Banking Cyber Security Market Research Report 2024-2033 | Size, Growth, Demand, Trends

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Banking Cyber Security Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $517.8 Bn In 2028 At A CAGR Of 13% :

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.

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Banking Cyber Security Market Major 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 Driver - 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.

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Prominent Trend - 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.

Banking Cyber Security Market Players
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

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Largest And Fastest Growing Region In The Market
North America was the largest region in the banking cyber security market in 2023. The regions covered in the banking cyber security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Banking Cyber Security Market Report Structure
3. Banking Cyber Security Market Trends And Strategies
4. Banking Cyber Security Market - Macro Economic Scenario
5. Banking Cyber Security Market Size And Growth
…..
27. Banking Cyber Security Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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