The accelerating digitization of industries, surging mobile internet penetration, soaring investments by governments, information technology (IT) companies, and financial institutions in the artificial intelligence (AI) technology, and the increasing shift toward digital banking from traditional banking will drive the AI in cyber security market at a CAGR of 25.7% during the forecast period (2020–2030). The market was valued at $8.6 billion in 2019, and it is projected to reach $101.8 billion in 2030.
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The escalating number of malicious attacks and cyber frauds will facilitate the AI in cyber security market progress in the foreseeable future. Cyber frauds, including payment card and identity thefts, account for nearly 55% of all cybercrimes, and result in major financial and data losses to organizations, if not countered rapidly. AI-enabled solutions counter cyber fraud by detecting threats, curtailing response time, and improving techniques for different attacks that need immediate attention.
Moreover, the rising proliferation of the bring-your-own-device (BYOD) policy is supporting the AI in cyber security market growth worldwide. Enterprises are implementing it as it enhances productivity and increases employee satisfaction. However, it has numerous risks attached to it because it makes the corporate data vulnerable to cybercrimes. The devices of employees have extended capabilities, and IT departments may lack the ability and resources to completely evaluate, qualify, and approve each one. Due to this limitation, confidential data comes under immense risk, which can be dealt with through AI-enabled solutions.
This market research report provides a comprehensive overview of the market
* Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings