Global Cyber Security in Financial Services Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 14.32% during the forecast period.
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Global Cyber Security in Financial Services Market Overview:
The advancement in technologies created pressure on financial regulators to enforce new laws and regulations regarding cyber-attacks. Such strict and compulsory regulations are responsible for the significant growth in global cyber security in financial services market. The market has witnessed a tremendous growth in 2019 and is expected to propel growth during the forecast period as the financial services sector is highly exposed to cyber risks and security breaches are increasing gradually with a rapid speed. The exponential digitization is leading growth in every sector all over the world but on the contrary across financial sector, it is one the factors that generate cybercrimes. The financial services industry is now more focused on effectively measure cyber-risks as the tactics to evaluate cyber-risks are not as much of developed in comparison with its full-fledged disciplines, like, market and credit risks. This has encouraged global market contributors in cyber security in financial services market to discover technology-driven solutions, variable from digitization and APIs (Application Programming Interfaces) to robotics and biometrics for the financial services sector. These factors are opening new doors for global market players to improve their present offerings and generating opportunities for cyber security in financial services in the forecasted period.
The report presents the analysis of Global Cyber Security in Financial Services Market with regards to different segments, geography and role of several small & large companies in the market. At the same time the report study has also analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Global Cyber Security in Financial Services Market Dynamics:
The financial services like, private & public banking and insurance companies and other financial intuitions are becoming extremely dependent on IT, and are increasingly facing malicious cyber-attacks. The global cyber security in financial services market is projected to grow explicitly and this growth is mainly attributed to the worldwide rising incidences of cyber-attacks and cybercrimes on the financial sector. Growing relentlessness of cyber-attacks, increasing popularity of cloud security solutions and emergence of social media are influencing the growth of this market. The numerous entities in financial sector such as banks, financial services, credit unions, credit card companies, investment firms and trust companies, mortgage and loan brokers, payday lenders and pension funds are trying to make their maximum working through online. This would minimize the struggle and unnecessary efforts of the customers, empowering them to check entire details at single click. This is estimated to boost the market in forecasted timespan. The move toward the digitalization and process centralization is demanding billions of investment from the government as well as private players. These things are leading players in the financial sector to the procurement of advanced cyber security solutions and services and the trend will increase in the forecast period. On the contrary, some other factors such as lack of awareness about latest technologies, attitude of negligence toward security, delayed in authorization and requirement highly skilled workforce in security organizations are restraining the growth of this market.
Global Cyber Security in Financial Services Market Regional Analysis:
North America with the US$ XX Bn has become the most contributing region in the global cyber security in financial services market, as of 2019. The Europe stands as the second most dominating region with market share US$ XX Bn. The market in North America is prospective to grow at the highest CAGR XX% during the forecast period. Factors accelerating to the growth of this market include the highest use of online banking in this region with advance wavelength capacity and uninterrupted connection service. Owing to these reasons effective and technologically advanced cyber security solutions and services are demanded most in this region, driving the market growth.
Latin American countries such as Brazil, Colombia, Argentina, Venezuela, and Mexico are the major victims of rising cybercrime activities. Hence the governments of these countries need to deploy stringent regulations and to pass legislations, which is absolutely impacting the overall demand of cyber security services and solutions in Latin America. Similarly, the report covers the detail analysis of all the regions such as, Asia Pacific and Middle East & Africa. Their growth rate and the reason for growth along with the expected value to be reached by end of the 2027 are mentioned in the final report.
Global Cyber Security in Financial Services Market Segmentation Analysis:
On the basis of security types, the market can be segmented into Network Security, Cloud Security, Application Security, End-point Security, Wireless Network Security and Others. Amongst these, Application security is anticipated to grow at healthy CAGR of XX% during forecasted years and reach US$ XX Bn by 2027. The growth is attributed to the rising online banking trend through smartphones and tablets. The usage is likely to grow during 2020-2027 with the rising demand for the security and identify breaches. The deployment segment includes on-premise and on-cloud deployment types. Whereas, among the two deployment types studied in the report, the global cyber security in financial services market was dominated by the on-cloud segment with US$ XX Bn in 2019. This growth is primarily credited to the shifting market trends of cyber security solutions and the noticeable shift from on-premise deployment to on-cloud deployment, owing to its economic-cost, flexibility, and less complexities in operations. The organization size segment is further categorized into SMEs and large enterprises. In this segment both SMEs and large enterprises held the prominent market share of US$ XX Bn and US$ XX Bn respectively in 2019. Increasing demand for cyber security in all types of enterprises is expected to drive these two components at CAGR XX% and CAGR XX% respectively during the forecast period.
Objective of the Global Cyber Security in Financial Services Market:
The objective of the report is to present a comprehensive analysis of the Global Cyber Security in Financial Services Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Cyber Security in Financial Services Market dynamics, structure by analyzing the market segments and projects the Global Cyber Security in Financial Services Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Cyber Security in Financial Services Market make the report investor’s guide.
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Global Cyber Security in Financial Services Market, By Type of Security
• Network Security
• Cloud Security
• Application Security
• End-point Security
• Wireless Network Security
Global Cyber Security in Financial Services Market, By Service Type
• Professional Service
• Managed Service
Global Cyber Security in Financial Services Market, By Deployment Type
Global Cyber Security in Financial Services Market, By Organization Size
• Small and Medium Sized Enterprises
• Large Enterprises
Global Cyber Security in Financial Services Market, By End User
Global Cyber Security in Financial Services Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Cyber Security in Financial Services Market
• FireEye, Inc.,
• Fortinet Inc.,
• McAfee LLC.,
• Palo Alto Networks, Inc.,
• CISCO SYSTEMS, INC.,
• Symantec Corporation,
• IBM Corp.,
• Mimecast Services Limited,
• Imperva, Forcepoint,
• Trend Micro Incorporated,
• Fiserv, Inc.,
• AO Kaspersky Lab,
• VMware, Inc,
• Experian Information Solutions, Inc.,
• Accenture PLC.,
• Agiliance, Inc.,
• Airbus SE,
• AhnLab, Inc.,
• VMware, Inc.,
• Akamai Technologies, Inc.,
• Alert Logic, Inc.,
• AlienVault, Inc.,
• Avast Software S.R.O.
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