In cognitive security market, digitization, mobility and increased focus of hackers to attack confidential information are significant factors driving the market growth. The advantages of digitization in cognitive security technology enables organization by providing precise solution against unauthorized access of information. Digital technology supports both upstream and downstream operation of cognitive security process. The capability to provide optimized solution and service to users in real time is the biggest advantage of digital technology. The study indicates cognitive security is benefitted more from digitization in BFSI sector. Mobility in cognitive security market is gaining traction due to increasing monetary transactions through mobile based cognitive. The study also indicates, increased demand of software as a service and rapid advancement in web-based and mobile cognitive is driving the market.
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The segmentation on the basis of deployment includes cloud and on-premise. Cloud solution accounts for highest market share as it helps enterprises by minimizing cost associated with the IT infrastructure. Cloud solution enables enterprise to focus on core business competencies. It provides enterprises with data protection and security, efficiently manage storage and privacy issues, offers data integrity and provides information related to managing and coordinating business activities and helps in increasing the overall business productivity.
According to Market Research Future Analysis, Cognitive Security Market has been valued at approximately USD 10 Billion by the end of forecast period with approx. 19% of CAGR during forecast period 2019 to 2023.
Market Research Future (MRFR) recognizes the following companies as the key players in the cognitive security market are- IBM Corporation (U.S.), Cisco systems (U.S.), XTN (Italy), Intel Security (U.S.), Symantec Corporation (U.S.), CA Technologies, Inc. (U.S.), CSC (U.S.), Fortinet, Inc. (California, U.S.), Cato Networks (Israel), Check Point Software Technologies (Israel), among others.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
By vertical segment, healthcare accounts for highest market share in the cognitive security market owing to strong security technology. It enables many healthcare organization by protecting enormous data volumes and improving medical management. Digitization led to generation of large volume of structured and unstructured data. The healthcare organization are finding it difficult to maintain the large volume of unstructured data that includes clinical narratives, medical images, medical reports, operation notes, and discharge summaries. To maintain this data in a secure network, cognitive security comprised of data mining, machine learning, natural language processing and human-computer interface for securing the data from the virus, cyber-attacks and unauthorized access to confidential information. BFSI sector accounts for second highest market share in the cognitive security market owing to adoption of powerful security for preventing confidential information from several cyber threats such as malware, hacking, misuse of confidential information and ransomware virus.
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By region, MRFR analysis shows that North America region accounts for largest market share incognitive security market owing to growing adoption of cognitive systems by enterprises in BFSI sector. Wide adoption of cognitive security solution in banking and healthcare is boosting the market in the region. Asia-Pacific region is expected to be one of the fastest growing market owing to increase adoption of cloud based cognitive security solutions by enterprises. In Asia-Pacific region countries such as China, India, South Korea and Japan will be generating high revenue in cognitive security market.
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