The North America Cybersecurity for Critical Infrastructure in Financial Sector Market is expected to witness market growth of 5.9% CAGR during the forecast period (2024-2031).
The US market dominated the North America Cybersecurity for Critical Infrastructure in Financial Sector Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $3.82 billion by 2031. The Canada market is experiencing a CAGR of 6.1% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 6.7% during 2024-2031.
The financial sector is one of the most critical and vital components of any economy, responsible for maintaining the flow of capital, managing investments, and securing assets. As digital transformations continue to reshape this sector, the increasing dependency on information technology (IT) and digital platforms exposes financial institutions to cybersecurity risks.
The applications of cybersecurity for critical infrastructure in the financial sector span a wide range of operations, each playing a key role in maintaining the integrity and security of financial systems. Critical infrastructure in this sector includes payment systems, customer data storage, online banking, trading systems, mobile applications, financial exchanges, and regulatory compliance mechanisms.
The surge in fraud losses in the USA and growing concerns over financial security in Canada are pivotal factors driving the demand for cybersecurity for critical infrastructure in the financial sector. In the USA, fraud losses reached an alarming $10 billion in 2023, marking a 14% increase from 2022, highlighting the increasing vulnerability of financial systems to cyber threats. In Canada, the rise in digital transactions, mobile banking, and e-commerce has similarly led to an increased risk of cyber threats targeting financial institutions. While Canada has not yet seen fraud losses on the scale of the USA, the financial sector is not immune to the growing challenges posed by cybercrime. Canada’s increasing reliance on digital banking and fintech platforms means that its financial systems are also at risk of fraud, data breaches, and other cyberattacks. Therefore, the rising fraud losses in the USA and the growing digital transformation of Canada’s financial sector are major drivers for the expansion of the market.
The US market dominated the North America Cybersecurity for Critical Infrastructure in Financial Sector Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $3.82 billion by 2031. The Canada market is experiencing a CAGR of 6.1% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 6.7% during 2024-2031.
The financial sector is one of the most critical and vital components of any economy, responsible for maintaining the flow of capital, managing investments, and securing assets. As digital transformations continue to reshape this sector, the increasing dependency on information technology (IT) and digital platforms exposes financial institutions to cybersecurity risks.
The applications of cybersecurity for critical infrastructure in the financial sector span a wide range of operations, each playing a key role in maintaining the integrity and security of financial systems. Critical infrastructure in this sector includes payment systems, customer data storage, online banking, trading systems, mobile applications, financial exchanges, and regulatory compliance mechanisms.
The surge in fraud losses in the USA and growing concerns over financial security in Canada are pivotal factors driving the demand for cybersecurity for critical infrastructure in the financial sector. In the USA, fraud losses reached an alarming $10 billion in 2023, marking a 14% increase from 2022, highlighting the increasing vulnerability of financial systems to cyber threats. In Canada, the rise in digital transactions, mobile banking, and e-commerce has similarly led to an increased risk of cyber threats targeting financial institutions. While Canada has not yet seen fraud losses on the scale of the USA, the financial sector is not immune to the growing challenges posed by cybercrime. Canada’s increasing reliance on digital banking and fintech platforms means that its financial systems are also at risk of fraud, data breaches, and other cyberattacks. Therefore, the rising fraud losses in the USA and the growing digital transformation of Canada’s financial sector are major drivers for the expansion of the market.
List of Key Companies Profiled
- Cisco Systems, Inc.
- IBM Corporation
- Fortinet, Inc.
- Palo Alto Networks, Inc.
- Check Point Software Technologies Ltd.
- Trend Micro, Inc.
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Broadcom, Inc.
- Schneider Electric SE
- Honeywell International, Inc.
Market Report Segmentation
By Deployment Mode
- On-Premise
- Cloud
By Industry
- Fintech
- Banking
- Insurance
By Component
- Solution
- Service
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America Cybersecurity for Critical Infrastructure in Financial Sector Market by Deployment Mode
Chapter 6. North America Cybersecurity for Critical Infrastructure in Financial Sector Market by Industry
Chapter 7. North America Cybersecurity for Critical Infrastructure in Financial Sector Market by Component
Chapter 8. North America Cybersecurity for Critical Infrastructure in Financial Sector Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- Cisco Systems, Inc.
- IBM Corporation
- Fortinet, Inc.
- Palo Alto Networks, Inc.
- Check Point Software Technologies Ltd.
- Trend Micro, Inc.
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Broadcom, Inc.
- Schneider Electric SE
- Honeywell International, Inc.
Methodology
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