Artificial Intelligence-based Security Market-Global Trends, and Forecast till 2025
The banking and finance sector is witnessing significant changes due to adoption of IT solutions for improvement of banking services. Proliferation in online transactions and increasing use of services such as NEFT (National Electronic Fund Transfer), RTGS (Real-time Gross Settlement Systems), ECS (Electronic Clearing Service) as well as mobile transactions, is in turn, increasing the demand for secure solutions. Increasing number of payment gateways, e-Commerce websites, and mobile application that accept online transactions and store credit card and debit card information are also increasing the susceptibility to hacking.
According to the Reserve Bank of India (RBI), during 2015–2016, 16,468 frauds associated with ATM, debit card, credit card, and net banking were reported. The number recorded in 2015, was higher than that recorded in 2014, accounting for 13,083 frauds and that recorded in 2013, accounting for 9,500. Due to this, an increasing adoption of Artificial Intelligence Based Security is being witnessed in the banking and finance sector.
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Artificial intelligence simply measures the relation between input and output variables, thus true insights on the problem and nature of the solution are not guaranteed. This poses as a restraint for growth of the global market of artificial intelligence based security.
North America held a dominant position in the global artificial intelligence based security market in 2016, and is expected to retain its dominance throughout the forecast period. This growth is attributed to rising cyber-attacks in this region. U.S. accounted for the major market share in the region, owing to constant cyber-attacks on industries such as healthcare, banking and financial, and retail and manufacturing. For instance, according to the Internet Crime Complaint Center (IC3), in 2016, cybercrimes were valued at over US$1.33 billion globally, in which, California witnessed the highest recorded loss with over US$ 255 million. Additionally, in 2016, around 28% of web application attacks were recorded in the U.S., followed by the Netherlands and Germany.
The market in Asia Pacific is estimated to exhibit the highest CAGR over the forecast period. This is attributed to rising adoption of machine learning and natural language processing technologies as well as increasing number of 5G pilot projects in the region. This in turn, is expected to boost the AI in security for application in the telecom industry. For instance, China Telecom Corporation Ltd. established a new 5G base station in Lanzhou on December 2017, to expand 5G pilot projects in China. This in turn, is expected to boost growth of the artificial intelligence based security market over the forecast period.
Major players operating in the global artificial intelligence based security market include Nvidia Corporation, Intel Corporation, Xilinx Inc., Samsung Electronics Co., Ltd., Micron Technology, IBM Corporation, Cylance Inc., Threatmetrix, Securonix, Inc., Amazon, Sift Science, Acalvio Technologies, and Skycure Inc.
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