Artificial Intelligence-based Cybersecurity Market size is set to grow by USD 28.29 bn from 2023-2027, rapid increase in the use of mobile and other connected devices to boost the market growth, Technavio

NEW YORK, May 10, 2024 /PRNewswire/ — The global artificial intelligence-based cybersecurity market  size is estimated to grow by USD 28.29 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 22.3%  during the forecast period. 

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Market Driver

The artificial intelligence (AI) industry is experiencing significant growth due to businesses integrating AI-driven chatbots for customer marketing. These chatbots, which utilize machine learning and natural language processing (NLP), help detect and predict malicious behavior in data communication, enhancing cybersecurity. Security challenges, such as insufficient resources and inadequate threat detection, are addressed through AI solutions. Key technologies like MTConnect, EtherCAT, MDIS, and AI-driven advancements, including fraud detection, risk management, and behavioral biometrics, contribute to this sector. Additionally, AI-driven threat intelligence, automated incident response, compliance management, and customer data protection are essential components of the evolving cybersecurity market. Keywords: AI, ML, Cyber AI, Behavioral biometrics, ML algorithms, Fintech sector, Cloud Security, Zero-trust architecture, Network security segment, Endpoint security, Services segment, ML technology, Deep Learning (DL). 

Market Challenges

• The Artificial Intelligence (AI) cybersecurity market faces significant challenges, particularly high deployment costs for organizations. Expenses include software licensing, system design, implementation, training, and maintenance. Hiring IT staff and employee training add to costs. Cloud solutions offer potential cost savings, but organizations must consider security operations, cybersecurity processes, and advanced technologies for effective implementation. Automation trends, smart data utilization, and real-time security solutions are essential for technological advancements and digital transformation initiatives. However, hidden costs, such as knowledge development and insider cyber threats, can also impact the bottom line. Cyberattacks, including ransomware like WannaCry, Petya, and NotPetya, cause financial losses for individuals, enterprises, and governments. Endpoints, networks, IoT, IT systems, and digital assets are all vulnerable to cyber threats, insider threats, phishing attempts, malicious browser ads, crypto mining, and ransomware-related activities.

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Segment Overview 

This artificial intelligence-based cybersecurity market report extensively covers market segmentation by

1. End-user
• 1.1 BFSI
• 1.2 Government
• 1.3 ICT
• 1.4 Healthcare
• 1.5 Others
2. Deployment 
• 2.1 Cloud
• 2.2 On-premises
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 BFSI-  In the rapidly evolving digital landscape, the Artificial Intelligence (AI)-based cybersecurity market is witnessing significant growth. Cloud solutions have become a preferred choice for organizations, leading to an increase in the adoption of AI-driven security operations. Advanced technologies, such as machine learning and deep learning, are automating cybersecurity processes, enabling real-time security solutions against alarming statistics of cyberattacks. Individuals, enterprises, and governments are increasingly vulnerable to cyber threats, resulting in substantial financial losses. Endpoints and networks are common targets for political rivalry and financial gain, damaging reputations and causing extensive damage. Ransomware attacks, such as WannaCry, Petya, NotPetya, and BadRabbit, have wreaked havoc on large-scale enterprises and government organizations. Phishing attempts, malicious browser ads, and crypto mining are other cyber threats that pose a significant risk. Insider cyber threats, posed by employees, business partners, and maintenance contractors, are also a major concern. Physical data and electronic devices, as well as digital assets and IoT, are at risk from IT systems and endpoint solutions. Technological advancements and digital transformation initiatives are driving the need for advanced security solutions. Real-time security solutions are essential to mitigate the risks of cyberattacks and protect company assets, including financial data and electronic devices. AI-based cybersecurity solutions are expected to play a crucial role in addressing these challenges and ensuring the security of digital and physical assets.

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Research Analysis

The Artificial Intelligence (AI) market in cybersecurity is experiencing significant growth, driven by the increasing adoption of Machine Learning (ML) algorithms, such as Cyber AI, in the Fintech sector. Behavioral biometrics, a key ML technology, is being utilized to enhance cloud security solutions by identifying anomalous user behavior in real-time. Zero-trust architecture and network security segments are also benefiting from these advanced technologies, which are automating cybersecurity processes and enabling smart data utilization. The services segment is seeing a surge in demand for AI-driven security solutions, as technological advancements and digital transformation initiatives continue to shape the cybersecurity landscape. Alarming statistics regarding cyberattacks further underscore the need for robust AI-based security solutions to protect organizations from evolving threats. Deep Learning (DL) and AI are at the forefront of these advancements, providing organizations with real-time security solutions to mitigate risks and safeguard their digital assets.

Market Research Overview

The Artificial Intelligence (AI) cybersecurity market is experiencing significant growth due to the increasing threat of cyber attacks. Machine Learning (ML) algorithms and AI technologies are being utilized to enhance security measures and detect potential threats in real-time. The integration of AI in cybersecurity solutions enables the identification of advanced persistent threats (APTs) and zero-day attacks. Furthermore, AI-based cybersecurity systems can analyze vast amounts of data to identify patterns and anomalies, providing organizations with valuable insights to strengthen their security posture. The market for AI in cybersecurity is expected to continue expanding as businesses seek to protect their digital assets from evolving cyber threats. Cloud security, network security, and endpoint security are some of the key areas where AI is being adopted to provide advanced security solutions. The use of AI in cybersecurity is revolutionizing the industry, offering more effective and efficient ways to safeguard against cyber attacks.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• BFSI
• Government
• ICT
• Healthcare
• Others
• Deployment
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio