Home Budget AI in cybersecurity market to reach $18.2 billion by 2023

AI in cybersecurity market to reach $18.2 billion by 2023

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GLOBAL NEWSWIRE:

The 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 percent 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.

On the basis of technology, machine learning is gaining traction in the artificial intelligence in cyber security market, and is projected to cross $6 billion by 2023. The larger revenue share of machine learning is mainly attributed to better threat learning algorithm using voluminous data to protect businesses.

During the forecast period, which is between 2013-2023, the fastest growth in artificial intelligence in cyber security market is expected in Asia-Pacific, owing to the increasing incidence of cyber-attacks. High value targets in a less secure environment have made this region a potential target for cyber-criminals.

The 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.

Use of cloud to combat cyber-crimes through AI is gaining traction with some of the major companies investing heavily in AI capabilities for cognitive computing. AI not only improves current cloud platform incumbency, but also empowers new generation of cloud computing technologies to mitigate security risk. This factor will drive growth for artificial intelligence in cyber security market.

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.

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. Most of the vendors are actively focusing on enhancing their offerings to meet the ongoing demand to combat cyber-attacks, globally.

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