A new report on artificial intelligence (AI) in cybersecurity valued the market at $22.4 billion in 2023 and anticipates this to grow to be $60.6 billion by 2028, growing at a compound annual growth rate (CAGR) of 21.9%.

The report, from MarketsandMarkets, says that key factors contributing to the growth of AI in the cybersecurity market include the increasing instances of cyber-threats, rising concerns of data protection and increasing vulnerability of WiFi networks to security threats.

Software is set to hold a major share of the overall AI in cybersecurity market, according to the report, owing to developments in AI software and related software development kits.

The report also highlights that in the automotive industry, big data poses a significant problem with connected cars becoming more of a gadget than a purely physical product, constantly synced and updated. Combining machine learning with big data analytics presents an opportunity to make sense of the huge volumes of valuable data collected from vehicles, servers and smart mobility services. Using machine learning, patterns of “normal” behavior can serve as baselines to identify anomalies from cyber threats and policy violations to vehicle and driver irregular behaviors.

Key players in this market highlighted by the report are NVIDIA Corporation (US), Intel Corporation (US), Xilinx Inc. (US), Micron Technology, Inc. (US), IBM Corporation (US), Amazon Web Services, Inc. (US), Microsoft (US), Palo Alto Networks Inc. (US), Trellix (US), CrowdStrike (US) and NortonLifeLock (US).