The Artificial Intelligence in Cybersecurity market in APAC region is expected to witness the fastest growth during the forecast period.
NEW YORK, USA, May 31, 2022 /EINPresswire.com/ — The artificial intelligence in cybersecurity market was worth $8.6 billion in 2019 and is expected to reach $101.8 billion in 2030, growing at a CAGR of 25.7% in 2020-2030. This growth is supported by factors such as rapid digitization of industries, high penetration of mobile internet, huge investments by governments, IT sector and financial institutions in AI technology, and the shift from conventional banking to digital banking. However, the main reason for the growth of the market remains the alarming incidence of cybercrime.
In August 2019, the United States Government Accountability Office (GAO) stated that despite combative actions, cybercrimes are increasing every year. With the increasing incidence of cyber fraud, such as payment card theft and identity theft, organizations are experiencing significant financial losses. If these attacks are not countered quickly, they end up having a long-term impact on businesses. AI-based solutions tackle cyber fraud by identifying threats, refining techniques, reducing response time, and better distinguishing attacks that require immediate attention.
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Another factor driving the growth of the AI in cybersecurity market is the implementation of bring your own device (BYOD) policy as it improves employee satisfaction and increases productivity. However, this policy poses a major risk, as it makes company data vulnerable to cyberattacks. Employee devices have varying hardware and software configurations, and IT departments may not be able to fully qualify, assess, and approve each device, which can pose a high threat to the security of confidential data. AI provides advanced protection through machine learning (ML) technology and thus provides comprehensive endpoint security.
Categories of the supply segment of the AI in cybersecurity market include hardware, software, and services. Among these, the hardware category held the largest market share during the historical period (2014-2019). On the other hand, the software category is expected to show the fastest growth over the forecast period. AI systems require different types of software that includes ML algorithms and Application Program Interfaces (APIs), such as vision, language, speech, and sensor data, to realize the cybersecurity applications.
Geographically, the North American AI in cybersecurity market generated the highest revenue in 2019 owing to the growing adoption of cybersecurity solutions in enterprises to deal with frequent cyberattacks. The growing incidence of cybercrimes has led to business disruptions and huge financial losses. The number of cyberattacks, such as network breaches and phishing emails, has increased at an exorbitant rate in Canada and the United States. Additionally, the high digitization rate in the region is supporting the growth of the market in North America.
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Furthermore, the Asia-Pacific region is expected to exhibit the fastest growth in the global AI in cybersecurity market during the forecast period. This is believed to be due to the growing number of cybercrimes, such as data breaches, financial frauds and identity thefts, in the region. Due to these factors, organizations have increased their security spending to deal with the consequences and costs of more advanced cyberattacks. Apart from commercial entities, governments in several countries are also investing huge sums in cybersecurity to deal with advanced threats.
Thus, rapid digitization and high incidence of cyberattacks will fuel the growth of the market in the future.
Market Size Breakdown by Segment
By type of deployment
• On the site
• Machine Learning (ML)
• Natural Language Processing (TAL)
• Context sensitive calculation
By type of security
• Internet Security
• Data security
• Identity and access security
• Cloud security
• Identity and Access Management (IAM)
• Risk and compliance management
• Data Loss Prevention (DLP)
• Unified Threat Management (UTM)
• Security and vulnerability management
• Fraud/anti-fraud detection
• Intrusion detection/prevention system (IDS/IPS)
• Threat Intelligence
Per end user
• Banking, financial services and insurance (BFSI)
• IT and Telecom
• Health care
• Government and Defense
• Automotive and transportation
• North America
o United States
o United Kingdom
o South Korea
• Latin America
• Middle East and Africa
o Saudi Arabia
o South Africa
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