Banking Cyber Security Global Market Report 2024

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 observed in the historic period can be attributed to advancements in risk management, the increasing sophistication of cyber threats, the ongoing process of digital transformation, and the heightened focus on security in mobile banking and cloud computing environments.

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 projected growth in the forecast period can be attributed to emerging threats from quantum computing, increased utilization of artificial intelligence (AI), improvements in biometric authentication methods, heightened focus on supply chain cybersecurity, and the growing prominence of decentralized finance (DeFi) initiatives. Key trends expected in this period include the adoption of deep learning techniques for threat detection, addressing security challenges posed by 5G networks, implementation of measures for zero-day threat protection, bolstering cybersecurity measures for digital currencies, leveraging intelligent security orchestration, and fostering collaborative sharing of threat intelligence.

The ascent of mobile banking is poised to act as a catalyst for the growth of the banking cybersecurity market in the foreseeable future. Mobile banking, characterized by the utilization of mobile devices such as smartphones or tablets for conducting various banking activities and financial transactions, offers unparalleled convenience and accessibility, empowering users to manage their finances on the go. In this digital landscape, banking cybersecurity in mobile banking assumes paramount importance, serving as a bulwark against cyber threats and unauthorized access, thereby safeguarding sensitive financial data and transactions. Recent findings from a national survey conducted by the American Bankers Association underscore the increasing prevalence of mobile banking, with 48% of bank customers opting for mobile apps on phones or other mobile devices as their primary method for managing bank accounts in the past 12 months, while 23% favored online banking via laptops or PCs. This trend underscores the pivotal role of mobile banking in driving the growth of the banking cybersecurity market.

Leading companies operating within the banking cybersecurity sphere are intensifying their efforts towards the development of advanced platforms, with a focus on offerings such as the extended detection and response (XDR) platform, aimed at augmenting the market landscape with cutting-edge solutions. Extended detection and response (XDR) platforms represent a cybersecurity paradigm shift, integrating and correlating information from multiple security products to furnish organizations with a more comprehensive and contextualized view of potential security threats across their IT infrastructure. For instance, in April 2023, Cisco Systems Inc., a US-based technology conglomerate, introduced a groundbreaking Cisco XDR solution. This innovative offering leverages evidence-based automation to expedite the prioritization and resolution of security events, harnessing machine learning algorithms to detect intricate cyber attacks, prioritize incidents based on risk and asset valuation, and automate security operations. Additionally, the solution streamlines security operations and bolsters enterprises' cybersecurity posture through its array of features, integrations, license options, and support mechanisms, thereby exemplifying a paradigm shift in banking cybersecurity solutions.

In July 2023, Node4, a cloud-led digital transformation solutions company based in the UK, successfully acquired ThreeTwoFour for an undisclosed sum. This strategic acquisition is designed to fortify Node4's cybersecurity portfolio, with a specific focus on expanding its presence in the finance and banking sectors. The move aims to enhance security measures and transformation capabilities, particularly for enterprise-level clients. ThreeTwoFour, a UK-based cybersecurity company, specializes in providing banking cybersecurity solutions.

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.

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 countries covered in the banking cyber security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Banking cybersecurity encompasses a range of practices, technologies, and strategies employed by financial institutions to safeguard their digital systems, networks, data, and customer information from cyber threats and unauthorized access. By implementing robust cybersecurity measures, banks not only protect consumer assets and data but also enhance operational efficiency.

The primary types of banking cybersecurity include cloud security, network security, web security, endpoint security, application security, and others. Cloud security involves measures and technologies aimed at safeguarding data, applications, and infrastructure hosted in cloud environments. These measures are deployed both on cloud platforms and on-premises, catering to organizations of various sizes, including small and medium enterprises as well as large enterprises. The end users of these cybersecurity measures are public and private banks, which rely on these technologies to fortify their digital defenses and ensure the security of their banking operations and customer data.

The banking cyber security market research report is one of a series of new reports that provides banking cyber security market statistics, including banking cyber security industry global market size, regional shares, competitors with a banking cyber security market share, detailed banking cyber security market segments, market trends and opportunities, and any further data you may need to thrive in the banking cyber security industry. This banking cyber security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The banking cyber security market includes revenues earned by entities by providing services such as security consulting and advisory, data encryption services, blockchain security services, and threat intelligence services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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