Global Cybersecurity in Financial Services Market Anticipated to Reach a Value of US$ 42.66 Bn by 2023

Published on : Aug 22, 2018

Albany, New York, August 22, 2018: It is well-known that cybercrime is a concern today all around the world. The banking and financial services industry, in particular, has become the target of the major cyber-attacks. A fresh study, covering global market scenario of cybersecurity in financial services has been publicized to the massive database of Market Research Hub (MRH) with the title of “Global Cybersecurity in Financial Services Market (2018-2023)”. The study aims to analyze the future growth prospects of the market by covering its market landscape. This intelligent study also analyzed the potential of the market and provides statistics and information on market size, shares and growth factors.

Key Highlights from the Report

As per the study evaluations, the global cybersecurity in the 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. The above findings of the market have been presented by primary as well as secondary research methodologies. For its readers, the report majorly covers different sections on market definition, market dynamics including the key drivers, restraints and trends that are governing the market. To pour more light on this, geographical analysis has been presented. The regional analysis section of the report enlightens the reader about the market size and forecast for each region. Regions underlined in the study include North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.

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 cybersecurity techniques will become a necessity to reduce the risk of cyberattacks and illegal use of systems, networks and technologies. This became a major factor prompting growth of cybersecurity in financial services market. In terms of geography, analysts find that Asia-Pacific is projected to grow with the highest CAGR through the forecast period of 2018-2023. 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.

Moving further, the research has been bifurcated on the basis of end-use and solutions & services. 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 are expected to register a high growth rate through the forecast period of 2018-2023. On the basis of solutions and services, the study covers mobile enterprise management, endpoint security, identity and access management (IAM), mobile security, security information and event management (SIEM), content security, data loss prevention (DLP), data center security, and firewall.

Another important component of the market is the competitive landscape. This part highlights information about major cybersecurity providers operating in the financial services market, such as Accenture PLC., IBM Corporation, Airbus SE, Experian Information Solutions Inc., and AlienVault, Inc.

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