Christy Publications Artificial Intelligence-based Security Market | Seite 2

data, and online transactions among other activities, which are prominent targets of cyber-
attacks. . For instance, according to the Internet Crime Complaint Center (IC3), in 2016,
cybercrimes resulted in losses of over US$1.33 billion, globally. This in turn, is expected to boost
the demand for security solutions, thus boosting growth of the artificial intelligence based
security market over the forecast period.
Additionally, increasing smart city initiatives, globally, is also expected to fuel growth of the AI
based security market. For instance, in 2015, Government of India launched ‘100 Smart Cities
Mission’. Important elements of the smart city initiatives include digitalization and deployment
of Wi-Fi hotspots at various locations. Public Wi-Fi networks are unsecured networks that use
shared passwords. Hence, is exposed to threats such as malware, phishing, password breaches,
and denial of service attacks. Increasing deployment of personal Wi-Fi facility is thus, expected
to increase demand for artificial intelligence to detect any abnormal behavior at early stages.
This in turn, is expected to fuel growth of the market for artificial intelligence in security.
Moreover, according to F-Secure Labs, daily around 5000,000 samples of data are received from
customer reporting around 10,000 malware and around 60,000 malicious URLs for analysis and
protection. Analysis of large amounts of data is beyond human capacity, due to which, artificial
intelligence is implemented.
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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.