Cybersecurity in Banking Market to Reach $282 Billion Globally by 2032 at 14.4% CAGR

• 22 Nov 2023
• TM Team
• 0 Comments

Allied Market Research has recently published a report, titled, "Cybersecurity in Banking Market by Type (Data Protection, Governance, Risk and Compliance, Email Security and Awareness, Cloud Security, Network Security, Identity and Access Management, Security Consulting, Web Security, IoT/OT, End point Security, Application Security, Security and Operations Management, Others), by Organization Size (Small, Medium, Large), by Deployment Mode (Public Cloud, Private Cloud, Data Center, Managed Services): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global cybersecurity in banking market generated $74.3 billion in 2022, and is anticipated to generate $ 282 billion by 2032, rising at a CAGR of 14.4% from 2023 to 2032.

Prime Determinants of Growth

The digital transformation and the rising adoption of critical IT infrastructure within the banking sector are the factors expected to drive the growth of the global cybersecurity in banking market in the forecast period from 2023 to 2032. However, the shortfall of skilled professionals may hamper the cybersecurity in banking market growth in the coming future. On the contrary, the development of the various technologies, such as artificial intelligence (AI), blockchain, Internet-of-Things (IoT), 5G, and other in banks and financial institutions is expected to offer remunerative opportunities for the expansion of the cybersecurity in banking market during the forecast period.

COVID-19 Scenario

• The outbreak of the COVID-19 pandemic had a significant impact on the growth of the global cybersecurity in banking market. Rapid increase in new pandemic-related threats along with a rise in challenges caused by enforced work from home guidelines led to insecure gaps in financial institutional networks.
• During the pandemic, the global financial system went through a tremendous digital transformation. Moreover, the pandemic led to an increase in demand for online financial services and made work from home arrangements a new normal.
• Moreover, the increase in online shopping from fraudulent sites during the pandemic led to concerns over sharing data, leaving consumers worried about their digital identity and personal information online. Therefore, several people faced financial losses due to less awareness about online activities and transactions during the pandemic chaos.

Type: Cloud Security Sub-segment to Continue its Dominance During the Forecast Period

The cloud security sub-segment of the global cybersecurity in banking market accounted for the largest share of 14.1% in 2022 and is expected to grow at the highest CAGR of 18.4% by 2032. This is mainly because of the trend to migrate workloads to the cloud across various sectors especially in banking sector. The adoption of cloud services for improving the security of products and services is increasing in the banking sector. Furthermore, financial services organizations are likely taking centralization of cloud responsibilities which is helping them to control costs by formation of different policies and governing cloud use.

Organization Size: Large Sub-segment to Hold Major Market Share by 2032

The large sub-segment of the global cybersecurity in banking market accounted for the largest share of 48.2% in 2022 and is expected to continue to dominate in terms of market share by 2032. This is mainly because of the high spending by large banks on cybersecurity as compared to small and medium sized banks. The growing need for securing the products and services against cyberattacks in large organizations is expected to boost the sub-segment's growth during the forecast period.

Deployment Mode: Public Cloud Sub-segment to Flourish Immensely by 2032

The public cloud sub-segment of the global market accounted for the highest share of 32.4% in 2022 and is projected to rise at the highest CAGR of 15.5% during the forecast period. This is mainly because public cloud offers various benefits as compared to private cloud, such as infrastructure cost efficiency, infinite scalability, agility and speed to the market, security and resilience, and future proofing. In addition, the use of public clouds also allows banks and other financial services firms to deploy applications quickly without having to worry about hardware maintenance or software upgrades. Therefore, the demand for public cloud deployment is expected to rise in the future.

Region: Asia-Pacific Market to be the Most Dominant by 2032

The cybersecurity in banking market in the Asia-Pacific region accounted for the largest share of 48.1% in 2022 and is predicted to grow at the highest CAGR of 15.2% during the forecast period from 2023 to 2032. This growth is mainly due to the rising usage of mobile banking and the growing banking sector in various countries of the region. been the world's largest regional banking market for a decade. The presence of various banks, such as China Construction Bank Corp., Bank of China Ltd., and Agricultural Bank of China Ltd. are few leading players in this region.

Leading Players in the Cybersecurity in Banking Market:

• Mitsubishi UFJ Financial Group, Inc.
• jp morgan chase & nspcc
• BNP Paribas
• Agriculture Bank of China
• citi group
• Barclays PLC
• HSBC
• Bank of China Limited
• Wells Fargo & Company
• Standard Chartered PLC
• bank of america

The report provides a detailed analysis of the key players of the global cybersecurity in banking market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.