Global Cybersecurity Market Faces Multiple Hurdles Despite Demand

Artificial intelligence (AI) applications in the global cybersecurity market are expected to reach US$66 billion by 2029 but the lack of skilled AI professionals is expected to limit the growth of this market to a “notable extent,” according to a forecast report by Meticulous Research. This represents a greater public security risk as companies continue to expand their digital infrastructures and the proliferation of connected devices.  

“Misconceptions and lack of knowledge regarding AI in cybersecurity solutions and vulnerability issues with IoT devices pose serious challenges for the adoption of AI in cybersecurity solutions, thereby hampering the growth of this market,” reads the report.

Digital infrastructure changes and new work models brought on by the COVID-19 pandemic significantly expanded the risk surface for companies, making them especially vulnerable to cyberattacks. In 2019, 68 percent of organizations became victims to direct and indirect endpoint attacks, exposing critical data and consumer information, according to Ponemon Institute. Impactful and costly breaches throughout 2021 have brought cybersecurity and consumer confidence to the forefront of business priorities, thereby creating a consequential growth opportunity for vendors and service providers.

“Several organizations are eying this crisis as a new opportunity for restructuring and revisiting their existing strategies along with advanced product portfolios,” reads the Meticulous Research report.

These include IBM and FireEye, which launched new security services designed to help companies manage and strengthen their cybersecurity protocols, detection and responsiveness. Beyond these two companies, the entire sector has experienced significant growth over the past year and will foreseeably maintain its momentum into the near future as cyberattacks continue to evolve. Of the international community, North America is estimated to represent the largest market share as the home of multiple MNCs and high tech-talent scarcity. 

Despite these weighted challenges, the market still holds considerable potential to bounce back as it is supported by a cultural shift on cybersecurity and more aggressive government cybersecurity initiatives. In 2022, the AI software solutions sub market is estimated to account for the largest share of the artificial intelligence in cybersecurity market. By 2029 this market share will be eclipsed by the demand for machine learning technology which will be needed to offset the lack of needed manpower. Meanwhile, its cloud security segment is projected to grow at the highest CAGR during the forecast period, which will foreseeably be driven mainly by industry verticals

Last year Mexican companies a prime target for cybercriminals in 2021, enduring a daily onslaught of more than 427 million cyberattacks, the most of any Latin American country according to data compiled by Fortinet. An almost 170 percent increase over 2020 when Mexico only contended with an average of 38 million daily cyber-attacks; thereby making Mexico a fertile ground for expansion and growth for cybersecurity companies.