Asia-Pacific is projected to witness the fastest growth during the forecast period. With a growing number of customers inclining toward online and plastic card payments through the wired or wireless network, the risk of cyberattacks is rising, thereby posing a major challenge in IT security management.
The global artificial intelligence in cyber security market revenue stood at $8.6 billion in 2019, and it is predicted to surge to $101.8 billion by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 25.7% from 2020 to 2030 (forecast period). The increasing digitization rate in several industries, growing penetration of mobile internet, shift from conventional banking to digital banking, and soaring investments being made by financial institutions, information technology (IT) companies, and governments in the AI technologies are the main factors driving the market.
The growing prevalence of cybercrimes is one of the major factors fueling the expansion of the AI in cyber security market. As per the U.S. Government Accountability Office (GAO) in August 2019, the cases of cybercrimes are rising sharply in the…
