Last year, the average data breach cost for an organization not using AI-enabled cybersecurity was $4.45 million. This value was 40% or $1.8 million, lower for companies that did. The rising number of companies and organizations using AI-boosted cybersecurity systems has given quite a momentum to this market, which is expected to snowball in the following years.
According to data presented by AltIndex.com, the global AI cybersecurity market is expected to quadruple and reach a $133 billion value by 2030.
Market Value to Jump by 27% Per Year
Over the past years, artificial intelligence has become a powerful weapon in the cybersecurity industry, helping companies minimize the risk of compromising sensitive data and losing head-spinning figures in cyber attacks. Last year alone, companies and organizations worldwide suffered $8.15 trillion of damage due to cyber attacks, with more and more hackers using AI-enabled cyber weapons. This figure is expected to grow by an average of one trillion dollars per year and hit almost $14 trillion by 2028. So, it is not surprising that more and more enterprises rely on AI to detect threats and malicious activities.
According to Technopedia AI Cybersecurity Insight survey, the global cybersecurity market was valued at $24.3 billion last year. This figure is expected to jump to over $31 billion in 2024. However, the following years are expected to witness just as impressive growth rates, with the AI cybersecurity market value rising by 27% per year and reaching over $133 billion by 2030.
There are plenty of reasons for such impressive market growth. Besides saving organizations almost $1.8 million in data breach-related costs, companies with AI cybersecurity identified data breaches 100 days faster than those without it. The statistics also showed that only one-third of organizations used or implemented AI cybersecurity tools last year, indicating a huge space for growth in the following years.
Improved Thread Detection is The Number-One Reason for Using AI in Cybersecurity
While two-thirds of organizations are still to implement AI cybersecurity tools, those who already have done so agree that improved threat detection is the biggest advantage. According to the 2023 Cybersecurity Insiders survey conducted among nearly 500 cybersecurity professionals worldwide, almost 60% of respondents named improved threat detection as the biggest benefit of incorporating artificial intelligence into their cybersecurity operations.
Improved vulnerability management ranked second, with a 57% share among respondents, only 1% more than accelerated incident response time. Statistics show that roughly 45% of respondents named improved defense at scale and reduced false positive security alerts as the top advantages.
The full report and statistics can be found here: https://altindex.com/news/ai-cybersecurity-to-surge
