Artificial Intelligence in Cybersecurity Market Size to Reach USD 133.8 Billion by 2030 Driven by Growing Number of Cyber Attacks

DUBLIN, July 18, 2022 (GLOBE NEWSWIRE) -- The Global Artificial Intelligence (AI) in Cybersecurity Market size accounted for USD 14.9 Billion in 2021 and is estimated to reach the market value of USD 133.8 Billion by 2030.

The rising number of cyberattacks helped the industry to generate a noteworthy artificial intelligence (AI) in cybersecurity market revenue during the projected years. For instance, according to the U.S. Healthcare Cybersecurity Market 2020 report, more than 90% of healthcare organizations experienced at least one cybersecurity breach in the previous three years. Additionally, according to Cisco data, distributed denial-of-service (DDoS) attacks will more than double to 15.4 million by 2023, up from 7.9 million in 2018.Furthermore, more than four-fifths (86 percent) of data breaches in 2020 were financially motivated.

Our recent artificial intelligence in cybersecurity industry analysis found out that enterprises lose millions of dollar in cyberattacks. For instance, cybercrime costs organizations $2.9 million per minute, and data breaches cost major corporations $25 per minute. According to IBM's Cost of a Data Breach report, the United States has the highest data breach costs in the world, with the average attack costing $8.6 million.

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Report Coverage:

COVID-19 Impact on Artificial Intelligence in Cybersecurity Market

With the Covid-19 pandemic in 2020, most companies around the world suffered massive losses. The global artificial intelligence in cybersecurity market, on the other hand, saw a profiting effect. During the early phase of the pandemic, when governments around the world imposed strict movement restrictions and frequent lockdowns to combat virus spread, most organizations adopted a work-from-homeculture.This paradigm shift pushed organizations into new challenges, such as increasing vulnerabilities to cyber threats as a result of their reliance on home networks for internet access. As a result, the demand for robust cybersecurity systems incorporated with artificial intelligence increased exponentially, benefiting the overall market in the midst of the crisis.

Artificial Intelligence in Cybersecurity Market Dynamics

The growing adoption of IoT and the growing number of connected devices are the factors that are expected to fuel the artificial intelligence in cybersecurity market share. The internet of things has greatly facilitated the execution of complex tasks and simplified the lives of millions of people. However, as the number of connected devices grows, so does the threat of cyberattacks.

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The surging demand for cloud-based security solutions is expected to offer lucrative prospects for the artificial intelligence in cybersecurity market growth. As more applications are deployed in the cloud, large enterprises and SMEs are shifting away from on-premises cybersecurity solutions toward cloud-based security solutions. The growing use of cloud-based security solutions could provide opportunities for AI in cybersecurity solutions.

However, aspects such as the vulnerability issues related to IoT devices, as well as misconceptions and a lack of awareness regarding AI in cybersecurity solutions, pose significant challenges to the market's growth.

Worldwide Artificial Intelligence in Cybersecurity Market Segmentation

The global artificial intelligence in cybersecurity market has been divided into several segments, including offering, technology, deployment model, security type, application, end-user, and region. The market is divided into two categories: software and services. The software segment is expected to dominate the market with the highest market share. The technology segment is divided into three categories: machine learning (ML), context-aware computing, and natural language processing (NLP). Machine learning is one of the most important sub-segments of technology.

The deployment model segment is divided into cloud and on-premise. Cloud computing, for example, accounted for a sizable market share. The market is divided into four categories of security: network security, cloud security, application security, and endpoint security. According to the artificial intelligence in cybersecurity market forecast, cloud security will grow at a significant rate between 2022 and 2030.

The application segment is divided into the following categories: Antivirus/antimalware, data loss prevention, fraud detection/anti-fraud, identity & access management, intrusion detection/prevention system, risk & compliance management, security & vulnerability management, threat intelligence, unified threat management, and other applications (DDoS mitigation, firewall, disaster recovery, application whitelisting, web filtering, and patch management). In 2021, the antivirus/antimalware segment held a sizable share. The end-user segment is further subdivided into BFSI, enterprise, retail, government &defence, manufacturing, healthcare, automotive & transportation, infrastructure, and other (oil & gas, education, and energy). According to our analysis, the enterprise segment will generate significant revenue in 2021, while the BFSI segment will experience rapid growth in the coming years.

Artificial Intelligence in Cybersecurity Market Regional Overview

The global artificial intelligence in cybersecuritymarket regional outlook is given as North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. North America is an early adopter of innovative technologies, as its banks, government agencies, and financial institutions face ever-increasing cyber-threats. Over the forecast period of 2022 to 2030, the Asia-Pacific market is projected to expand at the fastest CAGR. Data protection for security purposes in the Asia-Pacific region has urged national cybersecurity to invest in cybersecurity.

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Artificial Intelligence in Cybersecurity Market Players

Some artificial intelligence in cybersecuritycompanies covered globally includes Acalvio Technologies, Amazon Web Services, Inc., Cylance Inc., Darktrace, Fortinet Inc., Intel Corporation, FireEye Inc., IBM Corporation, Micron Technology, Inc., Palo Alto Networks Inc., NVIDIA Corporation, Samsung Electronics Co., Ltd, Securonix Inc., Symantec Corporation, Vectra AI, Inc., and Xilinx Inc.

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The Global Healthcare Cybersecurity Market size is expected to reach around USD 12 Billion by 2027 and growing at a CAGR of 16% during the forecast period 2020 to 2027.

The Automotive Cybersecurity Market current worth is nearly USD 191 million and the market is foreseeable to touch USD 912 million by 2026.

The Global Artificial Intelligence Market is expected to reach the market value of around USD 160 Billion by 2026 and is anticipated to grow at a CAGR of around 49% in terms of revenue during the estimated period 2019 to 2026.

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