NEW YORK, Sept. 9, 2020 /PRNewswire/ -- The U.S. Government Accountability Office (GAO) stated in 2019 that in spite of taking active measures, the incidence of cyberattacks in the U.S. is surging. Due to factors like this, the global artificial intelligence (AI) in cyber security market would witness a high CAGR of 25.7% during 2020–2030, to reach $101,763.3 million by 2030, from $8,636.6 million in 2019. Payment card and identity thefts, which make up for almost 55% of all cybercrimes, lead to huge losses for companies and individuals, according to P&S Intelligence.
This is benefitting the AI in cyber security market, as companies are rapidly adopting such solutions to identify threats, reduce response time, and refine techniques to single out issues that require immediate countermeasures. Due to large companies strengthening their cybersecurity mechanisms with AI solutions, attackers are now targeting mid-sized companies, which is further driving the demand for AI-powered cybersecurity measures.
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The AI in cyber security market growth has received a boost during the COVID-19 situation. This is because, with companies shifting to the work-from-home policy and global focus to healthcare, the number of cyberattacks has drastically risen. Criminals are leveraging the COVID-19 subject to launch newer and more-effective attacks, which is driving the demand for AI cybersecurity solutions. Among the organizations that have fallen victims to cybercrimes during the pandemic are Cognizant, the World Health Organization (WHO), and the U.S. Defense Information Systems Agency.
Browse report with detailed COVID-19 impact analysis on AI in Cyber Security Market Research Report: By Offering (Hardware, Software, Services), Deployment Type (Cloud, On-Premises), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing), Security Type (Network Security, Data Security, Identity and Access Security, Cloud Security), Application (Identity & Access Management, Risk & Compliance Management, Data Loss Prevention, Unified Threat Management, Security & Vulnerability Management, Antivirus/Antimalware, Fraud Detection/Anti-Fraud, IDS/IPS, Threat Intelligence), End User (BFSI, Retail, IT and Telecom, Healthcare, Manufacturing, Government & Defense, Automotive & Transportation) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/artificial-intelligence-in-cyber-security-market
North America is the largest AI in cyber security market currently, due to the rising incidence of cyberattacks, rapid digitization, and rising number of market players. The fastest growth in the industry in the immediate future is predicted in Asia-Pacific (APAC), as the number of data breaches, identity thefts, and financial frauds is surging in the region. This is why public and private organizations in APAC are increasingly investing to make their cybersecurity mechanism more robust with AI.
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The competitive landscape of the AI in cyber security market is presently characterized by mergers and acquisitions, as companies offering such solutions are taking these steps to:
- Speed up the intelligent onboarding of retail stores and remote branches on their platforms
- Enhance their portfolio of cybersecurity solutions
- Offer advanced network security solutions to customers
- Bolster their offerings with network isolation solutions
- Provide anomaly and real-time threat detection support for industrial internet of things (IoT) applications
The biggest players in the global AI in cyber security market are RSA Security LLC, BAE Systems plc, Palo Alto Networks Inc., IBM Corporation, FireEye Inc., Fortinet Inc., Cisco Systems Inc., Check Point Software Technologies Ltd., Acalvio Technologies Inc., Juniper Network Inc., Amazon Web Services Inc., Darktrace Limited, Cylance Inc., NVIDIA Corporation, and Securonix Inc.
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SOURCE P&S Intelligence