About Cybersecurity in Banking
Cybersecurity in banking is crucial for protecting sensitive financial data and ensuring the integrity of financial transactions. As banks increasingly adopt digital technologies, they become prime targets for cyberattacks, including data breaches, phishing, and ransomware. Effective cybersecurity measures involve a combination of advanced technologies, strict protocols, and continuous monitoring to safeguard against unauthorized access, data theft, and other cyber threats. The goal is to protect both the bank's assets and customers' personal information, thereby maintaining trust and stability in the financial system. The growth of the cybersecurity market in banking is driven by the increasing complexity and frequency of cyber threats, stringent regulatory requirements, the push towards digital transformation, technological advancements, and the need to maintain customer trust.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key players are targeting the innovations of the solutions with better security, better technical characteristics. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Cybersecurity in Banking 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.
Cisco Systems (United System), CyberArk Software Ltd. (United System), Palo Alto Networks (United System), McAfee (United System), CrowdStrike (United System), Fortinet (United System), Check Point Software Technologies (Israel), Trend Micro (Japan), Sophos (United Kingdom), IBM Security (United System) and Kaspersky Lab (Russia) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are RSA Security (United System), Zscaler (United System), F5 Networks (United System), Proofpoint (United System) and Qualys (United System).
Segmentation Overview
AMA Research has segmented the market of Global Cybersecurity in Banking market by and Region.
On the basis of geography, the market of Cybersecurity in Banking has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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). If we see Market by Deployment Mode, the sub-segment i.e. On-premises will boost the Cybersecurity in Banking 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 (SMEs) will boost the Cybersecurity in Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Security, the sub-segment i.e. Network Security will boost the Cybersecurity in Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offering, the sub-segment i.e. Solutions (Identity and Access Management (IAM), Data Loss Prevention (DLP), Unified Threat Management (UTM), Intrusion Detection Systems (IDS), Intrusion Prevention Systems (IPS), Others) will boost the Cybersecurity in Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing adoption of Multi-Factor Authentication (MFA) to enhance security for accessing systems and data
Market Growth Drivers:
Rise of Online and Mobile Banking and The rise in sophisticated cyber-attacks such as ransomware, phishing, DDoS attacks
Challenges:
Shortage of Skilled Cybersecurity Professionals
Restraints:
High Cost of Implementation
Opportunities:
Developing advanced AI and machine learning-based cybersecurity solutions for threat detection, risk assessment, and response automation and Innovating biometric authentication technologies such as facial recognition, voice recognition, and fingerprint scanning
Market Leaders and their expansionary development strategies
In May 2024, Palo Alto Networks launched a host of new security solutions to help enterprises thwart AI-generated attacks and effectively secure AI-by-design. Leveraging Precision AI, the new proprietary innovation that combines the best of machine learning (ML) and deep learning (DL) with the accessibility of generative AI (GenAI) for real-time, the global cybersecurity leader is delivering AI-powered security that can outpace adversaries and more proactively protect networks and infrastructure.
Key Target Audience
Service Provider, Government Bodies, Potential Investors, Regulatory Authorities, New Entrants 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.