(I-BusinessNews.Com, August 02, 2022 ) Meticulous Research® – leading global market research company studying report titled “Artificial Intelligence in Security Market by Offering (Hardware, Software, Service), Security Type (Network Security, Application Security), Technology (Machine Learning, NLP, Context Awareness), Solution, End-User, and Region - Global Forecast to 2027’’.
According to this latest publication from Meticulous Research®, Artificial Intelligence in Security Market will increase at a CAGR of 22.9% from 2019 to 2027 to exceed market revenue beyond $50 billion by 2027. IoT combines connectivity with sensors, devices, and people, enabling a form of free-flowing conversation between man & machine and software & hardware. Whereas, AI is expected to make a huge impact on the economy by transforming enterprises into digital businesses and facilitating new business models, improving efficiency, and increasing employee-customer engagement and cybersecurity. Artificial intelligence power with IOT connectivity is used to protect and secure the network connecting IoT devices to back-end systems on the Internet. AI in security authenticates an IoT device by managing multiple users of a single device platform. Moreover, it ranges from simple pins or static password to more robust authentication mechanisms such as digital certificates, biometrics, and two-factor authentication. AI also aids in connecting the physical and digital world by tracking objects, collect data, analyze it, and take required action. Modern security AI can monitor activities of an object along with its progress in a specific time period. According to the Internet Crime Complaint Center (IC3), in 2016, cybercrimes resulted in losses of over $1.33 billion, globally. Such exponential loss is expected to propel the demand for security solutions, thus propelling the growth of the artificial intelligence in security market significantly.
The artificial intelligence in security market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2027 - by offering, security type, technology, solution, and end-user. The study also evaluates industry competitors and analyzes the market at regional and country level.
Application Security Segment to Witness Fastest Growth through 2027
Based on security type, the market is segmented into endpoint security, network security, application security, and cloud security. In 2018, endpoint security accounted for the largest share of the global artificial intelligence in security market. The large share of this segment is attributed to the rapidly increasing number of connected devices worldwide. However, application security segment is expected to register the highest growth rate since many organizations have started using large number of applications for their business operations that are needed to be secured from threats.
Machine Learning to Provide Significant Growth Opportunities
Based on technology, the artificial intelligence in security market is segmented into machine learning, Natural Language Processing (NLP), and context awareness computing. Machine learning segment is expected to witness rapid growth during the forecast period, owing to its ability to collect and handle big data and quickly scan, parse, and react to anomalies. Machine learning can also help operators reverse engineer attacks to make improvements to their systems, by addressing and preventing attacks before they happen.
North America commanded the largest share of the global artificial intelligence in security market in 2018, followed by Asia-Pacific, Europe, Latin America, and Middle East & Africa. However, Asia-Pacific is the fastest growing regional market due to the increasing incidents of cyberattacks and growing cyber-war; rising concerns about data security; rapid adoption of cybersecurity solutions and machine learning; high adoption of advanced technologies, such as IoT, big data analytics, and cloud computing; and increasing number of 5G pilot projects in the region.
Key Players in the Artificial Intelligence in Security Market
The report includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2016-2019). For instance, in June 2018, ThreatMetrix has launched a new risk engine API specifically to support 3DS 2.0 environments, enhancing risk-based decisions for card-not-present transactions.
The major players operating in the global artificial intelligence in security market are Acalvio Technologies, Inc. (U.S.), Amazon.Com, Inc. (U.S.), Cylance Inc. (U.S.), Darktrace Limited (U.K), IBM Corporation (U.S.), Intel Corporation (U.S.), Micron Technology (U.S.), Nvidia Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Securonix, Inc. (U.S.), Sift Science (U.S.), Skycure Inc. (U.S.), Sparkcognition Inc. (U.S.), Threatmetrix Inc. (U.S.), and Xilinx Inc. (U.S.).
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