The global artificial intelligence (AI) in cybersecurity market is projected to grow at a CAGR of 36 percent during 2017-23, to reach $18.1 billion by 2023, according to a new report from P&S Market Research.
The rising number of cyber frauds and malicious attacks is the major factor driving the demand for AI in cyber security market and the adoption of Bring Your Own Device (BYOD) is fueling demand for artificial intelligence as there have been several incidents reported wherein data leakages, unauthorized access, downloading unsafe applications and content on employee personal devices have left the organization’s data vulnerable to external threats.
According to the report, the emergence of super-intelligent AI in the cybersecurity market is expected to create growth opportunities. Super-intelligent refers to the intellect of systems that outperform the best human minds in cybersecurity. Work in artificial intelligence is progressing at a great pace and might achieve Artificial General Intelligence (AGI) in coming years. The emergence of systems in which the level of intelligence increases from relative cognitive capabilities to radical superintelligence will play a crucial role in warding off cyber attacks across the globe. The super-intelligent AI will act in a way that promotes interest of humans to contain the phishing and malicious attacks that cost organizations millions. However, super-intelligent artificial intelligence is at a very nascent stage and will take years to provide benefits for enterprises in combating cyber-attacks with ease and high accuracy.
Geographically, the North American AI in cybersecurity market is booming at an exorbitant pace. North America contributes the most revenue to the global artificial intelligence in cybersecurity market and is expected to remain the largest market during the forecast period. The increasing number of smart phone users, rising bring your own device (BYOD) trends and enterprise mobility requirements are some of the factors that are bolstering the growth of this market in North America. Also, implementation of artificial intelligence in cloud security services is further expected to fuel the growth of North American AI in cybersecurity market during the forecast period. Rising number of cyber-crimes such as ransomware are growing at an exorbitant pace, making business interruption and financial losses accrue at a huge scale. Governments of the U.S and Canada are witnessing a 12 percent-17 percent rise in cybercrimes on a yearly basis. Canada is also witnessing a high increase in phishing emails and network breaches, which clearly depicts a plethora of opportunities for AI in cybersecurity in the North American market.
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