Wednesday 17 January 2018

Artificial Intelligence in Security Market: AI to be a Huge Game Changer for Countering Cyberattacks in the Coming Years



More and more companies across the globe are depending on IT systems for their operations, thus leading to an increase in cyber threats and security breaches. With AI continuing to evolve, the cyberattacks are also getting more sophisticated. Increased number of connected devices and the need for connectivity has also led to the increase in the number of threats. Therefore, companies are now adopting artificial intelligence, which can prove to be huge gamer-changer for countering these cyberattacks in an efficient and effective manner. However, with more AI-enabled products and services coming into the market, businesses and organizations need to be well prepared to tackle these threats and security breaches. The global market for artificial intelligence in security is expected to witness a huge growth in the near future.

Market overview

The global artificial intelligence in security market that was valued at USD 3.92 Billion in 2017 is expected to reach a value of USD 34.81 Billion by 2025, growing at a high CAGR of 31.38% between 2017 and 2025.

Based on offering, the software segment is expected to account for the highest share of this market, mainly due to the continuous developments in AI software and other related software development kits. Among deployment type, the market for cloud deployment is projected to witness a higher growth over the forecast period, since several businesses have already adopted and moved parts of their operations to the cloud, which in turn is leading security vendors to come up with cloud-based solutions in order to protect the data stored on the cloud.

On the basis of technology security type, the application security segment is estimated to grow at the highest CAGR between 2017 and 2025, owing to the increased use of a large number of applications by various organizations for their business operations that are vulnerable to threats.

Among end-users, the enterprise industry holds the largest market share, owing to the growing integration of IT in daily activities of various industries, governments, and consumers coupled with the increasing sophistication levels of cyberattacks.

Which region is expected to be the leading market, and why?

Among regions, the market for AI in security in North America currently holds a major chunk of the share of the total market, mainly owing to the presence of a various security vendors and rising incidences of security breaches and threats in this region. With cybersecurity being one of the most serious economic and national security challenge for organizations and governments in North America, it has been an early adopter of various technologies. The rising concern regarding the security of critical infrastructure and sensitive data has also led to an increased intervention from the government in the past few years. Increased incentives and funding from governments is also expected to play a vital role in the development of these technologies.

However, the AI in security market in APAC is projected to grow at a high rate over the forecast period. This growth can be majorly contributed to the SMEs and large enterprises in this region that are increasingly adopting cybersecurity solutions in order to secure their networks, web, and mobile applications. Moreover, high adoption rate of advanced technologies, such as IoT, big data analytics, and cloud computing, and growing concerns related to data security are also expected to drive this market towards good growth ahead.

What are the factors driving and restraining the market growth?

·         Growing adoption of IoT, big data, and cloud computing
·         Increased need for connectivity and also the number of connected devices
·         Growing number of mobile malware attacks
·         High vulnerability of Wi-Fi networks to security threats and attacks
·         Increasing cyber terrorism
·         Stringent directives and regulations for data privacy

Additionally, rising adoption of cloud-based services and applications and increased usage of social media for business are also expected to further create ample growth opportunities for this market.
On the downside, the inability of AI to stop zero-day and advanced threats and increasing number of insider cyber threats are the major factors expected to act as deterrents for the growth of this market. Moreover, lack of cybersecurity and AI professionals and limited security budgets are the key challenges to be tackled by the players involved in this market.


Key players and strategies adopted for sustenance

The major companies operating in the global artificial intelligence in security market are NVIDIA (US), Intel (US), IBM (US), Micron (US), Samsung (South Korea), Xilinx (US), Amazon (US), Cylance (US), Securonix (US), ThreatMetrix (US), Sift Science (US), Acalvio (US), Skycure (US), Darktrace (UK), and SparkCognition (US). These companies are adopting strategies such as new product launches & developments, joint ventures, collaborations, agreements, contracts, partnerships, and mergers & acquisitions in order to witness sustained growth in the market.

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