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AI in Cyber Security Market Size, Status, Top Players, Trends in Upcoming Years
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The escalating number of malicious attacks and cyber frauds will facilitate the AI in cyber security market progress in the foreseeable future. Cyber frauds, including payment card and identity thefts, account for nearly 55% of all cybercrimes, and result in major financial and data losses to organizations, if not countered rapidly. AI-enabled solutions counter cyber fraud by detecting threats, curtailing response time, and improving techniques for different attacks that need immediate attention.
Moreover, the rising proliferation of the bring-your-own-device (BYOD) policy is supporting the AI in cyber security market growth worldwide. Enterprises are implementing it as it enhances productivity and increases employee satisfaction. However, it has numerous risks attached to it because it makes the corporate data vulnerable to cybercrimes. The devices of employees have extended capabilities, and IT departments may lack the ability and resources to completely evaluate, qualify, and approve each one. Due to this limitation, confidential data comes under immense risk, which can be dealt with through AI-enabled solutions.
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During the forecast period, the Asia-Pacific AI in cyber security market will exhibit the fastest growth due to the mounting incidence of cybercrime in the region. APAC records a large number of identity theft, financial fraud, and data breach cases. As a result, organizations across the region are expanding their security expenditure to reduce the losses and combat more-advanced cyberattacks. Moreover, the governments of several countries of the region are investing heavily in cybersecurity to deal with threats.
Thus, the booming cases of cyberattacks and burgeoning demand for IoT-enabled connected devices act as the major driving forces for the integration of AI in cybersecurity.
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