Global Banking Cyber Security Market Size Likely to Surpass at a CAGR of 15.2% By 2033

Global Banking Cyber Security Market size was valued at USD 77.1 Billion in 2023 and is expected to reach USD 285.4 Billion by 2032, at a CAGR of 15.2% during the forecast period 2023- 2032.

Banking Cyber Security Market – Overview

Banking cybersecurity refers to the set of measures, practices, technologies, and strategies implemented by financial institutions to protect their digital assets, sensitive information, and electronic systems from cyber threats and unauthorized access.

It involves the deployment of advanced security protocols, encryption techniques, firewalls, and continuous monitoring to identify and mitigate potential risks such as phishing attacks, malware, and other cyber threats.

Current trends in the banking cybersecurity market include a heightened focus on Artificial Intelligence (AI) and Machine Learning (ML) for threat detection.

Additionally, there is a rising integration of biometric authentication methods, such as facial recognition and fingerprint scanning, to enhance identity verification. The industry is also witnessing a surge in regulatory technology (RegTech) solutions to streamline compliance processes.

Overall, the banking cybersecurity market trends reflect a dynamic landscape, adapting to technological advancements and the evolving nature of cyber threats.

By type, the network security segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032.

The banking cybersecurity market is influenced by emerging trends in network security, increased use of artificial intelligence for threat detection, and the integration of secure access service edge (SASE) solutions. Additionally, the rise of remote work emphasizes the importance of secure remote access and endpoint protection.

By organization size, small & medium enterprise segments held the highest market share in 2022. SMEs increasingly rely on online transactions and digital platforms, making them attractive targets for cyber threats. The growing awareness of cybersecurity risks, coupled with regulatory pressures, drives SMEs to invest in robust cybersecurity solutions.

Additionally, the integration of cloud services and mobile banking in SME operations amplifies the need for comprehensive cybersecurity measures to safeguard sensitive financial data and ensure secure business transactions.

By deployment type, the managed services segment held the highest market share in 2022. Managed services trends driving the banking cybersecurity market include increased reliance on cloud-based security solutions, growing demand for threat intelligence services, and the outsourcing of security operations.

These trends enable financial institutions to enhance their cybersecurity posture efficiently, leveraging specialized expertise and advanced technologies to address evolving threats in the digital landscape.

In North America, the surge in remote banking, increased regulatory scrutiny, and the rising sophistication of cyber threats are key trends propelling the banking cybersecurity market. Financial institutions are compelled to invest in advanced security measures to protect sensitive data, ensure compliance, and mitigate evolving cyber risks.

In January 2024, Palo Alto Networks highlighted unsettling cybersecurity vulnerabilities within the banking sectors, traditionally perceived as strongholds against cyber threats. Surprisingly, only 21% of Chief Information Security Officers (CISOs) in these industries consistently assess recovery plans.

Despite stringent regulations, the sectors lag in cybersecurity resilience, a critical concern given their sensitive operations. A mere 11% of EMEA countries employ advanced cybersecurity controls, with reliance on conventional methods such as business continuity plans, which need a more robust approach to cybersecurity in these critical sectors.

Report Scope

Custom Market Insights has comprehensively analyzed banking cyber security market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict depth scenarios of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this banking cyber security industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

List of the prominent players in the Banking Cyber Security Market:

• Symantec Corporation
• Intel Security
• IBM Corporation
• Hewlett Packard Enterprise
• Rapid7 Inc.
• Cisco Systems Inc.
• FireEye Inc.
• EMC RSA
• Sophos Ltd.
• Trend Micro Inc
• Palo Alto Network
• Microsoft
• Splunk
• Netsparker
• CrowdStrike
• Fortinet
• KnowBe4
• McAfee LLC
• Honeywell International Inc.
• Computer Science Corporation
• Others

The Banking Cyber Security Market is segmented as follows:

By Type

• Cloud Security
• Network Security
• Web Security
• End Point Security
• Application Security
• Others

By Organization Size

• Small & Medium Enterprise
• Large Enterprise

By Deployment Type

• Cloud
• Private Cloud
• Data Center
• Managed Services

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America