Banking Cyber Security Market 2024: Industry Analysis, Segments, Drivers And Trends To 2033

The banking cyber security market size has grown rapidly in recent years. It will grow from $280.68 billion in 2023 to $317.98 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to risk management, sophistication of cyber threats, digital transformation, mobile banking security, cloud security.

The banking cyber security market size is expected to see rapid growth in the next few years. It will grow to $517.8 billion in 2028 at a compound annual growth rate (CAGR) of 13%. The growth in the forecast period can be attributed to quantum computing threats, extended use of artificial intelligence (AI), enhanced biometric authentication, supply chain cybersecurity, rise of decentralized finance (DeFi). Major trends in the forecast period include deep learning for threat detection, 5G security challenges, zero-day threat protection, cybersecurity for digital currencies, intelligent security orchestration, collaborative threat intelligence sharing.

Market Overview -
Banking cyber security refers to the set of practices, measures, technologies, and strategies implemented by financial institutions to protect their digital systems, networks, data, and customer information from cyber threats, attacks, and unauthorized access. Banking cybersecurity provides an extra layer of security that protects consumer assets and data but also improves operational efficiency.

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Mobile Banking Adoption Fuels A Surge In The Banking Cybersecurity Market
The rise of mobile banking is expected to propel the growth of the banking cybersecurity market going forward. Mobile banking refers to the use of a mobile device, such as a smartphone or tablet, to conduct various banking activities and financial transactions. Mobile banking provides convenience and accessibility, enabling users to manage their finances on the go. Banking cybersecurity in mobile banking protects sensitive financial data and transactions, safeguarding against cyber threats and unauthorized access. For instance, in October 2023, a national survey conducted on 2,211 participants by the American Bankers Association, a US-based trade association, found that in the past 12 months, 48% of bank customers have used mobile apps on phones or other mobile devices as their top option for managing their bank accounts, and 23% have used online banking via laptop or PC the most in the past 12 months. Therefore, the rise of mobile banking is driving the growth of the banking cybersecurity market.

Competitive Landscape -
Major companies operating in the banking cyber security market are Microsoft Corporation, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Honeywell International Inc., Hewlett Packard Enterprise Systems, Palo Alto Network Solutions Inc., Fortinet Security Solutions LLC, Splunk Data Solutions LLC, Check Point Software Technologies, CrowdStrike Cybersecurity Inc., McAfee Cybersecurity LLC, Trend Micro Security Inc., Proofpoint Inc., FireEye Inc., Rapid7 Inc., CyberArk Software Ltd., Varonis Systems Inc., Symantec Technologies Inc., EMC RSA Cybersecurity LLC, Sophos Cybersecurity Solutions Inc., Netsparker Technologies Inc., KnowBe4 Security Training Inc., Carbon Black Inc., Computer Science Corporation LLC

Advancements In Banking Cybersecurity Through Extended Detection And Response (XDR) Platforms
Major companies operating in banking cybersecurity are increasing their focus on developing advanced platforms, such as the extended detection and response (XDR) platform, to enhance the market offering with cutting-edge solutions. Extended detection and response (XDR) is a cybersecurity platform that integrates and correlates information from multiple security products to provide a more comprehensive and contextualized view of potential security threats across an organization's IT environment. For instance, in April 2023, Cisco Systems Inc., a US-based technology company, launched a new Cisco XDR (extended detection and response) solution. This unique solution uses evidence-based automation to prioritize and resolve security events more efficiently. It uses machine learning to detect complex attacks, prioritize incidents based on risk and asset value, and automate security operations. It also streamlines security operations and improves enterprises' cybersecurity posture by providing additional features, integrations, license options, and support.

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Key Segments -
The banking cyber security market covered in this report is segmented -
1) By Type: Cloud Security, Network Security, Web Security, End Point Security, Application Security, Other Types
2) By Deployment Type: Cloud, On-premises
3) By Organization Size: Small And Medium Enterprise, Large Enterprise
4) By Application: Public Bank, Private Bank

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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