Fraud and malicious attacks are the prime growth drivers for artificial intelligence (AI) in the cybersecurity market. According to a November 2017 report from P&S Market Research, Artificial Intelligence (AI) in Cyber Security Market, threat detection and response time reduction are reasons why companies are increasingly using this technology to defend against digital threats.
Growth Rates for AI
The report also found the growth of AI is, in part, a response to enterprises’ ongoing digital transformations. “Organizations expanding their horizon to different geographies are generating voluminous data to gain insights and are also using analysis techniques to enhance their product offerings,” the report stressed.
However, more data means more bait for cybercriminals — who can get through security and access important organizational information. The P&S Market Research report put it simply: “The growing need to protect this data from outside threat is leading to the adoption of this solution.”
These digital security risks — along with the growing popularity of enterprise bring-your-own-device (BYOD) strategies — are likely to grow AI’s presence in the cybersecurity market going forward. In 2016, global AI was worth $1.2 billion. This amount is expected to increase at a compound annual growth rate (CAGR) of 36 percent between 2017 and 2023.
Machine learning will also likely play a role in growing artificial intelligence in the cybersecurity market, as this technology can help combat types of digital threats like distributed denial-of-service (DDoS) attacks.
Important Trends in AI
There are a few trends that will likely continue to shape AI in the cybersecurity market, according to the report. At the top of the list is cloud-based cybersecurity solutions due to their use in data gathering and threat modeling, among other applications.
These cloud-hosted tools can also help cut down on personnel costs. Chatbots will also fuel the growth of AI in the coming years. They are already being used in industries like retail and banking. The ability of these technologies to understand users’ needs and provide specific responses will work well with AI in combating computer crime.