Home Technology AI-based Security Market is Expected to Grow at a CAGR of 22.3% During the Forecast Period (2018-2026)
AI-based Security Market is Expected to Grow at a CAGR of 22.3% During the Forecast Period (2018-2026)

AI-based Security Market is Expected to Grow at a CAGR of 22.3% During the Forecast Period (2018-2026)

According to Coherent Market Insights, the global AI-based security market is projected to exhibit an impressive CAGR of 29.3% over the forecast period (2018 – 2026).

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Key Trends and Analysis of the AI-based Security Market:

Increasing usage of connected devices over internet is turning to be the major driving factor for growth of the AI-based security market. AI-based security solutions are expected to improve the precision and efficiency of the systems present in business operations to detect hazardous threats and vulnerabilities within the system. The significant rise in the number of mobile devices and Bring Your Own Device (BYOD) in enterprises operations has significantly caused the network to become more vulnerable to security threats and cyber-attacks, which increases demand for AI-based security solutions. Furthermore, growing awareness among enterprises regarding various security threats such as malware, denial, phishing, and password breaches that are spread through internet in-turn increases demand for AI-based security solutions.

In deployment type, the cloud-based deployment segment is expected to witness fastest growth rate throughout the forecast period. Various small and large business enterprises has already shifted their on premise business operations to cloud, which has led security solutions providers to develop enhanced security solutions for cloud-based applications. Business enterprises are majorly opting for cloud deployment, as it significantly reduces the capital investment cost required to implement cyber security solutions. In addition to this, deployment of cloud-based platform provide enterprises a unified way in the form of SaaS-based security services to secure business applications, which is beneficial for various end-use industries such as Healthcare and BFSI, which have strict budgets allocated for security investments.

Based on region, the AI-based security market is segmented on the basis of North America Region, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2017, North America held the largest market share, owing to presence of large number of prominent security vendors and increasing incidents of security breaches across various end-use industries such HealthCare, BFSI, IT & Telecom, and manufacturing industries present in this region. Rising concern about the security of critical infrastructure and sensitive data has significantly increased the government intervention towards adoption of AI-based security solutions and services.

In Europe, AI-based security solutions segment is foreseen to witness significant growth over the forecast period, owing to increasing inclination of enterprises towards adopting advanced technologies and automation. Furthermore, many public and private limited companies are involved in collecting domain-specific information comprising several issues such as medical informatics, fraud detection, marketing, cyber security, and national intelligence, which in turn boost demand for AI-based security solutions such as identity and access management, risk and compliance management, and intrusion detection solutions. These security solutions help enterprises to minimize vulnerable threats affecting business operations of these enterprises. In addition to this, Asia Pacific is expected to witness fastest growth rate throughout the forecast period, owing to significantly rising AI-based startups in the emerging economies such as China and India. 

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Key Market Takeaways:

  • The market is expected to witness a CAGR of 29.3% during the forecast period (2018–2026), owing to surge in the growth of advanced technologies and connected devices across various end-use industries
  • Increasing adoption of IoT technology, rising adoption of BYOD devices, and rising implementation of cloud-based services are some of the major factors driving growth of the market. However, lack of security professional is acting as one of the most challenging factor hampering growth of the
    AI-based security market.
  • Some of the major players operating in the global AI-based security market include NVIDIA Corporation, Intel Corporation, Xilinx Inc., Samsung Electronics Co., Ltd., Micron Technology, IBM Corporation, Cylance Inc., Threatmetrix, Securonix, Inc., Amazon, Sift Science, Acalvio Technologies, and Skycure Inc.

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