Market Highlights
As per the analysis by Market Research Future Reports (MRFR), the global artificial intelligence in the security market is likely to record 31.86% CAGR during the review period of 2019 to 2024. The current scenario across the globe, i.e., COVID-19, is believed to bring a substantial impact on global artificial intelligence in the security market. The primary factors driving the AI are the rising malware attacks, increasing adoption of IoT and cloud-based services. The non-stop growth of the adoption of Wi-Fi that is vulnerable to security threats has helped the market to propel at a high pace. The increased adoption of connected devices has also resulted in the expansion of the market. The rising inclination towards technology has opened avenues for the expansion of artifical intelligence in the security market 2020. Apart from this, the development of computing power technology has resulted in the growth of the market. The development in machine learning and deep learning technology has aided the market to propel at a global level. However, lack of expertise, the rapidly increasing corporate executive cyber threats, inability of AI to prevent the advanced threats are the key factors preventing the market from expanding.
Increasing adoption of cloud-based solutions and services and government support and investment in research and development of artificial intelligence technology are some of the contributing factors in the creation of fruitful opportunities for the market players in the coming years. However, software and hardware security, data integrity, model security, and data privacy are some of the primary challenges faced by the players in the global artificial intelligence (AI) in security market.
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Segmentation:
The global artificial intelligence in the security market can be segmented on the basis of deployment, technology, vertical, component, security type, and region.
On the basis of deployment, global artificial intelligence in the security market can be divided into on-cloud and on-premise. The on-premise segment is the leading segment, and the on-cloud segment is likely to record a higher CAGR during the review period.
On the basis of technology, the global artificial intelligence in the security market can be divided into natural language processing and machine learning. The ML vertical is the leading vertical at a global level.
On the basis of vertical, the global artificial intelligence in the security market can be divided into BFSI, manufacturing, healthcare, government, automotive and transportation, retail, and others.
On the basis of components, global artificial intelligence in the security market can be divided into services, software, and hardware.
On the basis of security type, global artificial intelligence in the security market can be divided into endpoint security, network security, application security, and cloud security.
On the basis of region, the global artificial intelligence in security market can be divided into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
Regional Analysis
In Asia-pacific, great strides are being made in the digital economy. But it is also causing more threat-related opportunities. According to Cisco, companies receive 6 threats every minute in APAC and 51% of all cyber attacks resulted in a loss of more than USD 1 million.
The growing penetration of the internet and shift toward digitization of the internal processes have been instrumental in driving the adoption of cloud-based services. Alongside the digital transformation in the region, owing to ineffective cyber laws and lack of cybersecurity awareness, companies in Asia-Pacific have been found to be 80% more likely to be targeted by hackers as compared to other regions.
Moreover, many countries have passed regulations and created independent programs to create a “single source of truth” and provide banks and retailers with verified customer digital identities. Examples are, Malaysia’s MyKad, Singapore’s MyInfo and Thailand’s Digital ID, all designed to facilitate and speed up identity verification. This creates a huge scope for AI in the security market.
All the above factors are expected to help the artificial intelligence in the security market to grow in this region during the forecast period.
Key Players
The most important players of global artificial intelligence in security market are Symantec Corporation, Intel Corporation, Nvidia Corporation, Samsung Electronics, Google, IBM Corporation, Xilinx Inc., Cylance Inc., Micron Technologies, Inc., LexisNexis Risk Solutions Inc., Acalvio Technologies Inc., Securonix, Inc., and others.
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Artificial Intelligence (AI) in Security Market: Information by Vertical (Government, BFSI, Healthcare, Manufacturing and Retail), Component (Services, Hardware [Network, Memory and Processor] and Software [Platform and Solution {Antivirus, Encryption, Network Security and Identity Access Management}]), Technology (Machine Learning, Natural Language Processing and Context Aware Computing), Deployment (On-Cloud and On-Premise),Security Type (Network Security, Cloud Security and Endpoint Security) and Region (North America, Europe, Asia-Pacific and ROW) - Forecast till 2024
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