The increasing prevalence of cybercrimes is driving the demand for artificial intelligence-powered cyber security solutions across the world. Cyber frauds such as payment card thefts and identity thefts account for more than 55% of all cybercrimes. Moreover, these crimes cause huge losses to companies, if not handled quickly.

As a result, many enterprises are adopting AI-based solutions that combat cybercrimes by reducing response time, identifying threats, and refining the measures used for distinguishing attacks that need immediate attention. In August 2019, it was stated by the U.S. Government Accountability Office (GAO) that despite taking proper measures to combat cyber-attacks, the prevalence of these attacks is rising sharply every year.

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Besides this, the increasing popularity of the bring-your-own-device (BYOD) policy is also fueling the demand for AI-based solutions. Many businesses are implementing the BYOD policy, on account of the fact that this policy improves employee satisfaction and increases productivity. However, this policy creates various security risks as it makes the business data highly vulnerable to frauds and cyber-attacks.

According to the estimates of the market research company, P&S Intelligence, the market revenue will rise from $8.6 billion in 2019 to $101.8 billion by 2030. Furthermore, the market is expected to progress at a CAGR of 25.7% from 2020 to 2030 (forecast period).

This is because the devices of employees have many capabilities and functionalities and the information technology (IT) professionals may not have the expertise to fully qualify, evaluate, and approve each device. This is why the companies implementing the BYOD policy are adopting AI-based cyber security solutions.

These solutions provide advanced protection with the help of the machine learning (ML) technology and offers full endpoint security, thereby reducing the chances of data theft. Due to the aforementioned factors, the demand for AI-driven cyber security solutions is growing, which is causing the expansion of the global AI in cyber security market.