Banking cybersecurity market is rapidly growing and is expected to witness a significant growth during the forecast period. With the increase penetration of technology, banking customers are expecting more digitalization and modernization in their financial services. Therefore, many organizations such as IBM Corporation, Intel Security and others are manufacturing cybersecurity systems for banks as they are focused on their customer’s requirements.
In addition, rising digitization and connectivity has triggered a rise in incidents of information breaches, compelling banks to support their security systems. Therefore, the banking sector is adopting web and mobile applications in their systems in order to prevent cyber attack. This factor is triggering market growth of banking cybersecurity globally. Moreover, this new cyber security technology helps in increased digitization and connectivity and more security in financial institutions. Owing to this factor, the market is growing significantly and is expecting a stable growth during the forecast period. Furthermore, organizations are rapidly installing cyber security solutions either on cloud or on-premises. The demand for cloud based cyber security solutions is increasing owing to time-efficient and cost-effective features of cloud; its growth is specifically rapid in organization, where affordable solutions are essential. However, in rural areas banks are facing challenges to meet customer requirement in terms of technology and culture. Therefore, this factor is acting as a restraint of this market. Moreover, many financial institutions are focusing on this new technology to cater customer requirements, so that the impact of this restraint is medium and is expected to be low during the forecast period.
The market of banking cybersecurity is segmented into four categories: deployment, solution, service and security type. By deployment the market of banking cybersecurity be divided into cloud and on-premises. By solution the market is segmented by 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 and others. In terms of service, the market of banking cybersecurity be divided into managed service and professional service. Professional services can be further segmented by training and education, consulting, support and maintenance, design and integration, risk and threat assessment. By security type the market of banking cybersecurity is segmented into cloud security, wireless security, application security, network security and endpoint security among others.
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By geography the global subscriber data management market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. The North American held the largest market share in banking cybersecurity market in 2016 and is expected to hold its position during the forecast period. Owing to its developed economic of U.S. and Canada, there is a high focus on innovations in technology and research and development is fueling the growth of this market. North America, followed by Europe, is expected to become second largest revenue generating region for banking cybersecurity market in 2016. The Asia Pacific (APAC) is expected to be the fastest growing region in the banking cybersecurity market. The growth in APAC is primarily driven by the rising adoption of web and mobile based business applications in banking sector. Middle East and Africa has shown a remarkable growth in banking cybersecurity followed by Latin America in recent years.
The global banking cybersecurity market is marked by some strong competition from the major players operating in this industry. Numerous merger and acquisition, joint venture and partnership agreement, product innovation, research and development and geographical extension are some of the key strategies adopted by this player to ensure long term sustenance in these market key participants in the global banking cybersecurity industry include Symantec Corporation (U.S.), Intel Security (U.S.), IBM Corporation (U.S.), Hewlett Packard Enterprise (U.S.), Rapid7, Inc. (U.S.), Cisco Systems, Inc. (U.S.), FireEye, Inc. (U.S.), EMC RSA (U.S.), Sophos Ltd. (U.K.) and Trend Micro, Inc. (Japan) among others.
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