Global Financial Services Cybersecurity Systems And Services Market Size Forecast 2024 - 2033
23 Dec, 2024
What Is The Overview Of The Global Financial Services Cybersecurity Systems And Services Market?
Financial services cybersecurity systems and services are the technology, methods, and strategies used by financial institutions to protect their digital assets, sensitive data, and operations against cyber threats. These service and technology are essential for protecting sensitive financial information, ensuring regulatory compliance, and maintaining customer trust.
Financial Services Cybersecurity Systems And Services Global Market Report 2024 provides data on the global financial services cybersecurity systems and services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The financial services cybersecurity systems and services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Financial Services Cybersecurity Systems And Services Market?
The financial services cybersecurity systems and services market has experienced robust growth, expected to increase from $22.63 billion in 2023 to $25.49 billion in 2024, representing a CAGR of 12.6%. Historical growth has been driven by the digitization of financial services, an escalation in cybercrime, increased ransomware attack sophistication, growth in mobile banking, and evolving customer expectations. Future projections indicate an increase to $41.49 billion by 2028 with a CAGR of 13.0%, driven by a rise in ransomware threats, demand for threat intelligence, emphasis on cyber resilience, regulatory scrutiny, and digital banking expansion. Major trends include AI-driven technologies, blockchain solutions, automation, cybersecurity training, deception technologies, and multi-factor authentication.
What Are The Core Factors Supporting Growth In The Financial Services Cybersecurity Systems And Services Market?
The rising frequency of cyberattacks is expected to drive the growth of the financial services cybersecurity systems and services market. Cyberattacks are deliberate attempts to breach information systems, and their increase is attributed to greater digitalization, expanding connectivity, and a lack of cybersecurity awareness. Financial services cybersecurity systems are essential for protecting critical infrastructure, customer data, and the integrity of financial operations amid growing cyber threats. The Australian Cyber Security Centre reported in February 2023 that the number of cyberattacks in 2022 rose by 13%, totaling 76,000 incidents, underscoring the need for advanced cybersecurity solutions in the financial sector.
Get Your Free Sample of the Global Financial Services Cybersecurity Systems And Services Market ReportWhat Are The Major Segments Within The Global Financial Services Cybersecurity Systems And Services Market?
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
Which Trends Are Expected To Transform The Financial Services Cybersecurity Systems And Services Market?
In the financial services cybersecurity systems market, companies are developing AI-enabled compliance manager software to address market needs. These software solutions use AI and machine learning to manage cybersecurity tasks independently. In December 2023, CyberCatch Holdings launched FTC Compliance Manager, an AI-enabled tool designed to help non-bank financial institutions comply with the US Federal Trade Commission’s cybersecurity regulations. This software provides continuous compliance and cyber risk mitigation for businesses, helping them secure their digital assets and maintain regulatory standards.
What Is The Fastest Growing Region In The Financial Services Cybersecurity Systems And Services Market?
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.