The global financial services cybersecurity systems and services market is foretold to gain impetus from the enactment of government statutes such as the Gramm-Leach-Bliley (GLB) Act which require financial companies to ensure the confidentiality and security of customers’ personal data. Such customer data could include social security numbers (SSNs), credit histories, income, account numbers, phone numbers, addresses, and names. Furthermore, a heightened response is expected from financial firms looking at the soaring prevalence and sophistication of cybercrimes since the last decade and a half.
The global financial services cybersecurity systems and services market is forecasted to register a CAGR of 14.1% during the forecast timeframe 2017–2022. By 2022 end, the market could post a revenue of US$24.3 bn. In 2017, it earned around US$12.5 bn.
Global Financial Services Cybersecurity Systems and Services Market: Major Insights
The international financial services cybersecurity systems and services market is envisioned to be labeled as a faster and larger-growing one for private sector cybersecurity. Banks and financial institutions such as Bank of America are foreseen to set no bar or constraint on cybersecurity outlay due to the urgency of the time and briskly widening reach of cybercrimes. The American Bankers Association Banking Journal reported in 2016 that cyber-related threats are now ranked higher by CEOs than those associated with energy prices, asset bubbles, and fiscal crisis. Forcepoint, in its 2015 Industry Drill Down Report, claimed that security incidents in the financial services industry occur 300 times more frequently than in other business sectors.
The international financial services cybersecurity systems and services market is envisaged to award mobile enterprise management as a commanding segment expected to secure a stronger revenue of US$4.7 bn by 2022. However, there could be more markets for financial services cybersecurity systems and services as per solution and services segmentation showing face. These could be endpoint security, identity and access management, mobile security, security information and event management, content security, data loss prevention (DLP), datacenter security, and firewall.
According to end user classification, the international financial services cybersecurity systems and services market is predicted to offer opportunities in segments such as banking, insurance, credit unions, stock brokerages, stock exchange, investment funds, consumer financing services, payment card and mobile payment services, and government-related financial services.
Regionally, North America is prognosticated to make the cut in the international financial services cybersecurity systems and services market with a revenue of US$7.6 bn prophesied to be garnered by the end of 2022. Other markets such as Europe and Japan could also offer promising prospects in the coming years.
Global Financial Services Cybersecurity Systems and Services Market: Vendor Landscape
Companies operating in the worldwide financial services cybersecurity systems and services market are anticipated to cash in on the opportunities birthing from building robust risk and security management programs for financial institutions. Such programs could help financial firms to empower their IT security while enjoying the confidence to innovate and compete strongly in their business. Vendors such as VMware, Inc., Akamai Technologies, Inc., Alert Logic, Inc., AlienVault, Inc., and Avast Software S.R.O. could be among the top names in the market. The report provides an all-inclusive profile account of each vendor studied.