AI In Cyber Security Is Worth Almost $5B
The increasing number of cyber frauds and malicious attacks is one of the prime growth factors driving the application of artificial intelligence in the cyber security market, which is valued at $4.94B according to analysts at VisionGain.
In addition, the growing adoption of bring your own devices (BYOD) in organisations is also anticipated to drive the growth of artificial intelligence in the cyber security market. With the rising incidences of cyber-crimes, artificial intelligence in the cybersecurity market will continue to gain traction.
Cyber-frauds such as identity and payment card thefts, account for over 55% of all cyber-crimes and may prove costly for organisations, if not resolved quickly.
Artificial intelligence offers solutions to combat cyber fraud by identifying threat detection, reducing response time and refining techniques to distinguish attacks that require immediate attention. In the United States, the Government Accountability Office (GAO) reported rising cyber incidents which are growing annually, despite taking stringent action to combat them.
Some of the major trends in artificial intelligence in the cybersecurity market include the growing use of cloud in cybersecurity and the rising adoption of chatbots to combat cyber-crimes. Cloud-based cyber security is also gaining prominence, as the cloud appears to be more cost effective and affordable for SMEs and large enterprises.
Cloud-based cybersecurity enhances intelligence gathering of data and threat modelling, enhancing collaboration of data, blocking attacks and minimising the delay between detection and remediation, which results in a secure communication channel. It also reduces the hardship to purchase, maintain, and hire support personnel, enabling companies to address security issues at a lower cost.
Usage of the cloud to combat cyber-crimes through artificial intelligence is gaining traction with some of the major companies are investing heavily in artificial intelligence capabilities for cognitive computing. It improves not only the current cloud platform incumbency but also empowers a new generation of cloud computing technologies to mitigate security risk.
Artificial intelligence based cloud computing offers powerful speech recognition, text analysis and fast dynamic translation, which allow countering cyber threats, which will drive growth for artificial intelligence in the cybersecurity market in years to come.
The VisionGain report analyst commented “Chatbots are gaining significance as they understand the need of the user and provide a specific set of responses for which they are trained. They are also poised to disrupt various industries, such as retail, and banking and insurance, and are personified through artificial intelligence.
The disruption in technology brings new security concerns, and chatbots are expected to overcome big cyber-crimes. Adoption of artificial intelligence’s core technologies such as NLP, and machine learning, coupled with thousands of learning iterations, will enable chatbots to combat cyber threats and other malicious attacks in the years to come, which will fuel the growth for artificial intelligence in cyber security market.”
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