Artificial Intelligence in Security Market Dynamics and Development Status
Posted by Ehtesham Peerzade on February 24th, 2020
The Global Artificial Intelligence (AI) in Security Market was valued at USD 4.97 billion in 2018 and is expected to reach USD 23 Billion by 2024, registering a 31.86% CAGR during the forecast period of 2019–2024. Increasing adoption of connected devices, development in computing power technology, developing machine learning and deep learning technology, and increasing instances of cyberattacks are some of the major factors driving the growth of global artificial intelligence (AI) in security market.
Increasing adoption of cloud-based solutions and services and government support and investment in research and development of artificial intelligence technology are some of the contributing factors in the creation of fruitful opportunities for the market players in the coming years. However, software and hardware security, data integrity, model security, and data privacy are some of the primary challenges faced by the players in the global artificial intelligence (AI) in security market.
Global artificial intelligence (AI) in security market has been segmented based on component, deployment, security type, technology, and vertical.
By component, the market has been bifurcated into hardware and software. The hardware segment includes processor, memory, and network and is leading the market with largest market share. The software segment is projected to gain high momentum in the coming years.
Based on deployment, the market has been branched into on-premise and on-cloud. The on-premise segment is currently leading the market, whereas, the on-cloud segment is expected to register a higher CAGR during the forecast period.
As per security type, the market has been divided into network security and endpoint security. The network security segment is dominating the market, whereas, the endpoint security segment is projected to register a high growth rate during the forecast period.
On the basis of technology, the market has been categorized as machine learning and natural language processing. The machine learning segment is dominating the global artificial intelligence (AI) security market, whereas, the natural language processing segment is projected to register a high CAGR during the forecast period.
By vertical, the BFSI segment is currently dominating the market, whereas, the healthcare segment is expected to register the highest growth rate during the forecast period 2019–2024.
The Global Artificial Intelligence (AI) in Security Market is estimated to record a 31.86% CAGR during the forecast period of 2019 to 2024. The global artificial intelligence (AI) in security market has been studied for North America (the US, Canada, and Mexico), Europe (Germany, the UK, France, Spain, and Italy), Asia-Pacific (China, Japan, India, Singapore, Australia, and South Korea), and the rest of the world (the Middle East & Africa and South America).
North America is currently dominating the market. The US, followed by Canada, is leading due to the early adoption of advanced technologies such as artificial intelligence and big data. The technology industry in the US has played a crucial role in the economic growth of the country. Recently, in February 2019, the US government issued an executive order for the research and development sector regarding maintenance of American leadership in the artificial intelligence technology. Increasing adoption of artificial intelligence solutions by government bodies, industries, and the education and healthcare sectors has expanded the application areas of AI. The presence of Canada is also increasing in the artificial intelligence market supported by strong research and development on AI and its application areas. Toronto and Montreal are the two prime cities in the Canadian AI market.
Europe is the second-highest revenue generator in the global artificial intelligence (AI) in security market. The research and development on artificial intelligence in the region is reasonably strong which has benefitted the enterprises and the governments in upgrading their safety and security structures with automated solutions. Germany and the UK are the prime countries contributing significantly to revenue generation in the European market.
The market in Asia-Pacific is projected to register the highest CAGR. China, Japan, India, and South Korea are the key countries in the region which have gained expertise in developing artificial intelligence and machine learning applications. Increasing adoption of automation, cloud-based solutions, IoT, and big data technologies is further driving the market growth of artificial intelligence (AI) in security. China is the leading market in Asia-Pacific, whereas, the markets in Japan and South Korea, followed by India, are projected to register high growth in the years to come.
The market in ROW which consist of the Middle East & Africa and South America is expected to witness a steady growth rate.
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About the AuthorEhtesham Peerzade
Joined: May 22nd, 2019
Articles Posted: 355
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