Europe AI in Cybersecurity Market Report and Forecast 2024-2032

Europe AI in Cybersecurity Market Outlook

The Europe AI in cybersecurity market size reached USD 4,255.3 million in 2023. The market is expected to grow at a CAGR of 17.76% between 2024 and 2032, reaching USD 18,301.1 million by 2032.

Key Takeaways:

• The EU Cyber Resilience Act, unveiled on September 15, 2022, proposes unified cybersecurity regulations for products incorporating digital components.

• Eurostat reports that EU banking sector assets totalled €39,219 billion in 2020, equivalent to 292% of the EU's GDP.

• Eurostat data shows that in 2020, Germany (12.8%) and France (12.2%) had the greatest healthcare spending as a proportion of GDP among EU member nations.

BFSI drives the Europe AI in cybersecurity market growth by leveraging its capability to swiftly analyse large datasets, detecting anomalies and potential threats which aids in uncovering fraudulent activities like unauthorized account access or unusual transaction patterns

AI-powered cybersecurity in the banking, financial services, and insurance (BFSI) sectors strengthens threat detection by rapidly identifying anomalies and fraud, uses pattern learning to prevent fraudulent activities, accurately evaluates risks, personalizes customer experiences, automates compliance measures, and streamlines cybersecurity tasks for more efficient responses and reduced workloads.

The EU launched its first Cybersecurity Certification scheme, EUCC, in January 2024, aimed at improving cybersecurity for IT products and services across its member states. Developed by ENISA in collaboration with member states, it replaces national certifications and provides a standardized assessment process for ICT suppliers, promoting competitiveness and enhancing security measures.

In the automotive and transportation industry, AI reinforces vehicle security against hacking, predicts maintenance requirements for better performance, identifies hazards to enhance road safety, optimizes traffic flow for efficiency, monitors cargo to secure supply chains, and protects infotainment systems from cyber threats, ensuring driver privacy and data security.

Market Segmentation

Europe AI in Cybersecurity Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Offering

• Hardware

• Solution

• Service

Market Breakup by Security Type

• Endpoint Security

• Network Security

• Cloud Security

• Application Security

Market Breakup by Deployment Mode

• Cloud

• On-Premise

Market Breakup by Technology

• Machine Learning

• Context-aware Computing

• Natural Language Processing

Market Breakup by Industrial Vertical

• BFSI

• Automotive and Transportation

• Retail and E-Commerce

• Manufacturing

• Government and Defense

• Healthcare

• Others

Market Breakup by Country

• United Kingdom

• Germany

• France

• Italy

• Others

The Europe AI in cybersecurity market key players are Samsung Electronics Co., Ltd., Amazon Web Services, Inc., Sophos Ltd., Hornetsecurity Ltd., Darktrace Holdings Limited, WISeKey International Holding Ltd., Acronis International GmbH., HCL Technologies Limited, Palo Alto Networks, Inc. and Vectra AI, Inc. among others. 

Key Highlights of the Report