Artificial Intelligence (AI) in Cybersecurity Market to Surpass USD 114.30 Billion Valuation in 2031 on the Back of Rapidly Evolving Threat Landscape | SkyQuest Technology

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Jul 12, 2024, 10:15 ET

WESTFORD, Mass., July 12, 2024 /PRNewswire/ -- According to SkyQuest, the global Artificial Intelligence (AI) in Cybersecurity Market size was valued at USD 18.36 Billion in 2022 and is poised to grow from USD 22.49 Billion in 2023 to USD 114.30 Billion by 2031, at a CAGR of 22.53% during the forecast period (2024-2031).

Artificial intelligence technology is being used in cybersecurity to improve the security of digital networks and solutions as the threat landscape evolves rapidly. The growing incidence of cyberattacks and the need for automation of cybersecurity are promoting the use of AI in cybersecurity. The global artificial intelligence (AI) in cybersecurity market is segmented into offering, security type, technology, application, vertical, and region.

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Artificial Intelligence (AI) In Cybersecurity Market Overview:

Report Coverage	Details
Market Revenue in 2023	$ 22.49 billion
Estimated Value by 2031	$ 114.30 billion
Growth Rate	Poised to grow at a CAGR of 22.53%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Security Type, Technology, Application and Vertical
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights	Emphasis on improving identity and access management to create better AI in cybersecurity solutions
Key Market Opportunities	Use of machine learning to identify potential threat patterns
Key Market Drivers	Deployment of novel AI-based cybersecurity solutions by enterprises driving market development

Segments covered in Artificial Intelligence (AI) In Cybersecurity Market are as follows:

Security Type
- Infrastructure Security (Network Security, Endpoint Security, Cloud Security, and Others), Data Security, Application Security, and Others
Technology
- Machine Learning (ML), Natural Language Processing (NLP), Context-Aware Computing
Application
- Identity & Access Management, Risk & Compliance Management, Data Loss Prevention, Unified Threat Management, Fraud Detection, and Others
Vertical
- BFSI, IT & Telecom, Government & Defense, Manufacturing, and Others

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Services to Spearhead the Global Artificial Intelligence (AI) in Cybersecurity Market Growth

Artificial intelligence is a highly advanced technology, and organizations need assistance to deploy it in cybersecurity applications. From consulting to integration all kinds of services are highly vital in the global artificial intelligence (AI) in cybersecurity market growth over the coming years. Not all companies have the resources to deploy AI in cybersecurity by themselves, which is why the services sub-segment holds sway in the global market.

Rapid advancements in AI technology fuel the need for novel software solutions and updates for the same allowing the software sub-segment to boost market growth. Use of advanced machine learning algorithms and integration of other advanced technologies will also help amplify artificial intelligence (AI) in cybersecurity company's business scope through this sub-segment. The increasing complexity of the regulatory environment and cyberattacks will always boost the demand for new software solutions.

Machine Learning is the Essence of AI in Cybersecurity Market

Machine learning algorithms go above and beyond when used for cybersecurity as they help in identifying patterns and analyzing huge volumes of data to provide better security suggestions. Preventive threat protection actions can be used by deploying predictive threat detection using machine learning, thereby favoring artificial intelligence (AI) in cybersecurity market growth too. Machine learning is becoming an integral part of all AI-based cybersecurity solutions and systems.

Text-based attacks have increased in prevalence and frequency around the world and this is why the need for natural language processing (NLP) technology is rising rapidly. Use of NLP in AI-based cybersecurity solutions Better communication and a simplified nature of AI-based security can be achieved by the extensive deployment of NLP technology.

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Identity and Access Management to Remain the Primary Wall in AI-based Cybersecurity Defense

The use of artificial intelligence in identity and access management is projected to take cybersecurity to a new level. Use of multi-factor authentication and single sign-on features can easily be enabled by using AI in identity and access management functions of cybersecurity. The increasing complexity of the regulatory environment to reduce the incidence of cyberattacks is promoting the demand for AI-based risk and compliance management solutions. In the age of information data is the currency and safeguarding this data is of utmost importance to all organizations. Data loss prevention application is also slated to provide attractive opportunities for artificial intelligence (AI) in cybersecurity companies in the long run.

Artificial intelligence (AI) in cybersecurity market players should take caution while investing in any of the segments of this market as this is a highly sensitive and regulated industry. Targeting the use of machine learning and natural language processing algorithms in this market could be highly rewarding for new as well as established artificial intelligence (AI) in cybersecurity companies in the near future.

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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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SOURCE SkyQuest Technology