Global Cognitive Security Market size was valued at $3.92 billion in 2019, and it is estimated to grow at a CAGR of 15.28 % during 2020-2025. The growth is majorly attributed to the increasing investments on security applications in order to protect against cyber threats drives the market growth. Furthermore, increase in adoption of advanced technologies such as IoT, AI create opportunities for the cognitive security market growth.
Deployment Type – Segment Analysis
Cloud based deployment segment held the major market share of 36.83% in 2019. Cloud based deployment mode is more preferred for mobile and web application security and this is poised to drive the market growth. Cloud deployment provides greater flexibility and offer much less in the means of customization when compared to on-premises. This drives the cloud based deployment of cognitive security.
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Industry Vertical – Segment Analysis
Healthcare is the fastest growing segment in Cognitive security market and estimated to grow at a CAGR of 16.03% during forecast period 2020-2025. Healthcare companies need to maintain proper paper records including patients’ medical files, and financial documents. Maintaining these files and transferring the records to digital databases consumes a lot of time and insecure. Cognitive security helps healthcare industry in protecting files and data in secure way. Another difficult task in healthcare sector is to maintain the inventory database that keeps the record of supply levels of equipment which includes medicines, gloves, and among others. Healthcare sector also deals with unstructured data that require systematic handling to avoid any discrepancy. This is poised to create opportunities for cognitive process security in healthcare, thereby driving the market during forecast period.
Geography- Segment Analysis
North America dominated the Cognitive Security market in 2019 with a market share of 35.18%, followed by Europe and APAC owing to the presence of large number of players. In addition to these, high adoption of advanced technologies such as big data analytics, and others in industries which drives the market growth. Big data analytics offer tools for security enhancement and this push the market growth. Additionally, high investments in adoption of cognitive process automation which increases the demand for cognitive security and this is set to drive the market in this region.
Drivers –Cognitive Security Market
Increasing adoption IoT and growing trend for BYOD
Cognitive security is the AI application patterned on human thought processes to detect threats to protect physical and digital systems. As IoT deals with connected devices and sensors, there is huge amount of data gets creates which increases the demand for cognitive security. The cognitive security approach provide secure exchange of data between IoT devices.
Adoption of AI technology
Increase in demand for artificial intelligence (AI) technology has been pushing the cognitive security market growth. The investments in AI and machine learning has increased significantly with the intent to increase the accessibility of data through different segments and business sources. Cognitive security is the AI application patterned on human thought processes in order to detect threats and to protect physical and digital systems. It involves self-learning security systems, which uses data mining, pattern recognition, and natural language processing in order to simulate the human brain. These automated security systems are designed to solve problems without humans and this is poised to drive the market growth. For instance, in 2019, Darktrace has been using AI technology in order to protect against cyber-attacks and this set to push the market growth.
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Challenges – Cognitive Security Market
Lack of skilled professionals
Lack of skilled professionals and increasing insider cyber threats is a major concern that hampers the market growth. These factors increase the risk of failure for organizations, thereby necessitating the need for effective cognitive security solutions. Additionally, lack of awareness and high investments in adopting advanced security solutions restrict the market growth.
Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Cognitive Security market. Cognitive Security top 10 companies include IBM Corporation, Trend Micro Incorporated, Cisco, Symantec Corporation, McAfee LLC, Acalvio, CA Technologies, Check Point Software, DarkTrace, Cylance and others.
In June 2019, Cisco launched its software innovations developed to make managing and securing networks easier.
As part of its broadened capabilities offering, the Company also unveiling innovations to more effectively manage users and applications across the entire enterprise network. This increases the Company’s cognitive security market share.
In June 2018, AWS had acquired Sqrrl Data Inc, which is the cybersecurity software company specializes in advanced threat detection for large enterprises. Acquisition of companies provide opportunities for the market growth.
North America dominated the Cognitive Security market in term of revenue in 2019 owing to the presence of major number of players.
Adoption of advanced technologies such as IoT, AI in industries is poised to propel the market growth.
Increasing adoption of Cognitive Security in healthcare sector with increasing automation technologies provide opportunities for the market growth.
Lack of skilled workforce is the major challenge that hampers the market growth.
Related Reports :
A. Adaptive Security Software Market
B. Human Factor Security Market
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