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Which emerging drivers are set to accelerate the growth of the cognitive security market further?
The rising number of cyberattacks and security breaches is expected to propel the growth of the cognitive security market going forward. Cyberattacks and security breaches refer to unauthorized access, disruption, or damage to computer systems, networks, or the information stored within them. Cognitive security is used to defend against cyberattacks and security breaches by applying AI and machine learning techniques to identify, detect, and counteract cyber threats. For instance, in January 2024, according to AAG Solutions LLC, a US-based technology services company that provides cloud technology solutions, global cyberattacks increased by 81% in 2022 compared to 2021, and the 2022 cyber breach cost increased to $4.35 million. Further, it is estimated that cybercrime is expected to cost the global economy $7 trillion in 2022, with the figure rising to $10.5 trillion by 2025. Therefore, the rising number of cyberattacks and security breaches is driving the cognitive security market.
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What are the key factors influencing the forecasted market size of the cognitive security industry?
The cognitive security market size has grown exponentially in recent years. It will grow from $18.88 billion in 2024 to $26.03 billion in 2025 at a compound annual growth rate (CAGR) of 37.9%. The growth in the historic period can be attributed to advancements in artificial intelligence (AI), industry-specific applications, data explosion and big data analytics, increased computational power, automation and efficiency.
The cognitive security market size is expected to see exponential growth in the next few years. It will grow to $80.96 billion in 2029 at a compound annual growth rate (CAGR) of 32.8%. The growth in the forecast period can be attributed to exponential growth of data, enhanced natural language processing (nlp), ai-powered personalization, healthcare industry transformation, explainable ai and trust. Major trends in the forecast period include cross-industry collaboration, exponential growth in data volume, emphasis on explainable ai (xai), integration of cognitive systems in edge computing, cross-industry adoption, focus on cognitive automation.
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Who are the leading competitors in the cognitive security market?
Major companies operating in the cognitive security market report are Google LLC, Dell Technologies Inc., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Broadcom Inc., Cybraics Inc., Fortinet Inc., Check Point Software Technologies Ltd., Trend Micro Inc., DarKTrace Ltd., LogRhythm Inc., Exabeam Inc., Securonix Inc., Expert System S.p.A., SparkCognition Inc., Demisto Inc., Attivo Networks Inc., BluVector Inc., Awake Security Inc., Feedzai Inc., Gurucul Solutions LLC, Feedzai Inc., Deep Instinct Ltd., Cybraics Inc.
Which emerging trends are set to transform the cognitive security market landscape?
Major companies operating in the cognitive security market are focusing on innovative advancements such as cognitive security capability to strengthen their competitive position and address the evolving threat landscape. Cognitive security capability refers to the cybersecurity practice that applies artificial intelligence (AI) and machine learning (ML) techniques and technologies to enhance threat detection. For instance, in September 2023, Linksys Holdings, Inc., a US-based networking hardware company, announced the new Cognitive Security capability, which aims to optimize user devices online and ensure secure Wi-Fi usage. It is designed to be a practice that leverages artificial intelligence (AI) and machine learning (ML) techniques and technologies to enhance threat detection, understand the context behind threats, identify threat patterns, and interact with other machines. Additionally, these features aim to improve cyber defense capabilities, adapt to the ever-evolving threat landscape, and make informed decisions by analyzing large amounts of data collected from various sources.
How do different geographies compare in terms of market share and growth potential in the cognitive security market?
North America was the largest region in the cognitive security market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which major segments of the cognitive security market are experiencing the fastest growth?
The cognitive security market covered in this report is segmented –
1) By Component: Solution, Service
2) By Security Type: Physical Security, Cybersecurity, Network Security, Cloud Security, Application Security, Endpoint Security
3) By Application: Threat Intelligence, Anomaly Detection And Risk Mitigation, Automated Compliance Management, Other Applications
4) By Industry Vertical: Aerospace And Defense, Government, Banking Financial Services And Insurance (BFSI), IT And Telecom, Healthcare, Retail, Manufacturing, Energy And utilities, Other Industry Verticals
Subsegments:
1) By Solution: AI-Powered Threat Detection Systems, Behavioral Analytics Solutions, Security Information And Event Management (SIEM) Tools, Identity And Access Management (IAM) Solutions, Endpoint Protection Solutions
2) By Service: Consulting Services, Implementation And Integration Services, Managed Security Services, Incident Response And Forensics Services, Training And Awareness Programs
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How is the cognitive security market defined?
Cognitive security refers to the application of cognitive computing and artificial intelligence (AI) to detect, analyze, and respond to security incidents in real time. It involves the use of advanced algorithms and machine learning techniques to identify patterns and make intelligent decisions.
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