According to a new research report from Marketsandmarkets on Artificial Intelligence in security, the market is expected to be valued at USD 3.92 billion in 2017 and is likely to reach USD 34.81 billion by 2025, at a CAGR of 31.38% during the forecast period.
High usage of the Internet and the constant need for employees to be online are contributing to the growth of this market. Another major factor driving the demand for AI-based security solutions is the shortage of cyber security professionals. Using AI-based solutions for cyber security covers much of the need for cyber security professionals.
Software holds a major share of the overall AI in security market owing to the developments in AI software and related software development kits. AI systems require different types of software, including application programme interfaces, such as language, speech, vision, and sensor data, along with machine learning algorithms, to realise the applications for cyber security. The software platforms and solutions are available at higher costs as there are only a limited number of experts that develop machine learning algorithms. Companies such as Darktrace (UK), Cylance (US), Securonix (US), and IBM (US) are among the frontrunners in the development of software for the AI in security industry according to the report.
The AI in security market for cloud deployment is growing at a high rate. Several businesses have already moved part of their operations to the cloud, which has led security vendors to develop cloud-based solutions as the data to be protected is on the cloud. Migrating to the cloud has benefits such as enhanced flexibility, control, and scalability. Cloud deployment significantly reduces the capital investment that is required to implement cyber security solutions; this is one of the major reasons for the increased demand for cloud-based cyber security from most enterprises. The cloud-based platform offers a unified way in the form of SaaS-based security services to secure business applications, which is beneficial for organisations that have strict budgets for security investments. Cloud deployment is preferred over ‘on premises’ deployment as it is easy to maintain and upgrade.
North America holds a major share of the AI in security market owing to the presence of a large number of security vendors and increasing incidents of security breaches in this region. Cyber security is considered as the most serious economic and national security challenge by organisations and governments in North America. The growing concern about the security of critical infrastructure and sensitive data has increased government intervention in the recent years. North America is home to a large number of leading technological firms, and hence, it is a key developer and early adopter of technologies. Incentives and funding from governments play a major role in the development of these technologies.