Artificial Intelligence
Handheld Backscatter X-Ray Devices Market Size is projected to reach USD 87.28 Million by 2030, growing at a CAGR of 6%: Straits Research
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New York, United States, March 15, 2023 (GLOBE NEWSWIRE) — Small, single-sided x-ray imagers like the Mini-Z handheld backscatter X-ray device can be used to scan objects in difficult-to-reach regions. Due to its compact size, it may be used to efficiently screen a variety of objects, including suspect bags and packages, walls, furniture, small boats, planes, tires, and car interiors. Since it efficiently detects organic threats, contraband, and explosives, the Mini-Z backscatter X-ray equipment is perfect for public safety, customs and border police, and security professionals. The Compton effect generates dispersed radiation (XBT) in X-ray backscatter technology. The item is lighted with a pencil beam that has a predetermined direction for backscatter imaging, and all of the backscattered radiation is gathered using large area detectors.
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Growing Need for Easy-To-Use and Highly Efficient Scanning Systems Drives the Global Market
The benefits of being lightweight and portable have been taken into account. Inspection is simplified and speeded up with a high-resolution touchscreen and display. Wi-Fi and cable connectivity are other technologies that substantially promote sharing and communication. Thanks to tools like this, users may easily share the specifics of their inspections. Due to its simplicity, public safety, customs, border enforcement, and security professionals deployed the backscatter X-ray system as a handheld detection tool for organic hazards, contraband, and explosives.
Each year, around 23 million individuals and over 14 million cars enter the nation through one of the 26 inspection lanes. As a result, these gadgets must be designed for prolonged use. Using efficient and user-friendly technology, such as handheld X-ray backscatter equipment, is essential to scan many vehicles safely. The available alternatives allow for touchscreens, instantaneous image display (in a fraction of a second), higher in-scan speed, lightweight (4-5 kg), and large devices.
Technological Advancements Creates Tremendous Opportunities
The development of X-ray screening technology may make it easier to implement security screening systems in numerous locations. X-ray imaging systems also use various technologies, including standard X-ray, dual-energy, backscatter, and CT. Initial airport luggage screening methods used 2D X-ray technology. However, recently developed X-ray equipment that displays a 3D image of luggage has been created. By enabling viewers or operators to zoom in and rotate the bag for a 360-degree view, these technologies provide more comprehensive and precise information on the bag’s contents.
Report Scope
| Report Metric | Details |
| Market Size | USD 87.28 Million by 2030 |
| CAGR | 6% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Rapiscan Systems Inc. (A Part of OSI Systems Inc.), Viken Detection (Formerly Heuresis Inc.), Nutech Company Limited |
| Key Market Opportunities | X-Ray Technological Advancements |
| Key Market Drivers | Growing Need for Easy-To-Use and Highly Efficient Scanning Systems |
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Regional Analysis
North America is the most significant shareholder in the global handheld backscatter x-ray devices market and is expected to grow at a CAGR of 6.15% during the forecast period. This region is home to most of the market’s manufacturers, including Rapiscan and Viken Detection, which account for the most significant market share. These companies have developed unique methods for producing portable backscatter X-ray machines. Cross-border security and law enforcement are two significant consumers of this technology. For instance, Viken announced its VALOR project in June 2020, which offered refurbished HBI-120 portable X-ray imagers to small, underfunded police agencies for free or at a reduced price. The company aims to decrease or combat the first issues local police have when dealing with opioids.
Asia-Pacific is anticipated to develop at a CAGR of 6.70%, generating USD 19.28 million during the projection period. Recent military exercises in the region also provide a ready market for handheld devices. Since it might be difficult for the troops of many Asian nations to locate buried landmines, IED and weapon detection are crucial components in preventing terrorist attacks. Despite improvements in India, Pakistan, and Afghanistan, South Asia was the region most impacted by terrorism in 2019. Other regional risks include trafficking prescription drugs, illegal tobacco, heroin, amphetamines, and other narcotics, and several customs violations. According to projections, local merchants will have a lot of opportunities in the Asia-Pacific region.
Europe, which includes countries like the United Kingdom, Germany, France, and Spain, is a large market for handheld backscatter X-ray machines. Due to the high frequency of drug smuggling in the region, law enforcement’s implementation primarily benefits market vendors. Few companies that operate in Europe also benefit from being first to market in terms of competitive advantage. For instance, the Rapiscan MINI Z system is a pioneer in portable Z Backscatter imaging technology for detecting organic threats and illicit drugs. Customs officers and law enforcement officials can also use it to scan walls, furniture, car interiors, and other objects for explosives, drugs, and money, thanks to its portable design.
Key Highlights
- The global handheld backscatter x-ray devices market size is projected to reach USD 87.28 million by 2030, growing at a CAGR of 6% during the forecast period (2022-2030).
- Based on end-user, the global handheld backscatter x-ray devices market is bifurcated into customs and border protection, law enforcement, critical infrastructure, military and defense, and others. The customs and border protection segment is the highest contributor to the market and is expected to grow at a CAGR of 6.20% over the forecast period.
- North America is the most significant shareholder in the global handheld backscatter x-ray devices market and is expected to grow at a CAGR of 6.15% during the forecast period.
Competitive Players
The global handheld backscatter x-ray devices market’s major key players are Rapiscan Systems Inc. (A Part of OSI Systems Inc.), Viken Detection (Formerly Heuresis Inc.), and Nutech Company Limited.
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Global Handheld Backscatter X-Ray Devices Market: Segmentation
By End-User
- Customs and Border Protection
- Law Enforcement
- Critical Infrastructure
- Military and Defense
- Other End-Users
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- EXECUTIVE SUMMARY
- RESEARCH SCOPE & SEGMENTATION
- Research Objectives
- Market Definition
- Limitations & Assumptions
- Market Scope & Segmentation
- Currency & Pricing Considered
- MARKET OPPORTUNITY ASSESSMENT
- Emerging Regions / Countries
- Emerging Companies
- Emerging Applications / End Use
- Investment Landscape
- New Business Models / Revenue Streams
- TAM
- MARKET TRENDS
- Drivers
- Market Warning Factors
- Latest Macro Economic Indicators
- Geopolitical Impact
- Human Factors
- Technology Factors
- MARKET ASSESSMENT
- Porters Five Forces Analysis
- Value Chain Analysis
- Sales And Distribution Channel Analysis
- Trade Analysis
- Average Pricing Analysis
- Patent Analysis
- M & A Agreements & Collabration Analysis
- Cost Structure Analysis
- ESG TRENDS
- GLOBAL HANDHELD BACKSCATTER X-RAY DEVICES MARKET SIZE ANALYSIS
- Global Handheld Backscatter X-Ray Devices Market Introduction
- By End-User
- Introduction
- End-User By Value
- Customs And Border Protection
- By Value
- Law Enforcement
- By Value
- Critical Infrastructure
- By Value
- Military And Defense
- By Value
- Other End-Users
- By Value
- Introduction
- NORTH AMERICA MARKET ANALYSIS
- Introduction
- By End-User
- Introduction
- End-User By Value
- Customs And Border Protection
- By Value
- Law Enforcement
- By Value
- Critical Infrastructure
- By Value
- Military And Defense
- By Value
- Other End-Users
- By Value
- Introduction
- U.S.
- By End-User
- Introduction
- End-User By Value
- Customs And Border Protection
- By Value
- Law Enforcement
- By Value
- Critical Infrastructure
- By Value
- Military And Defense
- By Value
- Other End-Users
- By Value
- Introduction
- By End-User
- Canada
- EUROPE MARKET ANALYSIS
- Introduction
- By End-User
- Introduction
- End-User By Value
- Customs And Border Protection
- By Value
- Law Enforcement
- By Value
- Critical Infrastructure
- By Value
- Military And Defense
- By Value
- Other End-Users
- By Value
- Introduction
- U.K.
- By End-User
- Introduction
- End-User By Value
- Customs And Border Protection
- By Value
- Law Enforcement
- By Value
- Critical Infrastructure
- By Value
- Military And Defense
- By Value
- Other End-Users
- By Value
- Introduction
- By End-User
- Germany
- France
- Spain
- Italy
- Russia
- Nordic
- Benelux
- Rest Of Europe
- APAC MARKET ANALYSIS
- Introduction
- By End-User
- Introduction
- End-User By Value
- Customs And Border Protection
- By Value
- Law Enforcement
- By Value
- Critical Infrastructure
- By Value
- Military And Defense
- By Value
- Other End-Users
- By Value
- Introduction
- China
- By End-User
- Introduction
- End-User By Value
- Customs And Border Protection
- By Value
- Law Enforcement
- By Value
- Critical Infrastructure
- By Value
- Military And Defense
- By Value
- Other End-Users
- By Value
- Introduction
- By End-User
- Korea
- Japan
- India
- Australia
- Taiwan
- South East Asia
- Rest Of Asia-Pacific
- MIDDLE EAST AND AFRICA MARKET ANALYSIS
- Introduction
- By End-User
- Introduction
- End-User By Value
- Customs And Border Protection
- By Value
- Law Enforcement
- By Value
- Critical Infrastructure
- By Value
- Military And Defense
- By Value
- Other End-Users
- By Value
- Introduction
- UAE
- By End-User
- Introduction
- End-User By Value
- Customs And Border Protection
- By Value
- Law Enforcement
- By Value
- Critical Infrastructure
- By Value
- Military And Defense
- By Value
- Other End-Users
- By Value
- Introduction
- By End-User
- Turkey
- Saudi Arabia
- South Africa
- Egypt
- Nigeria
- Rest Of MEA
- LATAM MARKET ANALYSIS
- Introduction
- By End-User
- Introduction
- End-User By Value
- Customs And Border Protection
- By Value
- Law Enforcement
- By Value
- Critical Infrastructure
- By Value
- Military And Defense
- By Value
- Other End-Users
- By Value
- Introduction
- Brazil
- By End-User
- Introduction
- End-User By Value
- Customs And Border Protection
- By Value
- Law Enforcement
- By Value
- Critical Infrastructure
- By Value
- Military And Defense
- By Value
- Other End-Users
- By Value
- Introduction
- By End-User
- Mexico
- Argentina
- Chile
- Colombia
- Rest Of LATAM
- COMPETITIVE ASSESSMENT
- Adoption Matrix
- Handheld Backscatter X-Ray Devices Market Share By Manufacturers
- Handheld Backscatter X-Ray Devices Market Ranking By Revenue For Manufacturers
- Average Price By Manufacturers
- Vendor Footprint Analysis
- MARKET PLAYERS ASSESSMENT
- Rapiscan Systems Inc. (A Part Of OSI Systems Inc.)
- Overview
- Business Information
- Revenue
- ASP
- Gross Margin
- Swot Analysis
- Recent Developmments
- Viken Detection (Formerly Heuresis Inc.)
- Nutech Company Limited
- Rapiscan Systems Inc. (A Part Of OSI Systems Inc.)
- RESEARCH METHODOLOGY
- Research Data
- Secondary Data
- Major Secondary Sources
- Key Data From Secondary Sources
- Primary Data
- Key Data From Primary Sources
- Breakdown Of Primaries
- Secondary And Primary Research
- Key Industry Insights
- Secondary Data
- Market Size Estimation
- Bottom-Up Approach
- Top-Down Approach
- Market Projection
- Research Assumptions
- Assumptions
- Limitations
- Risk Assessment
- Research Data
- APPENDIX
- Discussion Guide
- Customization Options
- Related Reports
- DISCLAIMER
Table of Content @ https://straitsresearch.com/report/handheld-backscatter-x-ray-devices-market/toc
Market News
- In August 2022, The Security division of OSI Systems, Inc. received a USD 22 million order for full service, maintenance, and spare parts support for various Rapiscan® cargo and vehicle inspection (CVI) systems deployed worldwide. “We are glad to provide repair and support on our existing cargo inspection systems in the field and look forward to aiding this customer’s ongoing mission to defend borders,” said Deepak Chopra, Chairman, and CEO of OSI Systems.
- In June 2021, Viken Detection, a pioneer in x-ray imaging, chemical detection, and environmental analytical solutions, officially unveiled the FOXHOUND-HNATM. The Viken handheld narcotics analyzer’s tri-mode capability and design are intended for general usage in law enforcement operations and are geared for drug interdiction.
News Media
Global Law Enforcement Software Market to Grow at a CAGR of 10.4% During 2020 –2030
Artificial Intelligence to Complement the Facial Recognition Technology.
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Artificial Intelligence
Data Center Chip Market Size was Valued at USD 11.7 Billion in 2022 and is Expected to Reach USD 45.3 Billion by 2032 at a CAGR of 14.6% | Valuates Reports
BANGALORE, India, July 26, 2024 /PRNewswire/ — Data Center Chip Market By Chip Type (GPU, ASIC, FPGA, CPU, Others), By Data Center Size (Small and Medium Size, Large Size), By Industry Verticals (BFSI, Manufacturing, Government, IT and Telecom, Retail, Transportation, Energy and Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Data Center Chip Market was valued at USD 11.7 Billion in 2022, and is estimated to reach USD 45.3 Billion by 2032, growing at a CAGR of 14.6% from 2023 to 2032.
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Major Factors Driving the Growth of Data Center Chip Market
Because of the growing need for data processing and storage solutions brought about by the quick development of cloud computing, artificial intelligence, and big data analytics, the data center chip market is expanding significantly. High-performance chips are necessary for data centers to process massive volumes of data quickly and efficiently. As a result, advances in chip technology, including CPUs, GPUs, and specialist AI processors, have been made. The need for more resilient and scalable data center infrastructure is fueled in part by the expansion of digital services and Internet of Things (IoT) devices. The market is expanding due to key areas including Asia-Pacific, with its investments in technology and fast digital transformation, and North America, with its top tech businesses and vast data center networks.
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TRENDS INFLUENCING THE GROWTH OF THE DATA CENTER CHIP MARKET:
In data centers, Graphics Processing Units (GPUs) are essential for speeding up computing operations and data processing. They are perfect for managing workloads related to artificial intelligence (AI), machine learning, and large-scale data analytics because of their parallel processing capabilities. The need for GPUs in data centers is growing as these technologies become increasingly essential to corporate operations. Businesses are purchasing GPUs in order to increase the effectiveness of their data processing, lower latency, and boost overall performance. The need for data center chips is being driven by the increasing reliance on GPUs for sophisticated computing activities, which is considerably contributing to the market’s rise. This need is further increased by the growing use of AI and machine learning in a variety of sectors, which puts GPUs at the forefront of the data center semiconductor industry.
Compared to general-purpose chips, Application Specific Integrated Circuits (ASICs) provide better performance and efficiency since they are designed specifically for a given application. ASICs are extensively utilized in data centers for specific tasks including networking, data compression, and encryption. ASICs are becoming more and more common as a result of the growth of cloud computing, big data analytics, and blockchain technology, which has increased demand for high-performance, energy-efficient processors. Their capacity to provide tailored performance for certain applications aids data centers in better workload management, power conservation, and operating expense reduction. The market is expanding as a result of the increased preference for ASICs in data centers, which is fueling the need for specialized data center chips.
Large data centers are important users of data center chips; they are run by well-known IT firms and cloud service providers. To manage enormous volumes of data and provide a wide range of services, these facilities need a great deal of processing power and sophisticated computing skills. High-performance data center chips are becoming more and more necessary as a result of the growth of massive data centers and the rising demand for online streaming, cloud services, and digital transactions. These chips are necessary to ensure effective data management, processing, and storage, which helps big data centers fulfill the increasing expectations of its clientele. Large data center proliferation is anticipated to considerably boost the data center chip industry as the digital economy continues to grow.
Data centers are becoming more and more important to the Banking, Financial Services, and Insurance (BFSI) industry as a means of safely and effectively managing high transaction volumes, consumer data, and financial records. The need for sophisticated data center processors is being driven by the sector’s requirement for real-time data processing, high-performance computing, and strong security measures. BFSI organizations may improve their operational efficiency, guarantee data integrity, and deliver superior client services by utilizing data centers fitted with robust chips. The BFSI sector’s need for data center chips is being driven by the increasing use of online banking, digital banking, and financial analytics tools, all of which increase the requirement for sophisticated data center infrastructure.
The market for data center chips is significantly influenced by the cloud computing industry’s explosive growth. There is a growing need for scalable, effective, and high-performance data center infrastructure as more companies move their operations to the cloud. In order to handle enormous volumes of data, facilitate virtualization, and guarantee flawless service delivery, cloud service providers need sophisticated data center chips. Sturdy data center chips are becoming more and more necessary as cloud-based solutions become more and more popular. Benefits like cost savings, flexibility, and scalability are driving this trend. In places like North America and Europe, where cloud adoption rates are high and data center chip demand is rising rapidly, this tendency is especially significant.
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DATA CENTER CHIP MARKET SHARE
In 2022, North America gained a sizable portion of the market.
In 2022, the GPU made up the largest portion of the market share.
Throughout the projection period, large data centers are expected to gain a significant portion.
The BFSI market is anticipated to be one of the most profitable markets.
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Key Companies:
Advanced Micro Devices IncTaiwan Semiconductor Manufacturing Company LimitedBroadcomHuawei Technologies Co LtdIntel CorporationNVidia CorporationSamsung Electronics Co LtdQualcomm Technologies IncGlobalFoundriesARM LIMITED (SOFTBANK GROUP CORP.)Purchase Chapters @ https://reports.valuates.com/request/chaptercost/ALLI-Auto-2B326/Data_Center_Chip_Market
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Artificial Intelligence
Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 with Automation Surge | SkyQuest Technology
WESTFORD, Mass., July 26, 2024 /PRNewswire/ — According to SkyQuest, the global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).
Industry 4.0 or the fourth industrial revolution emphasizes the use of automation and interconnectivity. Employment of advanced technologies such as artificial intelligence, machine learning, robotics, and connected devices to improve the productivity and efficiency of industries. Rapid digitization and advancements in technology are forecasted to bolster the Industry 4.0 market growth over the coming years. The global Industry 4.0 market is segmented into technology, industry vertical, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/industry-4-0-market
Industry 4.0 Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 154.6 billion
Estimated Value by 2031
$ 513.89 billion
Growth Rate
Poised to grow at a CAGR of 16.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology, Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Internet of Things (IoT) technology takes centerstage for Industry 4.0 adoption
Key Market Opportunities
Adoption of smart manufacturing and additive manufacturing practices
Key Market Drivers
Rising demand for automation across all industry verticals
Segments covered in Industry 4.0 Market are as follows:
TechnologyRobots (Traditional Industrial Robots {Articulated robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots, Others}, Collaborative Robots), Blockchain in Manufacturing, Industrial Sensors (Level Sensors, Temperature Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity & Moisture Sensors, Gas Sensors), Industrial 3D Printing, Machine Vision (Camera {Digital Camera, Smart Camera}, Frame Grabbers, Optics, and LED Lighting, Processor and Software), HMI (Offering {Hardware [Basic HMI, Advanced Panel-based HMI, Advanced PC-based HMI, Others], Software [On-premises HMI, Cloud-based HMI], Services}), Configuration ({Embedded HMI, Standalone HMI}, Technology {Motion HMI, Bionic HMI, Tactile HMI, Acoustic HMI}, End-user Industry {Process industries [Oil & Gas, Food & beverages, Pharmaceuticals, Chemicals, Energy & power, Metals & mining, Water & wastewater, Others], Discrete industry [Automotive, Aerospace & defense, Packaging, Medical devices, Semiconductor & electronics, Others]}), AI In Manufacturing (Offering {Hardware [Processor MPU, GPU, FPGA, ASIC, Memory, Network], Software [AI solutions- | On-premises, Cloud |, AI platform- | Machine learning framework, Application program interface |], Services [Deployment & integration, Support & maintenance]}, Technology {Machine learning [Deep learning, Supervised learning, Reinforcement learning, Reinforcement learning, Others], Natural language processing [Context-aware computing, Computer vision]}, Application {Predictive maintenance and machinery inspection, Material movement, Production planning, Field services, Quality control, Cybersecurity, Industrial robots, Reclamation}, Digital Twin {Technology [Internet of Things (IOT), Blockchain, Artificial intelligence & machine learning, Artificial intelligence & machine learning, Big data analytics, 5G], Usage Type [Product digital twin, Process digital twin, System digital twin], Application [Product design & development, Performance monitoring, Predictive maintenance, Inventory management, Business optimization, Others]}, Automated Guided Vehicles (AGV) {Type [Tow vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks, Others], Navigation Technology [Laser guidance, Magnetic guidance, Inductive guidance, Optical tape guidance, Vision guidance, Others]}, Machine Condition Monitoring {Monitoring Technique [Vibration monitoring, Embedded systems, Vibration analyzers and meters, Thermography, Oil analysis, Corrosion monitoring, Ultrasound emission, Motor current analysis], Offering [Hardware – Vibration sensors, Accelerometers, Tachometers, Infrared sensors, Spectrometers, Ultrasound detectors, Spectrum analyzers, Corrosion probes], Software [Data integration, Diagnostic reporting, Order tracking analysis, Parameter calculation], Deployment Type [On-premises deployment, Cloud deployment], Monitoring Process [Online condition monitoring, Portable condition monitoring]})IndustryManufacturing, Automotive, Energy, Medical, Semiconductor & Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals & Mining, Chemicals, and OthersRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/industry-4-0-market
Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.
Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.
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Manufacturing Vertical to Spearhead Industry 4.0 Market Development
The manufacturing vertical is estimated to be at the forefront when it comes to Industry 4.0 adoption. The surge in use of robotics, advanced technologies, and smart manufacturing practices sets the tone for Industry 4.0 in this industry vertical. High emphasis on improving manufacturing efficiency, reducing downtime, and maximizing profits are all contributing to the high market share of this sub-segment.
The automotive industry is another vertical where Industry 4.0 market players could invest to get good returns. The high adoption of advanced robotics and other smart manufacturing technologies to maximize production allows this sub-segment to become a crucial one for Industry 4.0 providers. The aerospace and defense industry vertical also shows a lot of promise for Industry 4.0 companies going forward. Growing demand for advanced manufacturing techniques and technologies to create complex aerospace components is helping Industry 4.0 market growth via this segment.
The oil & gas industry is also estimated to embrace Industry 4.0 trend with open hands as they try to improve their operations and promote better resource utilization. High demand for predictive maintenance to reduce downtime and the growing adoption of digital oilfield solutions are estimated to bolster Industry 4.0 market development in the long run.
To sum it up, the application scope for Industry 4.0 is endless as automation and digitization pick up pace around the world. High investments in development of IoT and AI technologies will create better opportunities for Industry 4.0 companies in the future. The manufacturing industry will remain the top revenue generating sub-segment and more opportunities for aerospace, automotive, and oil & gas verticals will be seen over the coming years.
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Artificial Intelligence
Generative AI Cybersecurity Market worth $40.1 billion by 2030 – Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2024 /PRNewswire/ — The Generative AI cybersecurity Market is anticipated to experience substantial expansion, ascending from a value of USD 7.1 billion in 2024 to a substantial worth of USD 40.1 billion by the year 2030, according to a new report by MarketsandMarkets™. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 33.4% over the forecast period.
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350 – Tables 60 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
USD (Million)
Segments Covered
Offering, Generative AI-based Cybersecurity, Cybersecurity for Generative AI, Security Type, End-user, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), SentinelOne (US), AWS (US), NVIDIA (US), Cisco (US), CrowdStrike (US), Fortinet (US), Zscaler (US), Trend Micro (Japan), Palo Alto Networks (US), BlackBerry (Canada), Darktrace (UK), F5 (US), Okta (US), Sangfor (China), SecurityScorecard (US), Sophos (UK), Broadcom (US), Trellix (US), Veracode (US), LexisNexis (US), Abnormal Security (US), Adversa AI (Israel), Aquasec (US), BigID (US), Checkmarx (US), Cohesity (US), Credo AI (US), Cybereason (US), DeepKeep (Israel), Elastic NV (US), Flashpoint (US), Lakera (US), MOSTLY AI (Austria), Recorded Future (US), Secureframe (US), Skyflow (US), SlashNext (US), Snyk (US), Tenable (US), TrojAI (Canada), VirusTotal (Spain), XenonStack (UAE), and Zerofox (US).
This dramatic surge is being fueled by a number of causes. The primary growth driver is the enhancement of existing cybersecurity tools through generative AI algorithms by improving anomaly detection, automating threat hunting and penetration testing, and providing complex simulations for security testing purposes. These techniques enable various cyber-attack scenarios that can be simulated using the Generative Adversarial Networks (GANs), thus enabling the development of better preparedness and response strategies. On the other hand, it requires special cyber security tools to protect generative AI workloads against unique vulnerabilities such as adversarial attacks, model inversions and LLM poisoning. These tools include differential privacy and secure multi-party computation that are integrated into AI systems for training and deployment data protection purposes.
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Generative AI apps security segment will account for largest market share during the forecast period.
The cybersecurity landscape is rapidly changing for generative AI apps, which are already making their way into chatbots, content creation tools like word processors, and personalized recommendation systems. According to McAfee, 55% of these programs have had security breaches. This highlights the dire need for stronger protective measures from unauthorized access. Several generative AI applications that use adversarial techniques to force the desired reaction out of intelligent machines.
Therefore, there is a pressing demand in the number of developers who ensure that such machines are made more robust through techniques like adversarially trained models and resistant architectures. Finally, the usage of secure enclaves plus hardware-based security measures is growing off late, mainly aimed at safeguarding vulnerable AI computations from being tampered with. For instance, OpenAI has very strict security rules meant to protect GPT models thereby ensuring data integrity and user privacy.
By end-user, government & defense sector is poised to account for larger market share in 2024.
Government as well as defense industries are increasingly resorting to generative AI for cyber security purposes due to the urgency of protecting sensitive information and national security. According to a recent CSIS report, AI is being integrated into the cybersecurity framework of 43% of government agencies which resultantly improves their ability to identify and counter threats. As an example, the United States Department of Defense has started using artificial intelligence (AI) based security solutions backed by generative AI that can create fictitious cyber-attacks, thereby providing them with enhanced preparedness against advanced types of threats.
This technology also helps these sectors handle and analyze large volumes of data more effectively, giving valuable insights that will enable them prevent or mitigate cyber threats. This trend demonstrates an increasing reliance on generative AI in fortifying cyber security measures so as to ensure that critical infrastructure and sensitive data remain secure in today’s intricate digital landscape.
By region, North America to hold the largest share by market value in 2024.
In 2024, North America will be the leading region based on market share due to its excellent technology infrastructure, substantial investments in AI-enabled cybersecurity and the presence of key players. Major cyber security research universities and tech companies such as Google, AWS, CrowdStrike, SentinelOne and IBM are present in this area, pushing them on the forefront of potent risk management technologies and generative AI tools for threat detection. For example, IBM’s security platform powered by AI has improved detection rates for threats up by 40%, thus proving the relevance of AI technology to enhancing cybersecurity.
Moreover, legislative instruments such as Cybersecurity Information Sharing Act (CISA) are being put in place to promote advanced cybersecurity technologies. As internet attacks continue getting more complicated, North American enterprises prefer generative artificial intelligence (AI), so as to enhance their safety measures pertaining to personal data and digital infrastructure.
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Top Key Companies in Generative AI cybersecurity Market:
The major players in the generative AI cybersecurity market include Palo Alto Networks (US), AWS (US), CrowdStrike (US), SentinelOne (US), and Google (US), along with SMEs and startups such as MOSTLY AI (Austria), XenonStack (UAE), BigID (US), Abnormal Security (US), and Adversa AI (Israel).
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