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AI in cybersecurity market is valued at $4.94bn, new report says

A new report by Visiongain has claimed artificial intelligence in the cybersecurity market is worth $4.94bn.

The report is named “Artificial Intelligence in Cyber Security Market Report 2019-2029” and include forecasts by different categories such as component and deployment type, security type, technology, application and industry.

According to the new data, the increasing number of cyber frauds and malicious attacks would be one of the main growth factors of AI in the cybersecurity market.

In fact, cyber-frauds such as payment card and identity thefts are estimated to account for over 55% of all cyber-crimes and may prove expensive for organisations, if not tackled efficiently.

In the United States, for example, the Government Accountability Office (GAO) reported that cyber incidents are growing annually, despite taking stringent action to combat them.

AI solutions, and bots in particular, allow tackling cyber fraud by identifying threat detection, reducing response time and refining techniques to detect attacks that require a fast reaction.

“Adoption of artificial intelligence’s core technologies such as NLP, and machine learning, coupled with thousands of learning iterations, will enable chatbots to combat cyber threats and other malicious attacks in the years to come,” a Visiongain report analyst said, “which will fuel the growth for artificial intelligence in cyber security market.”

Leading companies mentioned in the report who are developing AI in Cyber Security include Cisco, Kaspersky, BAE System, DXC, IBM, Lockheed, McAfee, Nvidia, Palo Alto, Intel,  Symantec and Trend among others.

You can request a sample of the report and purchase it in its entirety here.

Image by Katie White from Pixabay.


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