Overview and Scope
Financial services cybersecurity systems and services are the technology, methods, and strategies used by financial institutions to protect their digital assets, sensitive data, and operations against cyber threats. These service and technology are essential for protecting sensitive financial information, ensuring regulatory compliance, and maintaining customer trust.
Sizing and Forecast
The financial services cybersecurity systems and services market size has grown exponentially in recent years. It will grow from $22.63 billion in 2023 to $25.49 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to the increased digitization of financial services, escalation in cybercrime activities, rise in the frequency and sophistication of ransomware attacks, growth of mobile banking, rise in the customer expectations.
The financial services cybersecurity systems and services market size is expected to see rapid growth in the next few years. It will grow to $41.49 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to rising in ransomware attacks, rising in demand for threat intelligence, growing emphasis on cyber resilience, increasing regulatory scrutiny, continued expansion of digital banking. Major trends in the forecast period include the adoption of AI-driven technologies, blockchain technology, automation, cybersecurity training, integration of deception technologies, multi-factor authentication.
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Segmentation & Regional Insights
The financial services cybersecurity systems and services market covered in this report is segmented –
1)By Product: Endpoint Security, Identity And Access Management, Mobile Security, Security Information And Event Management, Content Security, Datacenter Security
2)By Deployment: Cloud, On-Premise
3)By Organization Size: Small And Medium Enterprises, Large Enterprises
4)By Application: Banking And Insurance Institution, Stock And Funds Institution, Government, Other Applications
North America was the largest region in the financial services cybersecurity systems and services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial services cybersecurity systems and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising instances of cyberattacks are expected to propel the growth of the financial services cybersecurity systems and services market going forward. A cyber-attack is a malicious and deliberate attempt by an individual or organization to breach the information system of another individual or organization. The rising instances of cyberattacks are due to several factors, such as increasing digitization, rising connectivity, and a lack of cybersecurity awareness. Financial services cybersecurity systems and services helps in safeguarding the integrity, confidentiality, and availability of critical financial infrastructure and customer information amidst the growing sophistication and frequency of cyberattacks . For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based government agency for cyber security, the number of cyberattacks received in 2022 was 76,000, up 13% from the previous year. Therefore, the rising instances of cyberattacks are driving the growth of the financial services cybersecurity systems and services market.
Key Industry Players
Major companies operating in the financial services cybersecurity systems and services market are International Business Machines Corporation, Cisco Systems Inc., Ernst & Young Global Limited, Broadcom Inc., Palo Alto Networks Inc., Fortinet Inc., Check Point Software Technologies Ltd., Trend Micro Incorporated, CrowdStrike Holdings Inc., Proofpoint Inc., FireEye Inc., Rapid7 Inc., Forcepoint LLC, CyberArk Software Ltd., Varonis Systems Inc., SentinelOne Inc., Trustwave Holdings Inc., Cylance Inc., LogRhythm Inc., SecurityScorecard Inc., Sophos Group plc, BitSight Inc.
The financial services cybersecurity systems and services market report table of contents includes:
1. Executive Summary
2. Financial Services Cybersecurity Systems And Services Market Characteristics
3. Financial Services Cybersecurity Systems And Services Market Trends And Strategies
4. Financial Services Cybersecurity Systems And Services Market – Macro Economic Scenario
5. Global Financial Services Cybersecurity Systems And Services Market Size and Growth
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31. Financial Services Cybersecurity Systems And Services Market Other Major And Innovative Companies
32. Global Financial Services Cybersecurity Systems And Services Market Competitive Benchmarking
33. Global Financial Services Cybersecurity Systems And Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Financial Services Cybersecurity Systems And Services Market
35. Financial Services Cybersecurity Systems And Services Market Future Outlook and Potential Analysis
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