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Financial Services Cybersecurity Systems And Services Market Set to Reach $46.8 Billion by 2029 with 12.9% Yearly Growth
Financial Services Cybersecurity Systems And Services Market
The escalation in cyberattacks is predicted to drive the expansion of the financial services cybersecurity systems and services market. An act of cyber-aggression is a malevolent and intentional endeavor by an individual or a corporation to violate another's information system. Several factors contribute to this, such as advancing digitization, increasing interconnectivity, and a shortfall in cybersecurity mindfulness. Cybersecurity systems and services in financial services serve to protect the honesty, confidentiality, and accessibility of significant financial infrastructure and client information amid the escalating complexity and regularity of cyberattacks. For example, the Australian Cyber Security Centre, a government agency in Australia responsible for cybersecurity, reported that the cyberattacks detected in 2022 rose to 76,000, marking a 13% increase from the previous year. As such, the escalating rate of cyberattacks is steering the expansion of the financial services cybersecurity systems and services market.
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What Is the projected market size and growth rate for the financial services cybersecurity systems and services market?
The market size for cybersecurity systems and services in the financial services sector has seen rapid expansion in recent years. The size is projected to surge from $25.49 billion in 2024 to $28.81 billion in 2025, illustrating a compound annual growth rate (CAGR) of 13.0%. This significant growth during the historical period is due to factors such as an increase in digitization within financial services, a surge in cybercrime incidents, a higher frequency and complexity of ransomware attacks, the expansion of mobile banking, and a rise in customer expectations.
Rapid expansion is predicted for the financial services cybersecurity systems and services market in the coming years, with an expected value of $46.8 billion in 2029 and a compound annual growth rate (CAGR) of 12.9%. The growth during the forecast period is connected to the surge in ransomware attacks, the escalating demand for threat intelligence, an enhanced focus on cyber resilience, heightened regulatory scrutiny, and ongoing growth of digital banking. Key trends for the forecast period include the incorporation of AI-driven technologies, blockchain technology, automation, cybersecurity education, the application of deception technologies, and multi-factor authentication.
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What trends are poised to drive the future success of the financial services cybersecurity systems and services market?
In the financial services cybersecurity systems and services market, leading companies are establishing a competitive advantage by producing AI-powered compliance manager software like the FTC compliance manager. Such software utilizes AI algorithms and machine learning (ML) methods to accomplish tasks autonomously or with minimal human intervention. To illustrate, in December 2023, CyberCatch Holdings Inc., a US firm known for its superior AI-driven cybersecurity solutions, introduced the FTC Compliance Manager. This innovative system addresses the cybersecurity requirements of the US Federal Trade Commission (FTC) under the Safeguards Rule and its subsequent upgrades. The solution, targeting non-bank financial institutions in the US, offers AI-powered persistent compliance and cyber risk reduction. This initiative is in line with CyberCatch's ongoing commitment to delivering top-notch cybersecurity solutions for businesses of all sizes, thereby ensuring the security of their digital resources and adherence to regulatory compliance.
What major market segments define the scope and growth of the 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
Subsegments:
1) By Endpoint Security: Antivirus Or Antimalware, Endpoint Detection And Response (EDR), Endpoint Protection Platforms (EPP), Threat Intelligence
2) By Identity And Access Management (IAM): Authentication Solutions, Single Sign-On (SSO), Multi-Factor Authentication (MFA), Privileged Access Management (PAM), Identity Governance And Administration (IGA)
3) By Mobile Security: Mobile Device Management (MDM), Mobile Application Management (MAM), Mobile Threat Defense (MTD), Mobile Authentication And Encryption
4) By Security Information And Event Management (SIEM): Log Management, Threat Intelligence Integration, Real-Time Monitoring And Alerting, Security Incident Detection And Response
5) By Content Security: Data Loss Prevention (DLP), Email Security, Web Security, Cloud Security
6) By Datacenter Security: Network Security (Firewall, Intrusion Detection Systems), Data Encryption, Virtualization Security, Physical Security, Network Segmentation And Access Control
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Which region dominates the financial services cybersecurity systems and services market?
North America was the largest region in the financial services cybersecurity systems and services market in 2024. 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.
Which key market leaders are driving the financial services cybersecurity systems and services industry growth?
Major companies operating in the financial services cybersecurity systems and services market are International Business Machines Corporation, Cisco Systems Inc., Ernst & Young Global Limited, Broadcom Inc., Palo Alto Networks Inc., Fortinet Inc., Check Point Software Technologies Ltd., Trend Micro Incorporated, CrowdStrike Holdings Inc., Proofpoint Inc., FireEye Inc., Rapid7 Inc., Forcepoint LLC, CyberArk Software Ltd., Varonis Systems Inc., SentinelOne Inc., Trustwave Holdings Inc., Cylance Inc., LogRhythm Inc., SecurityScorecard Inc., Sophos Group plc, BitSight Inc.
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What Is Covered In The Financial Services Cybersecurity Systems And Services Global Market Report?
• Market Size Forecast: Examine the financial services cybersecurity systems and services market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the financial services cybersecurity systems and services market for a structured understanding.
• Key Players Overview: Analyze major players in the financial services cybersecurity systems and services market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the financial services cybersecurity systems and services market.
• Segment Contributions: Evaluate how different segments drive overall growth in the financial services cybersecurity systems and services market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the financial services cybersecurity systems and services market.
• Industry Challenges: Identify potential risks and obstacles affecting the financial services cybersecurity systems and services market.
• Competitive Landscape: Review strategic developments in the financial services cybersecurity systems and services market, including expansions, agreements, and new product launches.
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