The global market in AI-driven security is predicted to reach a value of $22.5 billion by 2030. The projection comes in a new report from Vantage Market Research, which valued the current market at $6.6 billion.
If the prediction proves correct, the compound annual growth rate (CAGR) for the sector will be 16.40%.
The report attributes demand for AI in security to a number of factors:
- growing innovation in AI and machine learning;
- increasing adoption of wi-fi networks;
- rising variety of mobile malware;
- increasing demand for data privacy;
- increased investment in guidance and driverless systems;
- growth in connected devices.
The report identifies the banking, financial services and insurance sector as having the largest share of AI in the cybersecurity market. That is due to the growing sophistication of cyber attacks in the sector. But manufacturing is projected to grow at the highest CAGR during the forecast period.
North America is forecast to acquire the largest market share by 2030, largely due to federal government enthusiasm for the development of AI technology. The fastest growing market is predicted to be the Asia-Pacific region.
