Ever since data sharing between two computing devices
became possible, cyber-attacks have been leading to huge financial losses all
across the world. There are several types of cyber-crimes, such as data and
identity theft, email and password hacking, phishing, denial of service (DoS),
distributed denial of service (DDoS), and fraudulent transactions. With the
increasing awareness of organizations on the issue, they are spending more than
before on cyber security. But criminals are always one step ahead, as even
before some new data or network security software is launched, they find out
new ways to get into the system.
Thus, with cyber criminals becoming increasingly smart
and the rate of internet-based attacks rising, the artificial intelligence in cyber security market is expected to grow too, from $1.2 billion in
2016 to $18.2 billion by 2023, at a CAGR of 36.0% during 2017–2023 (forecast
period). While large enterprises are already adopting such solutions to fend of
attackers, many mid-sized and other small businesses haven’t yet followed suit,
due to lower budgets. This is why internet-based attacks are being increasingly
carried out on such companies, which is expected to prompt many of these to use
AI to protect their information technology (IT) infrastructure, software,
applications, and critical information.
In the same vein, cloud computing is also making
inroads into cyber security, as it is more affordable for companies, especially
small and medium enterprises. Cloud-based protection for the IT infrastructure
improves data collection and collaboration and threat modeling, blocks threats,
and reduces the time between threat detection and neutralization. Additionally,
it also allows businesses to do away with the need to hire support personnel
and helps better manage their IT data, computing devices, servers, networks,
and applications.
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Historically, North America has been the largest user
of such solutions, due to the large number of corporate houses with high-worth
assets and advanced IT infrastructure. During the forecast period, Asia-Pacific
(APAC) would adopt artificial intelligence-based IT protection, as the number
of internet-based crimes is steadily rising in the region, and they end up
costing a lot to companies, and ultimately, national economies. In APAC, the AI in cyber security market growth in Indonesia would be the fastest, as a
result of the increasing number of internet users and botnet attacks.
Thus, with business across the globe feeling the pinch
of cyber-attacks, they would rapidly deploy AI solutions to protect their IT
assets.
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