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.
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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.
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.
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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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