The financial services cybersecurity systems and services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Financial Services Cybersecurity Systems And Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Financial Services Cybersecurity Systems And Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Financial Services Cybersecurity Systems And Services Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the financial services cybersecurity systems and services market are developing AI-enabled compliance manager software such as FTC compliance manager to gain a competitive edge in the market. AI-enabled compliance manager software are systems and apps that use AI algorithms and machine learning (ML) approaches to complete tasks independently or with minimum human participation. For instance, in December 2023, CyberCatch Holdings Inc., a US-based company that provides a highly effective AI-enabled cybersecurity solution, launched FTC Compliance Manager, a creative approach for dealing with the US Federal Trade Commission’s (FTC) cybersecurity obligations under the Safeguards Rule and its subsequent update. It offers non-bank financial institutions in the United States AI-enabled continuous compliance and cyber risk mitigation. This solution is part of CyberCatch’s ongoing commitment to providing advanced cybersecurity solutions for businesses of all sizes, helping them protect their digital assets and maintain regulatory compliance.
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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
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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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
36. Appendix
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