Cybersecurity Services Market Trends: Leveraging Artificial Intelligence, Machine Learning And Blockchain Technologies For Cyber Defense (2024)

Cybersecurity Services Market Global Report 2020-30: Covid 19 Growth And Change

The Business Research Company’s Cybersecurity Services Market Global Report 2020-30: Covid 19 Growth And Change, Segments Covered: 1) By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security, Others 2) By User Type: Large Enterprises, Small & Medium Enterprises 3) By Industry Verticals: Aerospace And Defense, BFSI, Public Sector, Retail, Healthcare, IT And Telecom, Energy And Utilities, Manufacturing, Others

Leveraging artificial intelligence (AI), machine learning and blockchain technologies for cyber defense is a key trend in the cybersecurity services market. Cybersecurity vendors integrate artificial intelligence (AI) and machine learning principles into their solutions to tackle crucial hyper-connected workplace risks, with quicker identification, prevention and responsiveness capabilities. Advances in technology, such as AI and machine learning, turn the tables against cybercrime. For example, Equifax experienced cyber-attacks in September 2017, which resulted in the loss of sensitive information from more than 140 million American customers. The stolen information included names, addresses, social security numbers, birth date and driver’s license numbers. Cybersecurity specialists are therefore leveraging AI and machine learning technology to resolve the emerging cyber threats facing individuals, companies and governments.

The global cybersecurity services market size is expected to decline from $66.87 billion in 2019 to $65.46 billion in 2020 at a compound annual growth rate (CAGR) of -2.1%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that has led to a slowdown in the economy. This impacted the bottom line of companies, restricting them from investing in cybersecurity services. The cybersecurity consulting services market is then expected to recover and reach $91.1 billion in 2023 at a CAGR of 11.64%.

The increasing instances of massive cyber-attacks are a key factor driving the growth of the cybersecurity services market. The primary motive behind cybercrimes is political competition, financial gain, negative credibility, foreign competition and radical involvement of religious groups. Most cyber-attacks are for financial gain. WannaCry, Petya, NotPetya and BadRabbit are some of the main ransomware products that have targeted large-scale businesses and government organizations. For instance, in March 2018, in the city of Atlanta, US, the SamSam ransomware cyber-attack was triggered. This form of ransomware is installed on the computer network using brute-force attacks to guess weak passwords and encrypt files. The ransomware implications included inaccessibility to various municipal facilities, information leakage and economic loss. Therefore, the increasing instances of massive cyber-attacks compel companies to integrate cybersecurity in their systems and functionality to prevent crashing, thereby driving the growth of the cybersecurity services market.

The cybersecurity services market consists of sales of cybersecurity services that are used in IT and telecommunications and other industries. Cybersecurity refers to the collection of technologies, processes and practices designed to secure networks, computers, software and data against online attacks, destruction or data theft. Cybersecurity can also be identified as the security of information technology.

Major players in the global cybersecurity services market include Cisco Systems, IBM Corporation, Microsoft, Check Point Software Technologies, Oracle, Trend Micro., Cyber Ark Software Ltd., FireEye Inc., Imperva Inc., ProofPoint, Inc., Micro Focus, RSA Security, Sophos, Splunk, Accenture, Capgemini, Cognizant, HCL Technologies Limited, Tata Consultancy Services, Wipro Limited, Qualys, Dell Technologies Inc., AVG Technologies NV, and Intel Security (Intel Corporation).

FAQs

How are AI and machine learning improving cybersecurity? ›

AI-powered endpoint security solutions leverage machine learning algorithms to identify anomalous behavior and to detect previously unknown threats. This approach is more effective than what traditional endpoint security solutions can offer, as it can identify threats that would otherwise remain unnoticed.

How is AI shaping the future of cybersecurity? ›

It's Offering Predictive Analysis: By forecasting future attacks, AI provides a roadmap for preemptive action, allowing defenses to be set up before threats materialize. It Aids Incident Response: AI aids in orchestrating rapid response strategies, minimizing the impact of breaches when they do occur.

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Why do evolving AI threats need AI-powered cybersecurity? ›

AI security tools tend to produce fewer false positives as they adapt to the evolving threat landscape and transforming threats. Automation: The significant advantage of using AI-powered security tools is their ability to support automation.

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What is the growing role of machine learning in cybersecurity? ›

In short, machine learning can make cybersecurity simpler, more proactive, less expensive and far more effective. But it can only do those things if the underlying data that supports the machine learning provides the complete picture of the environment. As they say, garbage in, garbage out.

What is the future of AI ML in cyber security? ›

The future of AI/ML is the ability for a new way to interact with knowledge—one that does not require the skills that are already causing a workforce shortage in security. Vendors have access to troves of security data that the average customer or enterprise using their technology does not.

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How is AI used in cyber defense? ›

How Does AI Apply to Cybersecurity? AI can monitor, analyze detect, and respond to cyber threats in real time. As AI algorithms analyze massive amounts of data to detect patterns that are indicative of a cyber threat, it can also scan the entire network for weaknesses to prevent common kinds of cyber attacks.

What is the main challenge of using AI in cybersecurity? ›

Challenges of AI in Cybersecurity

Complexity: AI algorithms can be complex and difficult to understand, making it challenging to troubleshoot and debug them. Cyber attacks: AI algorithms can also be vulnerable to cyber attacks, such as adversarial attacks that manipulate the data used to train them.

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Will cybersecurity be replaced by AI? ›

The future of cybersecurity rests on a synergistic partnership between AI and human expertise, combining their strengths for more effective defense against evolving cyber threats. While AI can automate specific tasks in cybersecurity, it is unlikely to replace the need for cybersecurity professionals completely.

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What is a common application of AI in cybersecurity? ›

AI-enabled automated monitoring protects systems 24/7 and enables organizations to take preventive measures before harm is done. Some major AI in cybersecurity applications include: Malware & phishing detection. Knowledge consolidation.

How to incorporate AI in cyber security? ›

AI uses four main abilities to combat cybercrime in real time:

Monitoring And Analyzing Behavior Patterns. ...
Predicting The Outcomes Of Unusual Behavior. ...
Preventing Bad Actions And Outcomes. ...
Training And Machine Learning.

Sep 18, 2023

Why is AI better than cyber security? ›

Security professionals will protect businesses from attacks—building the infrastructure to detect and stop threats and test networks for potential vulnerabilities. AI professionals are at the forefront of data analysis. They build tools and models to analyze large datasets to provide insights and perform tasks.

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How will artificial intelligence change cyber security? ›

AI can help change much of this. It can monitor network activity, identify anomalies and prioritize alerts. It can analyze large volumes of data, identify fraudulent or suspicious content and isolate threats.

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Why is AI good for cyber security? ›

Conventional cybersecurity methods often rely on static rule-based systems that can only detect known threats. AI, on the other hand, employs advanced algorithms that can analyze massive volumes of data in real-time to identify anomalies and patterns indicative of potential threats.

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What is the advantage of AI in cybersecurity? ›

AI-driven security tools help quicken response times and reduce downtime. With many companies processing over 1,000 security alerts each day, cybersecurity artificial intelligence is an effective way to ensure security issues are given the attention they deserve while preventing alert fatigue for IT teams.

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How AI is improving security? ›

Artificial Intelligence (AI) improves security by enhancing threat detection, response capabilities, and overall cybersecurity measures in the following ways: Advanced Threat Detection and Real-time Monitoring: AI analyzes data for unusual patterns and behaviors, enabling early threat detection.

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