Increasing Cyber Frauds to Augment Artificial Intelligence (AI) in Cyber Security Market Growth

The growth drivers for the artificial intelligence in cyber security market are the rising adoption of bring-your-own-device (BYOD) policy and surging threat of malicious attacks and cyber frauds. A revenue of $1.2 billion was generated by the market in 2016, and it is projected to grow at a 36.0% CAGR during the forecast period (2017–2023). For increasing the precision and efficiency of security systems in detecting potential threats, the implementation of AI in security solutions is termed as artificial intelligence in cyber security.

The adoption of chatbots to reduce operational costs is trending in the market. Chatbots are being deployed on multiple messaging platforms, such as WhatsApp, Facebook Messenger, Kik, and Slack, to engage and deal with customers. These chatbots are programed to understand customers’ queries and respond in a specific way. Companies are under pressure to cut down on labor costs and therefore are replacing their conventional customer care services with chatbot-based services.

The major factor contributing in the AI in cyber security market progress is rising malicious attack and cyber fraud incidence. Payment card and identity thefts, which account for more than 55.0% of all cyber-crimes, can become a huge liability for organizations if not resolved timely. AI works by identifying the threats, distinguishing the attacks that need to be resolved urgently by reducing the response time, and providing cyber fraud countering solutions in an efficient manner.

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The technology segment of the AI in cyber security market is classified into speech recognition, machine learning, image processing, and natural language processing. Of all these, machine learning is projected to generate the highest revenue in the market, as it plays a significant role in cyber security by understanding different patterns and adapting to new situations. To protect enterprise systems from cyber-threats, machine learning uses an organization’s voluminous data to mimic cognitive functions.

Therefore, the market would growth due to the increasing cloud deployment and replacement of traditional customer care services by chatbots. 

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