Artificial Intelligence (AI) in Cyber Security Market to Observe $17.0 Billion Growth by 2023

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.

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Data security, network security, cloud security, and identity & access security, are the various services offered via vendors. Out of these, network security was the most widely provided service via such solutions, during 2013–2016, due to the growth in the usage of wireless communication devices and the vulnerability of wireless networks to attacks. During the forecast period, the usage of these solutions would increase the fastest for cloud security, as a result of the rising popularity of cloud computing. To save on operational costs, businesses are shunning traditional application deployment platforms in the favor of cloud.

Thus, with cyber criminals becoming increasingly smart and the rate of internet-based attacks rising, the artificial intelligence(AI) 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. 

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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.