Market Trends of AI In Security Industry
The Healthcare Sector is Significantly Driving Market Growth
- AI significantly strengthens healthcare security by providing advanced threat detection, data protection, fraud detection, privacy preservation, and predictive analytics capabilities. By leveraging AI-driven security solutions, healthcare organizations can better safeguard patient data, ensure compliance with regulatory requirements, and mitigate the risks posed by cybersecurity threats.
- The increasing adoption of medical and Internet of Things (IoT) devices in healthcare settings introduces new security challenges. AI can enhance the security of these instruments by monitoring device behavior, detecting anomalies, and identifying potential security vulnerabilities or breaches.
- In March 2024, Microsoft made the promise of AI real by empowering the industry to tackle its most significant challenges and create a real difference in the lives of clinicians and patients. At the 2024 HIMSS Global Health Conference & Exhibition, the company highlighted how providers are adopting generative AI solutions and the impact the technology is making.
- Healthcare organizations require real-time threat detection capabilities to respond swiftly to cyber threats and prevent data breaches. AI-powered security solutions can analyze streaming data from various sources, such as network traffic, medical devices, and user activities, to detect and respond to real-time security incidents, minimizing the impact of potential breaches. Also, the proliferation of electronic health records (EHRs), medical imaging data, wearable device data, and other healthcare data sources has generated vast amounts of data that need to be protected. AI-based security solutions analyze large volumes of healthcare data in real time to detect anomalies and identify potential security threats more effectively than traditional methods.
- Various hospitals use this technology to deliver more accurate diagnoses and treatment plans. For instance, in March 2024, Microsoft announced a unique initiative to provide the responsible development of AI in healthcare at the HIMSS Global Health Conference & Exhibition. The tech giant is teaming up with more than a dozen of America's most prominent hospitals to form the Trustworthy & Responsible AI Network, also dubbed TRAIN.
- In December 2023, AJ Hospital and Research Centre started using 50 beds in the hospital's private ward new Dozee Artificial Intelligence-based Continuous Remote Patient Monitoring and Early Warning System, which helps the hospital continuously monitor the vital parameters of patients after they moved out of the intensive care unit. Such activities are expected to drive the market demand.
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Asia-Pacific is Expected to Witness Significant Growth
- In the Asia-Pacific region, great strides are being made in the digital economy, but it is also causing more threat-related opportunities. According to Cisco, companies receive six threats every minute in APAC, and 51% of all cyber-attacks result in a loss of more than USD 1 million.
- With increasing security threats such as cyberattacks, terrorism, and geopolitical tensions across the region, the demand for advanced security solutions powered by AI is growing to detect, prevent, and respond to emerging threats. According to MeitY (India) (CERT-In), more than 1.3 million cyber attacks were reported across India. The country was among the top five with the most cyber security incidents in the same year. India ranks third in terms of internet user numbers.
- The growing penetration of the internet and the shift toward digitization of internal processes have been instrumental in driving the adoption of cloud-based services. Alongside the digital transformation in the region, owing to ineffective cyber laws and lack of cybersecurity awareness, companies in Asia-Pacific are 80% more likely to be targeted by hackers than in other regions. Korea FSC (Financial Services Committee) and FSS (Financial Supervisory Service) announced AI Guidelines in Financial Services, which guide the industry on the responsibility, accuracy, safety, transparency, fairness, and consumer rights relating to AI security systems.
- Many countries have passed regulations and created independent programs to create a "single source of truth" and provide banks and retailers with verified digital customer identities. Malaysia's MyKad, Singapore's MyInfo, and Thailand's Digital ID are all designed to facilitate and speed up identity verification. This creates a huge scope for AI in the security market.
- All the above factors are expected to support the growth of artificial intelligence in the security market in this region during the forecast period. For instance, in February 2024, to help clients counter cyber threats with earlier and more accurate detection, IBM announced new AI-enhanced versions of the IBM FlashCore Module technology available inside new IBM Storage FlashSystem products and a new version of the IBM Storage Defender software to help organizations improve their ability to detect and respond to ransomware and other cyberattacks that threaten their data.
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