Banking Cyber Security Market Growth Accelerates: Strategic Forecast Predicts $585.32 Billion by 2029

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What Will the Banking Cyber Security Industry Market Size Be by 2025?
The size of the banking cyber security market has seen a considerable increase over the past few years. The market is projected to escalate from $317.98 billion in 2024 to a massive $359.88 billion in 2025, growing at a compound annual growth rate (CAGR) of 13.2%. Factors such as risk management, the complexity of cyber threats, digital transformation, and security concerns related to mobile and cloud banking have been crucial in determining the growth during the historic period.

What's the Long-Term Growth Forecast for the Banking Cyber Security Market Size Through 2029?
In the forthcoming years, the banking cyber security market is predicted to experience substantial expansion, reaching $585.32 billion by 2029 with a compound annual growth rate (CAGR) of 12.9%. This growth in the projected timeframe can be associated with risks stemming from quantum computing, increased utilization of artificial intelligence (AI), improved biometric verification, cybersecurity in supply chains, and the emergence of decentralized finance (DeFi). Key trends projected for this period encompass the use of deep learning in detecting threats, security issues related to 5G, protection against zero-day threats, cyber safety for digital currencies, smart security orchestration, and cooperative threat intelligence sharing.

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What Are the Key Growth Drivers Fueling the Banking Cyber Security Market Expansion?
The ascent of mobile banking is predicted to fuel the expansion of the banking cybersecurity market in the future. Mobile banking involves the utilization of portable devices, such as smartphones or tablets, for carrying out a variety of banking operations and fiscal transactions. It offers the advantage of accessibility and convenience, allowing individuals to control their finances anytime and anywhere. The role of banking cybersecurity is vital in mobile banking as it secures confidential monetary data and transactions, defending against cyber threats and preventing unauthorized entry. For example, a nationwide survey carried out on 2,211 respondents by the American Bankers Association, a trade group based in the U.S, in October 2023 disclosed that in the preceding 12 months, 48% of bank clients elected mobile apps on phones or other portable devices as their primary choice for handling their bank accounts. Furthermore, 23% utilized internet banking through a laptop or PC predominantly in the past 12 months. Therefore, the surge in mobile banking is stimulating the development of the banking cybersecurity market.

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What Are the Key Trends Driving Banking Cyber Security Market Growth?
Leading banking cybersecurity corporations are directing their efforts towards the advancement of innovative platforms, such as the Extended Detection and Response (XDR), to augment their market offerings with state-of-the-art solutions. The XDR platform is a cybersecurity mechanism that amalgamates and correlates data from various security products to offer a more well-rounded and context-filled perspective of potential security risks across a company's IT landscape. For example, Cisco Systems Inc., a technology company based in the US, introduced a new Cisco XDR solution in April 2023. This distinct solution employs evidence-driven automation to prioritize and troubleshoot security events more effectively. It leverages machine learning to identify intricate attacks, rank incidents on the basis of risk and asset worth, and automate security procedures. Furthermore, it simplifies security processes and enhances the cybersecurity stance of enterprises by offering extra features, integrations, licensing options, and support.

How Is the Banking Cyber Security Market Segmented?
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

Subsegments:
1) By Cloud Security: Data Loss Prevention (DLP), Identity And Access Management (IAM), Cloud Security Posture Management (CSPM), Cloud Encryption
2) By Network Security: Firewalls, Intrusion Detection And Prevention Systems (IDPS), Virtual Private Networks (VPNs), Unified Threat Management (UTM)
3) By Web Security: Web Application Firewalls (WAF), Secure Web Gateways (SWG), DNS Security, Anti-Malware Solutions
4) By End Point Security: Antivirus And Anti-Malware, Endpoint Detection And Response (EDR), Mobile Device Management (MDM), Data Encryption Solutions
5) By Application Security: Application Security Testing (AST), Runtime Application Self-Protection (RASP), Software Composition Analysis (SCA), Secure Development Lifecycle (SDL) Tools
6) By Other Types: Security Information And Event Management (SIEM), Risk And Compliance Management, Identity Theft Protection, Fraud Detection And Prevention Solutions

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Which Companies Are Leading the Charge in Banking Cyber Security Market Innovation?
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

Which Regions Are Leading the Global Banking Cyber Security Market in Revenue?
North America was the largest region in the banking cyber security market in 2024. The regions covered in the banking cyber security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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