Cybersecurity in Financial Services to Witness Huge Growth with USD USD 42.66 Bn by 2023 Top Key players IBM Corporation, Accenture PLC., Airbus SE, AlienVault, Inc., etc

Cybersecurity involves a set of techniques that are designed to protect the integrity of networks, programs, and data, from unauthorized access, cyberattacks, and damages. Of late, cyberattacks in the financial services sector have increased manifold. Cyberattacks against financial services firms increased by over 70% in 2017, which reflects that the financial services sector is currently vulnerable to such attacks. In the future, adoption of effective cyber security techniques will become a necessity to reduce the risk of cyberattacks and illegal use of systems, networks and technologies. According to Qurates, the global cybersecurity in financial services market is expected to expand at a CAGR of 9.81%, leading to a global revenue of USD 42.66 Bn by 2023.

Top Key Vendors: IBM Corporation, Accenture PLC., Airbus SE, AlienVault, Inc., etc.

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Cyberattacks and data breaches in financial services firms are more common than in any other industry. In 2017, a data breach at Equifax created a turmoil in the global markets, since more than 143 Mn consumers were affected by that. Also, incidents like the WannaCry and Petya ransomware in 2017, which badly affected Russian and Ukrainian banks, further exposed the world to direct financial threats posed by cyberattacks. These incidents highlight the urgent need for stringent cybersecurity in financial firms.

Based on end user industries, the market is segmented into banking, insurance, stock brokerages, credit unions, investment funds, card and mobile payments, and governments. Among these segments, the card and mobile payments segment is expected to register a high growth rate through the forecast period of 2018-2023. Given that card and mobile payments are being adopted swiftly as a mode of cashless transactions, the risk of cyberattacks increases due to the critical nature of the financial data transmitted in each payment.

By solutions and services, the global cybersecurity in financial services market is categorised into mobile enterprise management, endpoint security, identity and access management (IAM), mobile security, security information and event management (SIEM), content security, data loss prevention (DLP), datacenter security, and firewall. The mobile enterprise management solution segment is expected to have the highest growth rate owing to its wide adoption in contactless payment systems within various industries.

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By regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. Asia-Pacific is projected to grow with the highest CAGR through the forecast period of 2018-2023.

Key growth factors

Incidents of data breaches are on the rise, thereby having an impact on the digitization of financial services like cashless payments via cards and mobiles. Hackers are finding this sector extremely vulnerable to prey upon. Thus, the threat of cyberattacks on the financial services sector is increasing and consultants are increasingly looking into ways to reduce such cyber risks. This is a major driver for the adoption of cybersecurity in the financial services sector.

In 2016, financial services customers suffered over 60% more cyberattacks than customers in any other sector. This increase in the number and scope of attacks on the financial sector is necessitating governmental actions and policies to curb it. Federal laws like National Cybersecurity Protection Advancement Act, Cybersecurity Information Sharing Act (CISA), etc. are helping accelerate the adoption of cybersecurity in the financial sector.

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Threats and key players

Although cybersecurity in financial services market is expected to have positive growth globally, lack of adequate funds may act as a hindrance to the growth of the market. Buyers are allocating exorbitant budgets to tackle cyberattacks but the nature of the crimes is evolving every passing day. Spending on new types of cybersecurity tools and services for companies is a major problem for the financial sector and may hinder the growth of the market.

Table of Content:

Global “Global Cybersecurity in Financial Services Market” Research Report 2018-2023

Chapter 1: Industry Overview

Chapter 2: Cybersecurity in Financial Services International and China Market Analysis

Chapter 3: Environment Analysis of Cybersecurity in Financial Services

Chapter 4: Analysis of Revenue by Classifications

Chapter 5: Analysis of Revenue by Regions and Applications

Chapter 6: Analysis of Cybersecurity in Financial Services Revenue Market Status.

Chapter 7: Analysis of Cybersecurity in Financial Services Industry Key Manufacturers

Chapter 8: Sales Price and Gross Margin Analysis

Chapter 9: Marketing Trader or Distributor Analysis of Cybersecurity in Financial Services Market

Chapter 10: Development Trend of Cybersecurity in Financial Services Industry 2018-2023

Chapter 11: Industry Chain Suppliers of Cybersecurity in Financial Services with Contact Information

Chapter 12: New Project Investment Feasibility Analysis of Cybersecurity in Financial Services

Chapter 13: Conclusion of the Global Cybersecurity in Financial Services Market Research Report

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