Analysis of the AI in Cybersecurity Industry, 2018-2023, 2024-2028 & 2033: A $62.56 Billion Opportunity by 2028, Driven by the Increasing Number of Cybercrimes such as Cryptocurrency Investment Fraud

Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) — The “AI in Cybersecurity Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.

The global AI in cybersecurity market has grown exponentially in recent years. It will grow from $20 billion in 2023 to $25.08 billion in 2024 at a compound annual growth rate (CAGR) of 25.4%. The historical period’s growth can be ascribed to several factors, including the demonstration of AI efficacy, the rise of predictive analytics, the utilization of big data, the dynamic evolution of the cybersecurity landscape, and the early adoption of AI techniques.

North America was the largest region in the AI in cybersecurity market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global AI In cybersecurity market report during the forecast period.

The AI in cybersecurity market is expected to see exponential growth in the next few years. It will grow to $62.56 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%. The anticipated growth in the forecast period is driven by various factors, including the escalating sophistication of cyber threats, the widespread adoption of IoT devices, a rising demand for real-time threat detection, the transition to cloud-based security solutions, and the prevalent cybersecurity skills gap. Key trends expected in the forecast period encompass the integration of AI in endpoint security, the emphasis on threat intelligence and information sharing, the enhancement of incident response through AI, the implementation of AI-powered authentication systems, and the adoption of prediction and preemptive measures.

The growth of the AI in cybersecurity market is expected to be driven by the increasing number of cybercrimes. In 2022, the Federal Bureau of Investigation reported a substantial increase in investment fraud complaints, reaching $3.31 billion, a 127% rise from the $1.45 billion reported in 2021. Notably, cryptocurrency investment fraud witnessed a staggering 183% increase, soaring from $907 million in 2021 to $2.57 billion in 2022. As a result, the rise in cybercrimes is fueling the growth of the AI in cybersecurity market.

The growth of AI in cybersecurity is anticipated to be propelled by the increasing adoption of IoT devices. For example, according to Dataprot, a Serbia-based cybersecurity solutions company, there were over ten billion active IoT devices in use in 2021, and this number is expected to increase to 25.4 billion by 2030. Therefore, the growing adoption of IoT devices is a key driver for the expansion of the AI in cybersecurity market.

Leading companies in the AI in cybersecurity market are actively developing innovative solutions for enterprise security to maintain a competitive advantage in the industry. Enterprise security encompasses a comprehensive set of measures and strategies implemented by organizations to safeguard their information, assets, technologies, and operations from various threats and risks. An example of this trend is evident in the actions of SentinelOne, Inc., a US-based cybersecurity company. In April 2023, SentinelOne launched a cutting-edge threat-hunting platform that utilizes generative artificial intelligence and reinforcement learning. This platform integrates real-time neural networks and a language model-based natural language interface, allowing users to manage and monitor security data with AI, gain instant insights, and seamlessly take necessary actions. By aggregating information from diverse sources, the platform recommends and executes response actions without requiring coding skills. SentinelOne’s objective is to empower organizations to scale their cybersecurity operations, stay ahead of evolving threats, and establish a robust defense foundation for the future.

Major players in the AI for cybersecurity market are introducing AI-based products, such as AI-powered cybersecurity assistants, to gain a competitive edge. AI-powered assistants are computer programs or applications utilizing artificial intelligence technologies to perform tasks, offer information, and assist users with various activities. A case in point is BlackBerry Ltd., a Canada-based software company, which, in October 2023, launched a Generative AI-powered assistant specifically designed for Security Operations Center (SOC) teams. Serving as a SOC Analyst, this enterprise-grade solution delivers advanced cyberthreat analysis and support to enhance Chief Information Security Officer (CISO) operations. Leveraging private large language models (LLMs) for precision and data privacy, the assistant seamlessly integrates into the Cylance Console, providing a natural workflow that surpasses traditional chatbot experiences. Tailored for BlackBerry’s Cylance AI customers, the assistant predicts user needs and proactively delivers information to streamline SOC operations, addressing challenges such as an evolving threat landscape and resource constraints faced by security officers.

In March 2021, Palo Alto Networks, a cybersecurity company based in the United States, completed the acquisition of Bridgecrew for an estimated amount of $156 million. This strategic move bolstered Palo Alto Networks’ ability to seamlessly integrate security into the development process. The acquisition aimed to equip customers with enhanced security capabilities throughout the entire application lifecycle, offering a comprehensive security platform. This platform, designed to operate across multi-cloud environments, prioritizes visibility, automation, and governance. The overarching goal is to deliver a DevSecOps (Development, Security, and Operations) experience, aligning security practices more closely with the development and operations phases of the software development lifecycle. Bridgecrew, the acquired company, is based in the United States and specializes in computer and network security.

Report Scope

Markets Covered:
1) By Offering: Hardware; Software; Services
2) By Technology: Machine learning; Natural Language Processing (NLP); Context-Aware Computing
3) By Security Type: Network Security; Endpoint Security; Application Security; Cloud Security
4) By Application: Identity and Access Management; Risk and Compliance Management; Data Loss Prevention; Unified Threat Management; Security and Vulnerability Management; Antivirus or Antimalware; Fraud Detection or Anti-Fraud; Intrusion Detection or Prevention System; Threat Intelligence; Other Applications
5) By End Users: Banking, Financial Services, and Insurance (BFSI); Retail; Manufacturing; Infrastructure; Enterprise; Healthcare; Automotive and Transportation; Government and Defense; Other End Users

Key Companies Mentioned: Nvidia Corporation; Intel Corporation; Xilinx Inc.; International Business Machines Corporation; Micron Technology Inc.

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Time Series: Five years historic and ten years forecast

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita

Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments

A selection of companies mentioned in this report includes

• Nvidia Corporation
• Intel Corporation
• Xilinx Inc.
• International Business Machines Corporation
• Micron Technology Inc.
• Samsung Electronics Co. Ltd.
• Amazon Web Services Inc.
• Microsoft Corporation
• Palo Alto Networks Inc.
• CrowdStrike Holdings Inc.
• NortonLifeLock Inc.
• Cylance Inc.
• FireEye Inc.
• Check Point Software Technologies Ltd.
• Darktrace plc
• McAfee LLC
• Symantec Corporation
• Fortinet Inc.
• Cisco Systems Inc.
• Splunk Inc.
• Varonis Systems Inc.
• Trend Micro Incorporated
• Sophos Group plc
• Carbon Black Inc.
• Dragos Inc.
• Zscaler Inc.
• CyberArk Software Ltd.
• Lookout Inc.
• XM Cyber Ltd.
• Axonius Inc.

For more information about this report visit https://www.researchandmarkets.com/r/rhv4v1

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