Global Banking Cybersecurity Market size was valued US$ XX Bn. in 2019 and is expected to grow at a CAGR of 12.03% over 2020-2026, to account for US$ XX Bn. in 2026.
The growth of the market for banking cybersecurity is attributed to the major driving factors such as upsurge penetration of technology, banking consumers are expecting more modernization and digitalization in their financial services. Moreover, companies are rapidly installing cyber-security solutions either on on-premises or cloud. However, various financial organizations are focusing on this new technology to cater to consumer requirements are expected to hinder the growth of the global banking cybersecurity market over the forecast period.
The report of Global Banking Cybersecurity Market by Deployment (Cloud, On-premises), Solution (Risk and Compliance Management, Identity and access management, Data loss prevention, Encryption, Unified threat management, Security and vulnerability management, Firewall, Antivirus/antimalware, intrusion detection, and prevention systems, Web filtering, Distributed denial or service mitigation, Others), Service (Managed service, Professional service), Security type (Cloud security, Wireless security, Application security, Network security, Endpoint security, Others) is expected to reach US$ XX Mn. by 2027, at a CAGR of 12.03 % during a forecast period.
By deployment, the cloud segment held the largest market share of XX% in 2019 and is projected to grow at the highest CAGR of 13.10% to reach US$ XX Mn. by 2026. This growth is driven by it is being rapidly accepted by many enterprises, as serious data is stored on the cloud across many verticals. Moreover, cloud deployment is cost efficient, does not need purchase, maintenance & installation of hardware or software.
The MMR report offers a brief analysis of the major regions in the banking cybersecurity market, namely, Europe, Asia-Pacific, North America, South America, and the MEA. Among these, the APAC region is expected to grow at the highest XX% CAGR over 2020-2026. This growth is attributed to the increasing adoption of banking security solutions across China, India, Japan, and Australia.
Global Banking Cybersecurity Market Share (%), By Key Players:
Key players operating in the Global Banking Cybersecurity Market are Symantec Corporation, Intel Security, IBM Corporation, Hewlett Packard Enterprise, Rapid7, Inc., Cisco Systems, Inc., CyberArk, FireEye, Inc, EMC RSA, Palo Alto Networks, Sophos Ltd, Trend Micro, Inc., SAS, and Others.
The MMR reports cover recent developments in the banking cybersecurity market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies like product launches, product approvals, and others. Inorganic growth strategies activities witnessed in the banking cybersecurity market were Mergers & acquisitions and partnerships & collaborations. Such as, Cisco acquired Cloudlock, a privately-held company based in the U.S. in In August 2016, which provides CloudLock and Cisco the industry’s broadest cloud security protection for applications users, and data.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Banking Cybersecurity Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global Banking Cybersecurity Market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Banking Cybersecurity Market positioning of competitors.
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