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Why Cybersecurity in Financial Services Market is booming and is expected to grow at CAGR 9.5% by 2027 Owing to Growing Government and Compliance Regulations Along With Rising Popularity of Digitization, says Absolute Markets Insights

Prominent players operating in the cybersecurity in financial services market include FireEye, Inc., Fortinet Inc., McAfee LLC., Palo Alto Networks, Inc., CISCO SYSTEMS, INC.

Financial institutions across the globe are dedicated to preserve confidentiality, verify availability of systems and services, and maintain the integrity of data which has lead to Cybersecurity in Financial Services Market. Advent of digitization is supporting financial institutions to transform with the help of new digital channels, automation, as well as other advanced technologies, thereby introducing real benefits along with new risks associated with data breach. In response to this, regulators are deeply focused on systemic cyber risk and the contagion across financial firms and third parties. Integrated cybersecurity risk management assists financial institutions to achieve optimistic business outcomes, including effective risk management, improved regulatory alignment, increased shareholder value, and preservation of brand equity. Ransomware, cross-site scripting, and SQL injection attacks are some of the major cybersecurity risks for banks, insurance companies, and brokerage firms. Banking regulators are setting new guidelines to deal with these risks, thereby assisting financial service providers in curbing the emerging threats in the financial sector.

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Growing illustration of cyber threats is another factor that is leading market participants to offer an enhanced version of security for financial services sector. U.S. has witnessed approximately 1,579 data breach incidents in 2017, out of which 8.5% was experienced by financial sector, including entities such as banks, financial services, credit card companies, investment firms and trust companies, credit unions, mortgage and loan brokers, payday lenders and pension funds. Key market participants are rapidly introducing improved platforms through the integration of security information and event management (SIEM) and orchestration to detect cyber threats. For instance, in 2018, FireEye, Inc. launched a new platform, FireEyeHelix by combining next-generation SIEM, advanced orchestration, and cloud security in Helix security operations platform. It offers a centralized platform to detect threats, automate response, and simplify compliance reporting. Similarly, Trend Micro Incorporated, a Tokyo-based cybersecurity company introduced Xgen endpoint security for financial services sector. Xgen endpoint security is powered by the Xgen blend of cross-generational threat defense techniques that intelligently applies right technology at right time to increase the overall efficiency against a full range of cyber threats. Thus, such factors are contributing for the growth of global cybersecurity in financial services market.

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The detailed research study provides qualitative and quantitative analysis of the global cybersecurity in financial services market. The cybersecurity in financial services market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

 

Key Findings of the Report:

  • In terms of revenue, cybersecurity in financial services market is expected to reach US$ 59.04 Billion by 2027, expanding at a CAGR of 9.5%
  • On the basis of type of security, network security accounted for more than 38% of the market share in 2018.
  • Based on the service type, professional services segment currently holds the major market share and is projected to grow at a CAGR of 10.6% during the forecast period (2019 – 2027)
  • On the basis of deployment type, cloud-based solutions are expected to grow at a CAGR of 10.3% during the forecast period
  • Some of the prominent players operating in the cybersecurity in financial services market include FireEye, Inc., Fortinet Inc., McAfee LLC., Palo Alto Networks, Inc., CISCO SYSTEMS, INC., Symantec Corporation, IBM Corp., Rapid7, Mimecast Services Limited, Imperva, Forcepoint, Trend Micro Incorporated, Fiserv, Inc., AO Kaspersky Lab, and VMware, Inc among others.

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Cybersecurity in Financial Services Market

  • By Type of Security
  • Network Security
  • Cloud Security
  • Application Security
  • End-point Security
  • Wireless Network Security
  • Others
  • By Service Type
  • Professional Service
  • Managed Service
  • By Deployment Type
  • Cloud-based
  • On-premise
  • By Organization Size
  • Small and Medium Sized Enterprises
  • Large Enterprises
  • By End User
  • Banks
  • Insurance Companies
  • Others
  • By Region:
  • North America
    • S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

 

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