The global artificial intelligence (AI) segment of the cybersecurity market is estimated to reach $57.1 billion by 2028, rising at a market growth of 24.5% CAGR, a nearly 600% climb from the $8.4 billion recorded in 2022.
Where is the Money Going?
Software, hardware and services are expected to each command roughly one-third of the total market value by 2028, analyst ResearchandMarkets said in a new report. While the researcher didn’t provide any market segment figures, it said that in 2021 services procured the largest revenue share of the sector and is expected to expand significantly during the period.
The analyst further segments the artificial intelligence (AI) cybersecurity market into network security, endpoint security, vertical security, and cloud security. In 2021, the endpoint segment recorded a significant revenue share of AI in the cybersecurity market, ResearchandMarkets said. Organizations will push for continuous monitoring and risk-based application management, and automatic classification of the AI-based endpoint security, the analyst predicted.
By region, the researcher separates the market across North America, Europe, Asia-Pacific, and Latin America, Middle East, Europe and Africa (LAMEA). In 2021, North America accounted for the maximum revenue share of AI in the cybersecurity market.
Overall, market growth factors include the emergence of neural networks and other AI tools and techniques to help security teams to protect sensitive data, decrease the risk of breaches, and enhance their security posture through more efficient and effective threat detection as well as threat removal features.
In addition, AI is assisting under-resourced security and operations analysts and third-party service providers such as managed security service providers (MSSPs) to keep ahead of threats as cyberattacks increase in volume and complexity. Technologies such as machine learning or natural language processing curate threat intelligence from various historical databases, blogs, and news articles to offer quick insights to break through the congestion of daily alerts, significantly lowering response times.
What Else is Driving Market Growth?
Other market growth factors include a higher level of security from bot attacks and spam, and the ability to predict and prevent breaches. AI-based solutions are able to estimate how and where companies are most susceptible to being attacked based on the asset inventory or threat exposure, allowing them to plan and direct resources to regions with the greatest risks.
Market restraining factors include hackers harnessing AI to launch sophisticated attacks and adopt stealthier techniques to poison data.
“AI-powered systems can be set up to automatically respond to dangers and combat online threats more quickly,” ResearchandMarkets said. “Analyzing and improving cyber risks as well as cyber-attacks is no longer a task on a human scale as the business attack surface develops and changes.”