Artificial Intelligence in Cybersecurity Global Market Report 2024

The artificial intelligence in cybersecurity market size has grown exponentially in recent years. It will grow from $23.35 billion in 2023 to $28.68 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The growth observed during the historical period can be attributed to several factors, including the escalation of cyber threats, the automation implemented for threat detection, the shortage of cybersecurity talent, the prevalence of advanced persistent threats, and the increasing occurrences of data breaches and privacy concerns.

The artificial intelligence in cybersecurity market size is expected to see exponential growth in the next few years. It will grow to $64.59 billion in 2028 at a compound annual growth rate (CAGR) of 22.5%. The anticipated growth in the forecast period can be linked to various factors, including the heightened sophistication of malware, the implementation of AI-enhanced threat hunting, the exponential growth of data, zero-day threat protection measures, and the integration with security orchestration. Prominent trends expected in the forecast period encompass collaborative threat intelligence efforts, the application of behavioral analytics, automation in threat intelligence processes, the utilization of adversarial machine learning for defense, and the integration of cloud security measures.

The rising occurrences of cyber threats are poised to drive the growth of the artificial intelligence in cybersecurity market in the foreseeable future. Cyber threats, defined as malicious acts intended to steal, damage data, or disrupt the digital well-being and stability of an enterprise, underscore the significance of artificial intelligence in bolstering cybersecurity efforts. Artificial intelligence, through advanced algorithms, plays a pivotal role in rapidly detecting, analyzing, and mitigating evolving cyber threats, thereby enhancing overall threat intelligence and response capabilities. As indicated by the Annual Cyber Threat Report 2022 from the Australian Cyber Security Centre in November 2022, Australia witnessed 76,000 cybercrime reports in 2022, marking a nearly 13% increase from the previous year. Consequently, the escalating instances of cyber threats are steering the growth of the artificial intelligence in the cybersecurity market.

Prominent companies operating in the artificial intelligence in the cybersecurity market are intensifying their focus on introducing technologically advanced solutions, exemplified by AI-powered cybersecurity assistants, to secure a competitive advantage. These advanced software tools leverage artificial intelligence algorithms and machine learning techniques to assist cybersecurity professionals. For example, in March 2023, Microsoft Corporation, a U.S.-based technology company, launched Microsoft Security Copilot, an AI-powered cybersecurity assistant engineered to enhance the effectiveness of security professionals in detecting and responding to threats. Security Copilot utilizes generative AI to deliver tailored insights and guidance, enabling security teams to defend at machine speed. The tool amalgamates signals and data from diverse sources, including trillions of daily security signals, to generate specific guidance for security professionals. Seamlessly integrating with existing security tools such as Windows Security, Defender XDR, and Intune, Security Copilot optimizes results.

In October 2021, Clavister, a Sweden-based software company specializing in network security software, completed the acquisition of Omen Technologies for $17.5 million (15 million SEK). This strategic move enhances Clavister's portfolio and taps into the rapidly growing AI market. The acquisition positions Clavister to instantly strengthen its presence in the defense space, with significant upsell potential identified among Clavister's defense customer base and promising growth opportunities within Omen's appealing customer pipeline. Omen Technologies, based in Sweden, is a provider of highly innovative AI-driven cybersecurity solutions.

Major companies operating in the artificial intelligence in cybersecurity market report are Samsung Electronics Co Ltd., Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Micron Technology Inc., NVIDIA Corporation, Trellix, Palo Alto Networks Inc., Fortinet Inc., Symantec Corporation, NortonLifeLock, Xilinx Inc., Gen Digital Inc., Palantir Technologies, CrowdStrike, Zscaler, LexisNexis, FireEye Inc., Darktrace, SentinelOne, Vectra AI Inc., Cybereason, Venafi Inc., Securonix Inc., Cylance Inc., SparkCognition, Tessian, Acalvio Technologies Inc.

North America was the largest region in the artificial intelligence in cybersecurity market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in cybersecurity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence in cybersecurity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The artificial intelligence in cybersecurity market includes revenues earned by entities by providing services such as threat detection and prevention, endpoint security, and security analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Artificial Intelligence (AI) in cybersecurity pertains to the utilization of advanced computational algorithms and machine learning techniques to enhance the efficiency and effectiveness of security measures, safeguarding digital systems, networks, and data from cyber threats. AI in cybersecurity is employed for analyzing risk data, detecting and responding to threats, and predicting potential breach risks.

The primary components of artificial intelligence in cybersecurity comprise software and services. Software constitutes a set of programs, procedures, and routines guiding a computer's hardware to execute specific tasks. Various technologies involved in this domain include machine learning, natural language processing, and context-aware computing. Deployment modes encompass both cloud and on-premise options, serving applications such as antivirus or antimalware, data loss prevention, fraud detection or anti-fraud, identity and access management, intrusion detection or prevention systems, risk and compliance management, security and vulnerability management, threat intelligence, and others. End-users benefiting from these AI applications span across BFSI (banking, financial services, and insurance), enterprise, retail, government and defense, manufacturing, healthcare, automotive and transportation, infrastructure, and various other sectors.

The artificial intelligence in cybersecurity market research report is one of a series of new reports that provides artificial intelligence in cybersecurity market statistics, including artificial intelligence in cybersecurity industry global market size, regional shares, competitors with a artificial intelligence in cybersecurity market share, detailed artificial intelligence in cybersecurity market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence in cybersecurity industry. This artificial intelligence in cybersecurity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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