyber threats. AI in cybersecurity is utilized to analyze risk data, detect and respond to threats, and predict breach risks.

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Surge In Cyber Threats Fueling The Rise Of Artificial Intelligence In Cybersecurity
The increasing instances of cyber threats are expected to propel the growth of artificial intelligence in cybersecurity market going forward. A cyber threat is defined as a malicious act intended to steal or damage data or disrupt the digital well-being and stability of an enterprise. Artificial intelligence plays a crucial role in cybersecurity by leveraging advanced algorithms to rapidly detect, analyze, and mitigate evolving cyber threats, enhancing overall threat intelligence and response capabilities. For instance, in November 2022, according to the Annual Cyber Threat Report 2022 by the Australian Cyber Security Centre, an Australia-based cyber security agency, the cybercrime reports received in Australia were 76,000 in 2022, representing an increase of nearly 13% from the previous year. Therefore, the increasing instances of cyber threats are driving the growth of artificial intelligence in cybersecurity market.

Competitive Landscape -
Major companies operating in the artificial intelligence in cybersecurity market report are Samsung Electronics Co Ltd., Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Micron Technology Inc., NVIDIA Corporation, Trellix, Palo Alto Networks Inc., Fortinet Inc., Symantec Corporation, NortonLifeLock, Xilinx Inc., Gen Digital Inc., Palantir Technologies, CrowdStrike, Zscaler, LexisNexis, FireEye Inc., Darktrace, SentinelOne, Vectra AI Inc., Cybereason, Venafi Inc., Securonix Inc., Cylance Inc., SparkCognition, Tessian, Acalvio Technologies Inc.

Integration Of AI-Powered Cybersecurity Assistants For Enhanced Threat Detection And Response
Major companies operating in the artificial intelligence in cybersecurity market are increasing their focus on introducing technologically advanced solutions, such as AI-powered cybersecurity assistants, to gain a competitive edge in the market. AI-powered cybersecurity assistants are advanced software tools that utilize artificial intelligence algorithms and machine learning techniques to assist cybersecurity professionals. For instance, in March 2023, Microsoft Corporation, a US-based technology company, launched Microsoft Security Copilot, an AI-powered cybersecurity assistant designed to help security professionals detect and respond to threats more effectively. Security Copilot uses generative AI to provide tailored insights and guidance, allowing security teams to defend at machine speed. The tool combines signals and data from various sources, including trillions of daily security signals, to generate specific guidance for security professionals. Security Copilot is designed to work seamlessly with existing security tools, such as Windows Security, Defender XDR, and Intune, to provide the best possible results.

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Key Segments -
The artificial intelligence in cybersecurity market covered in this report is segmented -

1) By Offering: Software, Services
2) By Technology: Machine Learning, Natural Language Processing, Context-Aware Computing
3) By Deployment Mode: Cloud, On-Premise
4) By Application: Antivirus Or Antimalware, Data Loss Prevention, Fraud Detection Or Anti-Fraud, Identity And Access Management, Intrusion Detection Or Prevention System, Risk And Compliance Management, Security And Vulnerability Management, Threat Intelligence, Other Applications
5) By End-User: BFSI (Banking, Financial Services, And Insurance), Enterprise, Retail, Government And Defense, Manufacturing, Healthcare, Automotive And Transportation, Infrastructure, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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