New York, US, May 12, 2023 (GLOBE NEWSWIRE) --
According to a comprehensive research report by Market Research Future (MRFR), “Artificial Intelligence (AI) in Security Market By Vertical, By Security Type - Forecast 2032”, the market is anticipated to acquire a valuation of approximately USD 20.44 Billion by the end of 2032. The reports further predict the market to flourish at a robust CAGR of over 13.20% during the assessment timeframe.
AI in Security Market Key Players
Eminent industry players profiled in the artificial intelligence in security market report include:
- Nvidia Corporation
- Intel Corporation
- Samsung Electronics
- IBM Corporation
- Xilinx Inc.
- Micron Technologies, Inc.
- Cylance Inc.
- LexisNexis Risk Solutions Inc.
- Securonix, Inc.
- Acalvio Technologies, Inc.
- Symantec Corporation
- Darktrace
- Sparkcognition, Inc.
- Deep Instinct
- SentinelOne
- Feedzai
- Vectra AI Inc.
- Zimperium, Inc.
- Argus Cyber Security
- Nozomi Networks, Inc.
- Indegy Ltd,
- BitSight Technologies
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Report Scope:
| Report Metric | Details |
| AI in Security Market Forecast in 2032 | USD 20.44 Billion |
| AI in Security Market Growth Rate | CAGR of 13.20% from 2023 to 2032 |
| Base Year | 2022 |
| Study Period | 2023-2032 |
| Key Market Drivers | Increasing adoption of cloud-based solutions and services and government support and investment |
Drivers
Increasing Adoption of Wi-Fi Networks to Boost Market Growth
The widespread use of Wi-Fi networks, which are extremely susceptible to security threats, rigorous guidelines for data protection, and an increase in mobile malware attacks in fact are all factors in the spread of artificial intelligence in security.
Opportunities
Increasing Use in Banking Sector to offer Robust Opportunities
The need for security solutions is increasing as a result of the rise in online transactions, a surge in NEFT and RTGS, and mobile transactions. As a result, the banking industry has seen a considerable increase in the adoption of security solutions based on artificial intelligence, which has aided in the improvement of financial services.
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Restraints and Challenges
Lack of Expertise to act as Market Restraint
The lack of expertise, rapidly growing corporate executive cyber threats, lack of awareness, and the inability of AI in preventing the advanced threats may act as market restraints in the forecast period.
Market Segmentation
The artificial intelligence in security market is bifurcated based on security type, deployment, technology, and vertical.
By vertical, BFSI will lead the market over the forecast period.
By technology, machine learning will domineer the market over the forecast period.
By deployment, cloud will spearhead the market over the forecast period.
By security type, network security will hold the lions share in the market in the assessment period.
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COVID-19 Analysis
The COVID-19 epidemic has boosted the demand for cutting-edge solutions as firms commit more to work-from-home policies. Due to a rise in need for digital goods & services brought on via telecommuting workers & other users of potentially risky networks and devices, businesses have been pushed to invest money in machine learning and deep learning algorithms.
Regional Analysis
North America to Head Artificial Intelligence in Security Market
North America now dominates the artificial intelligence in security market. The main driver of the market growth for artificial intelligence in security is government initiatives including funding for the development of AI technologies. The US and Canada are the two countries that contribute the most to market revenue. Other significant factors propelling the market growth include the presence of eminent players like IBM Corporation & Microsoft Corporation, the availability of skilled expertise, and the growing adoption of artificial intelligence technology-based solutions by industries like BFSI, retail, government, and manufacturing. The rapid adoption of cutting-edge technology like big data & artificial intelligence is making a substantial contribution from industrialized nations like Canada and the US. These nations' governments have put in place particular laws and legislation that encourage AI actively. The AI market has been boosted by the extensive research and development being done on AI and its potential applications. Due to the expanding IoT adoption trend, the explosive growth in connected devices, and rising concerns about the vulnerability of Wi-Fi networks to security assaults, North America dominates the artificial intelligence in security industry. Increased IoT demand is the cause of the proliferation of linked enterprises, devices, and apps. Because they are technologically connected, these enterprises are becoming more well-known. Thus, AI in security delivers products with threat mitigation capabilities. All of these elements are anticipated to boost the market growth.
APAC to Have Favorable Growth in AI in Security Market
The fastest-growing market is anticipated to be in Asia-Pacific. The main income sources in the area are China, Japan, & South Korea. The Chinese government has begun acquiring specialized knowledge in machine learning & deep learning technologies and has committed about 48 percent of its money in artificial intelligence. The development and implementation of AI in governmental and security applications will get an estimated $1 billion in funding from South Korea. The highest CAGR is projected to be recorded in the APAC area. India, Japan, China, South Korea, and other emerging economies have made a significant contribution to the market's growth. IoT and cloud-based technology use is rising, and this is what will drive the market's growth. The largest market in the APAC area is China. Throughout the anticipated period, the market is anticipated to develop at the fastest rate in the Asia Pacific region. In addition, China has started developing professional knowledge in machine learning and deep learning technology and has put about 48% of its money into artificial intelligence, which is fueling the development of AI in security within the Asia Pacific area. The adoption of has been largely fueled by the internet's expanding use and the internal business processes' move towards digitization. Due to weak cyber regulations and a dearth of cybersecurity awareness, Asia-Pacific businesses have been determined to be 80% more likely to be attacked by hackers than businesses in other areas, which coincide with the region's digital transition.
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Industry Updates
March 2023- Artificial intelligence is being used innovatively in the security process by Schiphol and Pangiam. The Royal Schiphol Group and security technology provider Pangiam are collaborating to create a new method for efficiently and safely screening hand luggage. In the future, the new artificial intelligence-powered system might make it possible for travelers to pass security checks more quickly without sacrificing their safety.
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