(EMAILWIRE.COM, December 12, 2020 ) According to a new market research report "Cognitive Security Market by Component (Solutions & Services), Application (Threat Intelligence, Anomaly Detection & Risk Mitigation, Automated Compliance Management), Security Type, Deployment, Enterprise Size, Vertical, & Region- Global Forecast to 2023", published by MarketsandMarkets, the cognitive security market size expected to grow from $3.62 Billion in 2018 to $17.09 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 36.4% during the forecast period.
The increasing number of security breaches and cyber-attacks, and the rising adoption of Internet of Things (IoT) and Bring Your Own Device (BYOD) trends across verticals are some of the major driving factors for the cognitive security market growth. Furthermore, the rising adoption of social media platforms in various business functions and the growing market for cloud-based business are expected to provide significant growth opportunities in the market.
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The cybersecurity type is expected to be the larger contributor in the cognitive security market during the forecast period.
Increase in digitalization and the rapidly growing connected devices are expected to be the major factors driving the growth of the overall cognitive security market. These connected devices have made enterprise networks more prone to cyber-attacks. Therefore, the demand for cybersecurity solutions is expected to contribute more toward the overall cognitive security market growth during the forecast period.
The anomaly detection and risk mitigation application is expected to have the largest market size during the forecast period.
Anomaly detection and risk mitigation involves the identification and prevention of abnormal events that can cause harm to the organizational data. Anomaly detection and prevention is a network security application that helps organizations carry out various processes, ranging from the identification of malicious activities to their reporting. Various factors such as government regulations and the increasing initiatives by various organizations toward strengthening their security measures are expected to drive the anomaly detection and risk mitigation application growth in the cognitive security market.
North America is expected to account for the largest market size during the forecast period.
North America is the major revenue generating region in the global cognitive security market. The region has witnessed the maximum adoption of cognitive security solutions, due to the increasing incidents of security breaches. In the North American region, enterprises in the US and Canada are expected to significantly adopt cognitive security solutions. Therefore, the region is expected to account for the largest market size during the forecast period.
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The major vendors in the global cognitive security market are IBM (US), Cisco (US), CA Technologies (US), Symantec (US), Check Point Software (US), DXC Technology (US), AWS (US), Expert System (Italy), Fortinet (US), Trend Micro (Japan), Google (US), Acalvio (US), Securonix (US), Sift Science (US), Feedzai (US), SparkCognition (US), Cybraics (US), Demisto (US), XTN (Italy), LogRhythm (US), ThreatMetrix (US), High-Tech Bridge (Switzerland), Deep Instinct (Israel), Darktrace (UK and US), Cylance (US), and McAfee (US).
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