Artificial intelligence (AI) is making its mark in several industries. The cybersecurity industry is one of them, as the deployment of AI tools in this space allows organizations and customers to bolster their defenses against bad actors.
Grand View Research estimates that the adoption of AI in the cybersecurity market could increase at an annual rate of more than 24% through 2030. The firm estimates that AI could boost the cybersecurity industry’s revenue by almost $70 billion over the next five years. However, one of the top names in the cybersecurity industry has struggled on the market in the past year.
Shares of Palo Alto Networks (NASDAQ: PANW) are up just 6% in the past year. But the company’s efforts to integrate AI tools into its platform have started paying off, and that’s likely to supercharge its growth in the coming years. Let’s take a look at the reasons Palo Alto could turn out to be the next big AI winner.