NEW YORK, May 26, 2018 (GLOBE NEWSWIRE) — According to the market research report published by P&S Market Research, the global artificial intelligence (AI) in cyber security market is projected to grow at a CAGR of 36.0% during 2017-2023, to reach $18.1 billion by 2023. The rising number of cyber frauds and malicious attacks is the major factor driving the demand for AI in cyber security market. Additionally, the adoption of Bring Your Own Device (BYOD) is fueling demand for artificial intelligence as there have been several incidents reported wherein data leakages, unauthorized access, downloading unsafe applications and content on employee personal devices have left the organization’s data vulnerable to external threats.
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The emergence of super intelligent AI in cyber security market is expected to create growth opportunities in the market. Super intelligent refers to intellectual of system that outperform the best human minds in cyber security. Working in artificial intelligence is progressing at a great pace and might achieve Artificial General Intelligence (AGI) in coming years. The emergence of system in which level of intelligence increases from relative cognitive capabilities to radical superintelligence will play crucial role to ward-off cyber-attacks, across the globe. The super intelligent AI will act in a way that promotes interest of humans to contain the phishing and malicious attacks that cost millions to organizations. However, super intelligent artificial intelligence is at a very nascent stage and will take years to provide benefits for enterprises in combating cyber-attacks with ease and high accuracy.
Geographically, the North American AI in cyber security market is booming at an exorbitant pace. North America contributes the largest revenue to the global artificial intelligence in cyber security market and is expected to remain the largest market during the forecast period. Increasing number of smart phone users, rising bring your own device (BYOD) trends and enterprise mobility requirements are some of the factors that are bolstering the growth of this market in North America. Also, implementation of artificial intelligence in cloud security services is further expected to fuel the growth of North American AI in cyber security market, during the forecast period. Rising number of cyber-crimes, such as ransomware are growing at an exorbitant pace, making business interruption and financial losses accruing at huge scale. Government of the U.S and Canada are witnessing 12%-17% rise in cybercrimes on yearly basis. Canada is also witnessing high increase in phishing emails and network breaches, which clearly depicts a plethora of opportunities for AI in cyber security in the North American market.
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Some of the major players in the global AI in cyber security market are RSA Security LLC, BAE Systems Plc, Symantec Corporation, IBM Corporation, Fortinet Inc., Palo Alto Networks Inc., Check Point Software Technologies Ltd, FireEye Inc., Juniper Networks Inc. and Cisco Systems Inc.
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