The Global AI in Cybersecurity Market is forecasted to grow at a high rate owing to the accelerating adoption of IoT and the rising number of connected devices
The Global AI in Cybersecurity Market was valued at USD 15.2 Bn in 2020 and is expected to reach USD 83.8 Bn by 2027, with a growing CAGR of 27.6% during the forecast period.
The global AI in cybersecurity market is expected to grow at a significant pace majorly owing to the surging advancements in the technological infrastructure across the globe. For instance, in March 2019, the Nvidia Corporation, a California-based computer systems design services company, announced a launch of an Artificial Intelligence (AI) computer ‘Jetson Nano’. The AI computer enables to creation of millions of intelligent systems. The development in technological infrastructure leads to powerful and more efficient integration of AI in cybersecurity.
Moreover, rapidly increasing digitalization and increasing presence of crucial and personal information on the network is creating a necessity to increase and strengthen cybersecurity solutions. Inventors and producers are extensively using AI-based cybersecurity to enhance biometric authentication and remove limitations to make it a reliable system. For instance, Apple in 2017 launched a face detection feature in iPhone X devices that detects the facial characteristics of the user using its built-in infra-red sensor and neural engines. Apple claims that there is a one-in-a-million chance of opening the device with another face by misleading the AI. The AI technology in cybersecurity is helping the organizations to deal with cyber threats and is expected to develop in the forecast period, and thus, is anticipated to boost the market growth for AI in cybersecurity market.
Global AI in Cybersecurity Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, the North American region is held the largest market share in the year 2020, and is anticipated to grow at a significant pace throughout the forecast period for AI in cybersecurity market. North America is an early adopter of innovative technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT) as government agencies, financial institutes, and banks in this region suffer ever-increasing challenges related to cyber threats. Thus, advanced technologies are extensively implemented in this region to manage the cybersecurity landscape. For instance, in January 2021, Symantec, a US-based software company announced new data loss prevention capabilities that make it easier for customers to help meet regulatory compliance requirements, protect confidential data from malicious, and data-stealing apps. The combination of Symantec data loss prevention and endpoint security benefits customers stop fake apps and malware from drooling sensitive information.
Moreover, numerous cybersecurity companies are based in this region, therefore contributing to the growth of AI in cybersecurity market in North America. For instance, in February 2021, Cylance, a privately held artificial intelligence and cybersecurity company based in Irvine, California, was acquired by BlackBerry Limited, based in Canada. The strategic acquisition helped BlackBerry’s end-to-end secure communications portfolio with Cylance’s machine learning and artificial intelligence technology. Prominently, its embeddable AI technology facilitates the advancements of BlackBerry Spark, the secure communications platform for the Internet of Things (IoT) in the coming years.
The Global AI in Cybersecurity Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the market are: