In a recent published report, Kenneth Research has updated the market report for Artificial Intelligence in Security Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Artificial Intelligence in Security Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2024. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2024.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The Artificial Intelligence in Security Market is expected to grow with a significant CAGR during the forecast period, i.e. 2024-2024, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2024 around the world was 5.24 billion.
Market Overview:
As digital threats and cybercrimes are rising in number, security needs to be enhanced. Security now needs constant supervision and adaption to the current market scenarios. With the rise in connected enterprises, devices and applications, the businesses are becoming more vulnerable as they are connected to a mass of independent endpoints. AI in security provides an enticing proposition with its proactive threat mitigation capabilities which is needed for constant supervision and adaptation to the multifaceted security vulnerabilities faced by modern digitalized economy.
With the increasing use of sophisticated techniques for cybercrimes, there is a rising need for AI based techniques to counter the threats from malicious software bots. AI can be used to fight against various cyber threats including spear phishing, watering hole attack, webshell, ransomware, DDoS attacks, and remote exploitation, by identifying and preventing them from proliferating into the systems. AI based security systems can analyze even those threats which have not occurred in the past unlike traditional based security systems.
Market Analysis:
According to Kenneth Research, the AI in security market is expected to reach $11.95 billion by 2024, growing at a CAGR of around 34.9% during the forecast period. The market is expected to witness a surge in the next few years, factors such as growing need of technologies like AI, machine learning and deep learning to tackle the evolving threats and advanced persistent threats which remains undetected within the network which steal the data, increasing number of security breaches and increasing BYOD trends has further pushed the growth of AI in security market during the forecast period.
Market Segmentation Analysis:
The report provides a wide-ranging evaluation of the market. It provides an in-depth qualitative insights, historical data, and supportable projections and assumptions about the market size. The projections mentioned in the report have been derived using proven research methodologies and assumptions based on the vendor’s portfolio, blogs, whitepapers, and vendor presentations. Thus, the research report serves every side of the market and is segmented based on Regional markets, Software Tools, Security Type, Application, and Verticals.
Competitive Analysis :
The report covers and analyzes the AI in security market. As customers are in need of better and comprehensive software tools, the market will witness an increase in the number of strategic partnerships for better product development. With a large pool of startups offering customized solutions, the market is still very fragmented and will consolidate as mergers and acquisitions happen during the forecast period.
The report contains an in-depth analysis of the vendor profiles, which includes financial health, business units, key business priorities, SWOT, strategy; the prominent vendors covered in the report include IBM Corporation, Palo Alto Networks Inc., Amazon, Cylance, LogRhythm, Sift Science, Darktrace, Securonix, ThreatMetrix and others. The vendors have been identified based on the portfolio, geographical presence, marketing and distribution channels, revenue generation, and significant investments in R&D.
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Companies including IBM Corporation, Palo Alto Networks, Cylance are the key players in the Supply Chain Analytics market. IBM and MIT are investing in MIT-IBM Watson AI Lab which is focusing towards developing AI algorithms and new applications of AI in various fields such as healthcare and cybersecurity. Recently in 2018, Palo Alto Networks announced that it had acquired Israel-based Secdo to add endpoint detection and response (EDR) capabilities for its advanced endpoint protection and the application framework.
The report also includes the complete insight of the industry and aims to provide an opportunity for the emerging and established players to understand the market trends, current scenarios, initiatives taken by the government, and the latest technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and to take informed decisions.
Regional Analysis :North America had the largest market share in 2017 and is expected to dominate the AI in security market during the forecast period. The market will experience a steep rise in this region. Factors driving the growth of the market in North America includes increasing government funding in this region, increasing IT security budgets which increased by more than 2% compared to the previous year, growing number of cyber-attacks, such as ransomware which has increased more than 50% worldwide with the US been the most affected country with ransomwares such as WannaCry and NotPetya, cryptojacking which disturbs the businesses financially and operationally, and growing presence of providers of AI based security solutions in the region.
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Benefits :
The report provides an in-depth analysis of AI in security market. One of the major advantage of using AI in security is that even the small deviations can be captured which were not possible in traditional signature based approaches. AI and machine learning applications can be used to fight against spear phishing, watering hole, webshell, ransomware, and remote exploitation by identifying the known as well as the unknown threats and preventing those threats before they can execute into the systems. The report is segmented based on Software Tools, Security Type, Application, Verticals and Regions related to this market. Further, the report also provides details about the major challenges impacting the market growth.
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