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Cognitive Security Global Market Report 2024: Size, Share, Growth, Trends, Forecast to 2033
Cognitive Security Market Report
According to The Business Research Company's, The cognitive security market size has grown exponentially in recent years. It will grow from $13.63 billion in 2023 to $18.88 billion in 2024 at a compound annual growth rate (CAGR) of 38.5%. The growth in the historic period can be attributed to advancements in artificial intelligence (AI), industry-specific applications, data explosion and big data analytics, increased computational power, automation and efficiency.
The cognitive security market size is expected to see exponential growth in the next few years. It will grow to $61.25 billion in 2028 at a compound annual growth rate (CAGR) of 34.2%. The growth in the forecast period can be attributed to exponential growth of data, enhanced natural language processing (nlp), ai-powered personalization, healthcare industry transformation, explanable ai and trust. Major trends in the forecast period include cross-industry collaboration, exponential growth in data volume, emphasis on explainable ai (xai), integration of cognitive systems in edge computing, cross-industry adoption, focus on cognitive automation.
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Market Drivers and Trends:
The rising number of cyberattacks and security breaches is expected to propel the growth of the cognitive security market going forward. Cyberattacks and security breaches refer to unauthorized access, disruption, or damage to computer systems, networks, or the information stored within them. Cognitive security is used to defend against cyberattacks and security breaches by applying AI and machine learning techniques to identify, detect, and counteract cyber threats. For instance, in January 2024, according to AAG Solutions LLC, a US-based technology services company that provides cloud technology solutions, global cyberattacks increased by 81% in 2022 compared to 2021, and the 2022 cyber breach cost increased to $4.35 million. Further, it is estimated that cybercrime is expected to cost the global economy $7 trillion in 2022, with the figure rising to $10.5 trillion by 2025. Therefore, the rising number of cyberattacks and security breaches is driving the cognitive security market.
Major companies operating in the cognitive security market are focusing on innovative advancements such as cognitive security capability to strengthen their competitive position and address the evolving threat landscape. Cognitive security capability refers to the cybersecurity practice that applies artificial intelligence (AI) and machine learning (ML) techniques and technologies to enhance threat detection. For instance, in September 2023, Linksys Holdings, Inc., a US-based networking hardware company, announced the new Cognitive Security capability, which aims to optimize user devices online and ensure secure WiFi usage. It is designed to be a practice that leverages artificial intelligence (AI) and machine learning (ML) techniques and technologies to enhance threat detection, understand the context behind threats, identify threat patterns, and interact with other machines. Additionally, these features aim to improve cyber defense capabilities, adapt to the ever-evolving threat landscape, and make informed decisions by analyzing large amounts of data collected from various sources.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Major companies operating in the cognitive security market report are Google LLC, Dell Technologies Inc., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Broadcom Inc., Cybraics Inc., Fortinet Inc., Check Point Software Technologies Ltd., Trend Micro Inc., DarKTrace Ltd., LogRhythm Inc., Exabeam Inc., Securonix Inc., Expert System S.p.A., SparkCognition Inc., Demisto Inc., Attivo Networks Inc., BluVector Inc., Awake Security Inc., Feedzai Inc., Gurucul Solutions LLC, Feedzai Inc., Deep Instinct Ltd., Cybraics Inc.
Cognitive Security Market 2024 Key Insights:
• The cognitive security market is expected to grow to $61.25 billion in 2028 at a compound annual growth rate (CAGR) of 34.2%.
• Cognitive Security Market Growth Fueled By Escalating Cyberattacks And Security Breaches
• Linksys Holdings, Inc. Introduces Cognitive Security Capability
• North America was the largest region in the cognitive security market in 2023
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