Global AI in cyber security market is predicted to grow at 35.0% CAGR during the forecast period with the market size reaching USD 31.2 billion by 2024. The market is driven by the factors such as increasing stringent data privacy regulations, increasing number of cyber-attacks, increasing adoption of digital solutions, and increasing inclination towards cloud-based solutions from on-premise. The continuous research and development for technologically advanced systems for anomaly detection, web filtering, intrusion detection, and data loss prevention among others. Further fuels the growth of the market.
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The market for AI in cyber security devices is primarily driven by increasing data frauds and cyber-attacks worldwide. Also, increasing number of internet and social media users, digitalization of banking and finance sectors create immense opportunities for the industry players to develop advance AI systems to provide cyber security. With the more people getting connected to the vulnerable Wi-Fi networks, the chances of cyber security breaches immensely increase. This creates utmost need of certain systems and programs which can detect predict process and analyse such threats and keep public and organizations safe from cyber-attacks. AI offers the solution to the threat to a great extent and therefore different industry players are focusing on utilizing AI for cyber security, thereby fuelling the growth of the global market.
Based on application, the market is segmented into firewall, distributed denial of services, anomaly detection, web filtering, intrusion detection, and data loss prevention. The AI in Cyber Security market size is the largest for anomaly detection. The key factors leading to the largest contribution of the application to the AI in cyber security market are increasing instances of cyber-attacks in banking and financial sectors.
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North America accounted for the major share in the AI in cyber security industry in 2017, globally as the players in the region are continuously investing capital for the advancement of AI technology for cyber security. U.S. offers a competitive environment for major players worldwide, as the country is the largest user of AI technology in most of the industrial sectors. This creates traction for the industry players to utilize the opportunities of revenue generation in the country. Asia-Pacific is observed to witness the fastest growth in the AI in cybersecurity market.
Check Point Software Technologies Ltd, Juniper Networks, Inc., Amazon, Inc., Intel Corporation, RSA Security LLC, Palo Alto Networks, Inc., Fortinet, Inc., IBM Corporation, Inc., FireEye, Inc., BAE Systems Plc, Cisco Systems Inc., and Symantec Corporation are some of the key players offering solutions and services for AI in cyber security.
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