AI in cybersecurity market to reach $60.6 billion by 2028, study predicts
NewsJanuary 05, 2024
NORTHBROOK, Ill. The global market for AI [artificial intelligence] in cybersecurity is projected to grow from $22.4 billion in 2023 to $60.6 billion by 2028, at a combined annual growth rate (CAGR) of 21.9%, according to a new report by MarketsandMarkets, "Artificial Intelligence in Cybersecurity Market -- Forecast to 2028."
According to the study authors, demand for advanced AI solutions will continue to grow as cyberattacks on defense institutions, government agencies, and technology firms increase in number and severity, and cite cyber AI -- particularly in the area of behavioral biometrics -- as critical for proactive threat protection and therefore subject to market growth.
Based on area, it is estimated that the Asia-Pacific market segment will see the most growth during the forecast period, driven by factors such as more stringent government policies and an increase in population size. The study authors assert that the region faces evolving and sophisticated cyberthreats, including ransomware, ad-fraud malware, and distributed denial-of-service (DDoS) attacks. Additionally, the region's spending on AI in cybersecurity will increase as vulnerable countries such as India, Australia, Japan, China, and South Korea focus more closely on maintaining robust defense infrastructure amidst increasing cyberwarfare.
Visit the MarketsandMarkets website for additional information.
