Global artificial intelligence in cyber security market is expected to reach $18.2 billion by 2023. Artificial intelligence is playing a crucial role in cyber security by identifying threats and protecting organizations’ data from lethal cyber-attacks. It speeds up the process of noticing attacks and enables organizations to adopt predictive measures in combating cyber-crimes. As per the findings of the research, network security accounted for the largest market during the historical period, and is expected to grow at a CAGR 34.5% during the forecast period in the artificial intelligence in cyber security market. Growth of network security market is predominantly driven by the upsurge in the adoption of wireless networks and their susceptibilities, as establishments nowadays are increasingly depending on wireless networks for data transfer.
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Artificial intelligence in cyber security market has been escalating with the rising incidence of cyber-crimes, where AI plays a vital role to combat cyber-attacks. Cyber-frauds such as identity and payment card thefts, account for over 55% of all cybercrimes, and may become costly for organizations if not resolved quickly. AI offers solutions to combat cyber fraud by detecting threats, reducing response time, and refining techniques to distinguish attacks that require immediate attention. In an inter-connected business ecosystem, where business interacts with multiple systems across regions; there are high chances that organizations’ digital landscape may get compromised during global interaction, leading to cyber fraud and malicious attacks.
Lack of trust on technology is one of the major factors hindering the growth of artificial intelligence in cyber security market. At times, machine gets biased because the data that is fed may not be detailed and structured. People are more concerned about how AI system arrives at any conclusion or recommendation. The cyber world is facing more sophisticated and organised attacks with the number of cases rising on yearly basis. Lack of trust on AI to overcome cyber threat will further aggravate the situation and may result in huge spending getting washed away by using manual processes.
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The research states that the artificial intelligence in cyber security market is moderately competitive, with players offering advanced technology solutions to overcome cyber challenges. Some of the major players in the artificial intelligence in cyber security industry are BAE Systems Plc, RSA Security LLC, IBM Corporation, Symantec Corporation, Palo Alto Networks, Inc., Fortinet, Inc., FireEye, Inc., Check Point Software Technologies Ltd, Cisco Systems Inc., and Juniper Networks, Inc.
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