The rising prevalence of cybercrimes is one of the biggest factors responsible for the growing demand for artificial intelligence (AI)-integrated cyber security solutions across the world. Cyber frauds such as payment card and identity thefts, are responsible for more than 55% of all cybercrimes occurring around the world. Moreover, these cybercrimes cause huge losses to many organizations. AI-based solutions prevent the occurrence of cyber frauds by identifying and detecting potential threats.
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As this policy allows organizations to improve their productivity and enhance the satisfaction level of their employees, it is increasingly being adopted by various organizations around the world. However, the adoption of BYOD makes corporate data highly vulnerable to cybercrimes and frauds. This is because the devices used by employees have various functional capabilities and the information technology (IT) departments usually don’t have the ability to fully qualify, inspect, and approve each system.
Because of the aforementioned reason, the increasing adoption of the BYOD policy by businesses is pushing up the demand for AI-integrated cyber security solutions across the world. This is, in turn, fueling the expansion of the AI in cyber security industry. The market value is predicted to grow from $8.6 billion in 2019 to $101.8 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 25.7% between 2020 and 2030.
Geographically, the AI in cyber security market will exhibit the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, as per the forecast of the market research company, PS Intelligence. This will be because of the rising incidence of cyber-attacks in the region, on account of the increasing propensity of customers for plastic card and online payments through wireless or wired networks. The adoption of AI in cyber security solutions makes the transactions secure and safe.
