Artificial Intelligence in Cyber Security Market Overview
Global artificial intelligence in cyber security market stood at $1.2 billion in 2016, which is expected to grow at a CAGR 36.0% during forecast period. Artificial intelligence in cyber security increases efficiency and precision of the system to detect any potential threat in organization’s system. Organizations expanding their horizon to different geographies are generating voluminous data to gain insights and are also using analysis techniques to enhance their product offerings. However, cyber-criminals and hackers breach the organizational security to gain access to confidential and classified data. The growing need to protect this data from outside threat is leading to the adoption of this solution.
GLOBAL ARTIFICIAL INTELLIGENCE IN CYBER SECURITY MARKET, BY SERVICE TYPE, $M (2013 – 2023)
Among technologies, machine learning is anticipated to play a significant role to combat cyber-attacks in artificial intelligence in cyber security market, as this technology enhances organization’s system performance by understanding different patterns and getting adapted to new situations. Machine learning technique uses voluminous data of an organization to mimic cognitive functions, which protects enterprise systems from cyber-threats. Under various applications, artificial intelligence in cyber security market for distributed denial of services (DDOS) is anticipated to grow at a CAGR of 23.7% during the forecast period. Cyber extortionists use this type of attack to disrupt customer related services and in return, ask for ransom to resume these services.
Geographically, Asia-Pacific is expected to witness the fastest growth in artificial intelligence in cyber security market, as the region is witnessing rising incidence of cyber-crimes such as identity theft, phishing, and malicious attacks that are growing manifold on yearly basis. Major industries such as banking and financial services, construction and engineering, and healthcare are highly susceptible to threats. The region is an easy target for cyber criminals due to high digital connectivity coupled with low cyber security awareness. For instance, According to World Bank estimates, presently 22% of Myanmar’s population enjoys internet access as compared to less than 2% of the population in 2013.
Artificial Intelligence in Cyber Security Market Dynamics
The increasing number of cyber frauds and malicious attacks is one of the prime growth factors of artificial intelligence in cyber security market. In addition, the growing adoption of bring your own device (BYOD) in organizations is also anticipated to drive the growth of the artificial intelligence in cyber security market.
With the rising incidences of cyber-crimes, the artificial intelligence in cyber security market will gain traction in years to come. Cyber-frauds such as identity and payment card thefts, account for over 55% of all cyber-crimes, and may prove costly for organizations if not resolved quickly. Artificial intelligence offers solutions to combat cyber fraud by identifying threat detection, reducing response time and refining techniques to distinguish attacks that require immediate attention. In the U.S, Government Accountability Office(GAO) reported rising cyber incidents, which are growing annually despite taking stringent action to combat them.
Though large companies continue to implement effective security measures, threat actors are increasingly penetrating in middle-tier companies which do not follow security practices. As a result of which, mid-sized organizations are also facing the brunt of cyber-attacks, which may lead to loss of billions of dollars on a global level. The growing need to combat these malicious attacks in large and mid-sized organizations through artificial intelligence will drive growth of the artificial intelligence in cyber security market.
With the rising adoption of mobile devices, organizations are finding ways to implement the use of personal device for enhancing productivity and have a significant advantage over other competitors. Effective BYOD strategy offers multiple benefits to organizations, such as cost saving by obviating the need to purchase initial devices, elevated employee job satisfaction, and increased flexibility to work from anywhere, anytime. These factors will drive growth for artificial intelligence in cyber security market.
Some of the major trends in artificial intelligence in cyber security market include growing usage of cloud in cyber security, and rising adoption of chatbots to combat cyber-crimes. Cloud based cyber security is also gaining prominence as cloud appears to be more cost effective and affordable for SMEs and large enterprises. Cloud based cyber security enhances intelligence gathering of data and threat modeling, enhancing collaboration of data, blocking attacks and minimizing the delay between detection and remediation, which results in secure communication channel. It also reduces the hardship to purchase, maintain, and hire support personnel, enabling companies to address security issues at lower cost.
Usage of cloud to combat cyber-crimes through artificial intelligence is gaining traction with some of the major companies are investing heavily in artificial intelligence capabilities for cognitive computing. It not only improves current cloud platform incumbency, but also empowers new generation of cloud computing technologies to mitigate security risk. Artificial intelligence based cloud computing offers powerful speech recognition, text analysis and fast dynamic translation, which allow to counter cyber threats, which will drive growth for artificial intelligence in cyber security market in years to come.
Chatbots are gaining significance as they understand the need of the user and provide specific set of responses for which they are trained. They are also poised to disrupt various industries, such as retail, and banking and insurance, and are personified through artificial intelligence. The disruption in technology brings new security concerns and chatbots are expected to overcome big cyber-crimes. Adoption of artificial intelligence’s core technologies such as NLP, and machine learning, coupled with thousands of learning iterations, will enable chatbots to combat cyber threats and other malicious attacks in the years to come, which will fuel the growth for artificial intelligence in cyber security market.
Artificial Intelligence in Cyber Security Market Competitive Landscape
The global artificial intelligence in cyber security market is fragmented owing to the presence of large number of global and regional players, which intensifies the degree of rivalry. The market is growing at a notable pace, which leads to high intensity of rivalry. Some of the major players in the global 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.
Key competitors are specifically focusing on Asia-Pacific and Europe regions for expansion of their product offerings which will drive growth for artificial intelligence in cyber security market, as these regions show a strong tendency to adopt security solutions in coming years.