As cybersecurity challenges evolve and become more complex, AI provides a critical service for protecting assets.
A report released by ResearchandMarkets.com has highlighted the potential growth of AI in the cybersecurity market. According to “Artificial Intelligence in Cybersecurity Market by Technology, Industry, and Region-Global Forecasts to 2029,” AI is expected to grow to a market value of $66.22 billion over the recorded period.
As cybersecurity challenges evolve and become more complex, AI provides a critical service for protecting assets. In finance, where regulatory concerns and fraud risks are particularly important, AI could provide cutting-edge solutions.
In addition, growing demand from small to medium-sized businesses could also ensure that the market continues to grow. These company sizes don’t always have the in-house expertise to develop and deploy their own security solutions, creating a need in the market.
A lack of understanding of what AI actually is and what it can do within the market could prevent its adoption to its fullest potential. Other misconceptions surrounding new tech like IoT could keep companies from utilizing AI in cybersecurity.
However, the market should still grow as more companies try to work in artificial intelligence in all facets of operations, not just cybersecurity. The report notes that the banking sector will likely continue to drive the market despite obstacles from other industries.
Key players in the AI cybersecurity market
The report examines a period between 2022 and 2029. Key players include big companies like Amazon and Cisco but also up-and-coming companies in the field. Many of these players are based in the United States, but global demand is high. The cybersecurity market is segmented by component, security time, technology, application, and end-use mode, among others. Every industry will likely take advantage of what AI can bring to their cybersecurity efforts, as well as each part of the global market.