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.
Cybersecurity involves a set of techniques that are designed to protect the integrity of networks, programs, and data, from unauthorized access, cyber attacks, and damages. Of late, cyber attacks in the financial services sector have increased manifold. Cyber attacks 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 cyber attacks and illegal use of systems, networks, and technologies.
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. Given that card and mobile payments are being adopted swiftly as a mode of cashless transactions, the risk of cyber attacks increases due to the critical nature of the financial data transmitted in each payment.
By solutions and services, the global cybersecurity in financial services market is categorized into 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. The mobile enterprise management solution segment is expected to have the highest growth rate owing to its wide adoption in contactless payment systems within various industries.
By regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. Asia-Pacific is projected to grow with the highest CAGR in the forecast period of 2018-2023.
Threats and key players
Although cybersecurity in the financial services market is expected to have positive growth globally, lack of adequate funds may act as a hindrance to the growth of the market. Buyers are allocating exorbitant budgets to tackle cyber attacks but the nature of the crimes is evolving every passing day. Spending on new types of cybersecurity tools and services for companies is a major problem for the financial sector and may hinder the growth of the market.
The major cybersecurity providers operating in the financial services market are Experian Information Solutions Inc., IBM Corporation, Accenture PLC., Airbus SE, AlienVault, Inc., etc.
- Understand the demand for cybersecurity in financial services to determine the viability of operating in the market
- Identify the developed and emerging markets where cybersecurity services and solutions are provided
- Identify the challenge areas and address them
- Develop strategies based on the drivers, trends, and highlights for each of the segments
- Evaluate the value chain to determine the workflow to get an idea of your current position
- Recognize the key competitors of this market and respond accordingly
- Knowledge of the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth
- Define the competitive positioning by comparing the products and services with the key players in the market
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