NEW YORK, Dec. 21, 2022 /PRNewswire/ — The artificial intelligence in cybersecurity market size is valued at USD 22.4 Billion in 2023 and is anticipated to be USD 60.6 Billion by 2028; growing at a CAGR of 21.9% from 2023 to 2028. The Driving Factors can be attributed to increasing instances of cyber threat, increasing vulnerability of Wi-Fi networks to the security threats, growing adoption of IoT and increasing number of connected devices among others.
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Rising concerns of data protection
Data protection directives play an essential role in addressing rising concerns over the privacy of an individual’s data.The constantly changing threat landscape has given rise to a large number of government regulations globally, which need to be strictly adhered by enterprises across the world.
Enterprises are required to meet the mandatory security standards, failing which, severe fine is to be paid to the government.An enterprise data breach or data leakage causes huge data loss to organizations and hamper the brand image of companies.
Recently, the Bank of Spain witnessed DDoS attacks, which resulted in sporadic disruptions of the company’s website services.The regulatory compliances provide a guideline to implement the best practices and mitigate security risks.
The various regulatory compliances include Payment Card Industry Data Security Standard (PCI DSS), Health Insurance Portability and Accountability Act (HIPAA), Federal Information Security Management Act (FISMA), Federal Trade Commission (FTC), Gramm-Leach-Bliley Act (GLBA), European Union Agency for Network and Information Security (ENISA), GDPR, and Sarbanes-Oxley Act (SOX). The compliances help SMEs and large enterprises across various industries to adopt the best practices and maintain robust cybersecurity. The federal regulations that govern the development and implementation of policies, standards, and guidelines for data security focus on specific industries, such as the financial and healthcare that are governed by the HIPAA and GLBA, respectively. The FTC regulates corporate cybersecurity practices, which involves preventing enterprises from inadequate security practices that fall under unfair trade practices regulation. European GDPR is a revolutionary regulation that governs data privacy laws across Europe. Furthermore, the PCI DSS standard safeguards the cardholder from fraudulent activities and financial thefts. The other important regulations include FISMA and SOX that ensure and govern data privacy and data security.
Increasing vulnerability of Wi-Fi networks to security threats
In Wi-Fi networks, a hacker can position himself between the user and the connection point.Instead of connecting directly with the hotspot, the user sends information to the hacker, who then relays it.
Free Wi-Fi hotspots require no authentication to establish a network connection, thus making them easy targets.Hackers can also use an unsecured Wi-Fi connection to distribute malware.
If a user allows file-sharing across a network, the hacker can easily plant infected software on his computer.A few ingenious hackers have even managed to hack the connection point itself, causing a pop-up window to appear during the connection process offering an upgrade to a piece of popular software; clicking the window installs the malware.
As mobile Wi-Fi becomes increasingly common, one can expect Internet security issues and public Wi-Fi risks to grow over time.
Most Wi-Fi connections use the WPA2 security protocol.Malicious attack can be used to steal sensitive information, such as credit card numbers, passwords, chat messages, emails, and photos.
Attackers can also inject some ransomware or malware into the website.The vulnerability affects a number of operating systems and devices, including Android, Linux, Apple, Windows, OpenBSD, MediaTek, Linksys, and others.
Traditional cybersecurity methods are not very efficient in handling the attacks on WiFi networks, and this drawback of traditional cybersecurity methods is driving the need for AI in cybersecurity.
APAC is the fastest-growing region in the artificial intelligence in cybersecurity market
Asia Pacific is projected to be a high-growth market for artificial intelligence in cybersecurity during the forecast period.SMEs and large enterprises in this region are rapidly adopting cybersecurity solutions to ensure security of their networks, web, and mobile applications.
High adoption of advanced technologies, such as IoT, big data analytics, and cloud computing, and rising concerns about data security in the region are expected to drive the growth of the AI in cybersecurity market in APAC.
The breakup of primaries conducted during the study is depicted below:
â€¢ By Company Type: Tier 1 â€” 30 %, Tier 2 â€” 30%, and Tier 3 â€”40%
â€¢ By Designation: C-Level Executives â€” 45%, Directors â€” 30%, and Others â€” 25%
â€¢ By Region: North Americaâ€” 30%, Europe â€” 40%, APAC â€” 25%, Rest of worldâ€” 5%
The report segments the artificial intelligence in cybersecurity market and forecasts its size, by value, based on geography (North America, Europe, Asia Pacific, and RoW), deployment type (on-premise, cloud), security type (network security, endpoint security, application security, and cloud security), by application (identity and access management, risk and compliance management, data loss prevention, unified threat management, antivirus/antimalware, intrusion detection/prevention system, security and vulnerability management, threat intelligence, fraud detection, and others (such as application whitelisting and patch management)), end users (government & defense, BFSI, enterprise, infrastructure, automotive & transportation, healthcare, retail, manufacturing, and others (oil & gas, education, and energy)), offerings (hardware, software, and services), and technology (machine learning, natural language processing (NLP), and context-aware computing).The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the artificial intelligence in cybersecurity market.
The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying This Report
1 This report segments the artificial intelligence in cybersecurity market comprehensively provides the closest approximations of the overall market size and those of the subsegments across different applications and regions
2 The report provides a detailed analysis of the artificial intelligence in cybersecurity market with the help of competitive leadership mapping, including crucial companies in the market and their relations in the ecosystem.
3 Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
4 Illustrative segmentation, analyses, and forecasts for the market based on offerings, deployment type, security type, applications, end users, technology, and geography have been conducted to provide an overall view of the artificial intelligence in cybersecurity market.
5 The report includes an in-depth analysis and ranking of key players.
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