About Financial Service Cyber Security
The banking Financial Service Cyber Security market is rapidly growing and is expected to witness significant growth during the forecast period. With the increasing penetration of technology, banking customers are expecting more digitalization and modernization in their financial services. 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 the global banking Financial Service Cyber Security market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Financial Service Cyber Security market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Symantec Corporation (United States), Intel Security (United States), IBM Corporation (United States), Hewlett Packard Enterprise (United States), Rapid7, Inc. (United States), Cisco Systems, Inc. (United States), FireEye, Inc. (United States), EMC RSA (United States), Sophos Ltd. (United Kingdom) and Trend Micro, Inc. (Japan) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Financial Service Cyber Security market by and Region.
On the basis of geography, the market of Financial Service Cyber Security has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Deployment Mode, the sub-segment i.e. Cloud-based will boost the Financial Service Cyber Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Services, the sub-segment i.e. Professional Service will boost the Financial Service Cyber Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. Small and Medium-Sized Enterprises will boost the Financial Service Cyber Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Type of Security, the sub-segment i.e. Network Security will boost the Financial Service Cyber Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Banking will boost the Financial Service Cyber Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Implementation of Regulatory Standards and Acts and The rising digitization and connectivity has triggered a rise in incidents of information breaches
Market Growth Drivers:
The rise in Adoption of Cloud-Based Security Solutions and Increasing Risk of Data Loss
Challenges:
High Implementation Cost of Security Solutions
Restraints:
Complexity in Security Infrastructure and Lack of Awareness Among Customers
Opportunities:
Security Solutions Based on the Internet of Things (IOT)
Market Leaders and their expansionary development strategies
On 22nd July 2020, IBM announced that it is expanding and adding new features to its Cloud for Financial Services and launching the IBM Research Cloud Innovation Lab, which is good news for institutions looking for help with cloud-based security and regulatory compliance.
On 30th April 2020, Accenture has completed its acquisition of the Symantec Cyber Security Services business from Broadcom Inc.
Key Target Audience
Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.