Banking Cyber Security Market Size, Trends and Insights 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), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI40466

Published Date: February 2024

Pages: 320+

Category: Technology

Report Snapshot

CAGR: 15.2%
75.9B
2022
77.1B
2023
285.4B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Symantec Corporation
  • Intel Security
  • IBM Corporation
  • Hewlett Packard Enterprise
  • Rapid7 Inc.
  • Others

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Reports Description

Global Banking Cyber Security Market 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.

Cybersecurity in the banking sector involves safeguarding sensitive information and systems against unauthorized access, disclosure, disruption, modification, or destruction. Implementation of cybersecurity measures is essential to counter various cyber threats, including phishing, network sniffing, and data breaches, ensuring the protection and resilience of the banking industry against potential cyberattacks.

Banking Cyber Security Market – Significant Growth Factors

Rising digital transformation in the banking industry

The ongoing digital transformation in banking, marked by increased adoption of online services and digital platforms, propels the demand for robust cybersecurity solutions. As financial institutions embrace technology for enhanced efficiency, the risk of cyber threats rises.

This drives the banking cybersecurity market, necessitating advanced measures to safeguard sensitive data, financial transactions, and digital channels from evolving cyber risks in the dynamic landscape of digital banking.

The global digital banking market is set to experience a remarkable growth trajectory, with an anticipated surge from $78.02 billion in 2022 to $359.46 billion in 2026, reflecting a robust 43.52% compound annual growth rate (CAGR).

As banks navigate this transformative landscape, embracing digital technologies becomes imperative for achieving heightened profitability, large-scale personalization, and a distinctive omnichannel presence. The shift toward digital transformation further amplifies efficiencies through increased automation, minimized error rates, and optimized resource utilization within the banking industry.

For instance, in a December 2023, article published by Economics Times, the banking sector experienced a notable increase in cybersecurity initiatives, characterized by significant investments in system consolidation and the implementation of biometric authentication. These measures are undertaken to guarantee the security of data and transactions, showcasing the industry’s commitment to stimulating its protection against evolving cyber threats.

Rising regulatory pressure to address banking cyber security risk

Escalating regulatory pressure heightens the imperative for the banking sector to address security risks, propelling the demand for cybersecurity solutions. Stricter compliance mandates, like GDPR and regional banking standards, mandate enhanced data protection measures.

Financial institutions, driven by the need for regulatory adherence and customer trust, increasingly invest in cybersecurity technologies for protection against evolving security threats, thus stimulating the banking cybersecurity market.

Many banks lack a systematic approach to evaluating cyber risk, often approaching it in a disjointed manner. An optimal beginning involves creating a thorough inventory of data, applications, and network infrastructure. The absence of protocols for Chief Information Security Officers (CISOs) to assess info hinders integrating security awareness into the design or procurement process.

Globally, nearly 75% of jurisdictions plan to introduce new cybersecurity regulations, guidance, or supervisory practices for the financial sector within the next year, as reported by the Financial Stability Board. For instance, according to the Prudential Regulation Authority in the UK, banks and global financial institutions need to include cybersecurity measures through third parties under the EU Digital Operational Resilience Act.

Banking Cyber Security Market – Restraints

Phishing attacks remain one of the biggest threats in the banking sector

Phishing attacks persist as a major threat in the banking sector due to their deceptive tactics. Cybercriminals impersonate legitimate entities to trick users into divulging sensitive information such as login credentials and financial details.

The exponential rise in internet usage has led to a surge in individuals sharing personal information online, making a vast amount of sensitive data and financial transactions susceptible to cybercriminals. Phishing stands out as a highly successful cybercrime method, allowing criminals to deceive users and pilfer crucial data.

Alternatively, attackers may leverage different channels like Voice over IP (VoIP), Short Message Service (SMS), and Instant Messaging (IM) to carry out their illicit activities. The evolving sophistication of phishing techniques, coupled with human susceptibility to manipulation, makes these attacks a persistent and potent threat, undermining the security of online banking transactions and customer data.

Malicious agents rising usage of disguised emails to trick individuals into downloading malware to take personal information, known as credential phishing.

Global Banking Cyber Security Market 2023–2032 (By Organization Size)

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Stringent rules for approval of Banking Cyber Security

Regulatory bodies impose rigorous standards to evaluate and approve cybersecurity solutions, ensuring they meet high-quality and compliance criteria. Several key considerations and rules typically govern the approval process:

  • Data Protection and Privacy Compliance: In the context of cybersecurity, organizations, especially in the banking sector, must comply with laws such as the General Data Protection Regulation (GDPR) and other regional or industry-specific guidelines.
  • Cross-Border Data Transfer Compliance: Companies must navigate diverse international laws, such as GDPR in the European Union or regulations in other regions, to safeguard data privacy and security during cross-border transfers.

Banking Cyber Security Market – Opportunities

Acknowledging the changing landscape of digital security to mitigate emerging threats

Acknowledging the evolving digital security landscape is imperative to mitigate emerging threats, propelling the banking cybersecurity market. As cyber threats constantly evolve, financial institutions invest in advanced technologies, threat intelligence, and proactive strategies to adapt, ensuring robust protection.

This adaptability is crucial in maintaining trust, complying with regulations, and safeguarding sensitive financial data amidst the dynamic and sophisticated nature of modern cyber threats. For instance, in December 2023, the Cybersecurity Futures 2030 project, a collaboration between UC Berkeley Center for Long-Term Cybersecurity (CLTC), World Economic Forum’s Centre for Cybersecurity (C4C), and CNA’s Institute for Public Research, has been initiated to investigate the anticipated global evolution of digital security in the coming years.

Global Banking Cyber Security Market 2023–2032 (By Deployment Type)

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Banking Cyber Security Market – Segmentation Analysis

The banking cyber security market is segmented by type, organization size, deployment type, and region.  Based on type, the market is classified into cloud security, network security, web security, end point security, application security, and others.

Network security dominated the market in 2022 with a market share of 35% and is expected to keep its dominance during the forecast period 2024-2032. Network security is a key driver in the banking cybersecurity market as it forms the backbone of defense against cyber threats. With the financial sector increasingly relying on interconnected digital systems, safeguarding networks becomes paramount.

Advanced firewalls, intrusion detection systems, and secure communication protocols are essential components, ensuring the integrity and confidentiality of banking data, thereby fuelling the demand for robust network security solutions.

Based on organization size, the market is classified into small & medium enterprises and large enterprises. Small and Medium Enterprises (SMEs) segment dominated market in 2022 with market share of 65% and is expected to keep its dominance during the forecast period 2024-2032.

Small and medium enterprises (SMEs) drive the banking cybersecurity market by increasing demand for affordable and scalable security solutions. As these businesses become more interconnected and digitized, the need for robust cybersecurity to protect financial transactions and sensitive data grows.

SMEs’ contribution to the market lies in fuelling the adoption of accessible yet effective cybersecurity measures to safeguard against evolving cyber threats in the banking sector.

Based on deployment type, the market is classified into public cloud, private cloud, data center and managed services. The managed services segment dominated the market in 2022 with a market share of 40% and is expected to keep its dominance during the forecast period 2024-2032.

Managed services drive the banking cybersecurity market by offering expert external support for monitoring, threat detection, and incident response. Banks leverage these services to enhance their security posture while minimizing internal resource strain.

Outsourcing cybersecurity management allows financial institutions to access specialized skills, keep pace with evolving threats, and maintain a proactive defense, ensuring a resilient and secure banking environment.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 77.1 Billion
Projected Market Size in 2032 USD 285.4 Billion
Market Size in 2022 USD 75.9 Billion
CAGR Growth Rate 15.2% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Type, Organization Size, Deployment Type and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Banking Cyber Security Market – Regional Insight

By region, banking cyber security market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominated the global banking cyber security market in 2022 with a market share of 40% in 2022 and is expected to keep its dominance during the forecast period 2024-2032.

North America serves as a driving force in the banking cybersecurity market due to several key factors. The region is home to a significant concentration of financial institutions and possesses advanced technological infrastructure.

The constant evolution of cyber threats, combined with the region’s high awareness of cybersecurity risks, compels banks to invest substantially in sophisticated cybersecurity solutions. Moreover, the regulatory environment, such as compliance with frameworks like GDPR and the stringent requirements of financial standards, intensifies the demand for robust cybersecurity measures.

The prevalence of digital transformation in North American banks, including the widespread adoption of online and mobile banking, underscores the critical need for effective cybersecurity strategies. As a result, the combination of technological maturity, regulatory pressures, and the continuous evolution of cyber threats positions North America as a leading driver in shaping and advancing the banking cybersecurity market.

Global Banking Cyber Security Market 2023–2032 (By Billion)

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Banking Cyber Security Market – Recent Developments

  • In December 2022, in collaboration with 70 global banks, IBM introduced a novel framework designed to enhance security, compliance, resilience, and overall performance within the banking sector.
  • In October 2021, Rapid7 Inc introduced, PCI DSS compliance security solutions to help enterprise & mid-market financial services gain control of IT security risk in the banking sector.
  • In June 2023, Microsoft revealed AitM Phishing and banking cyber-attack through its tracking system Storm-1167.

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
  • Sophos
  • Splunk
  • Netsparker
  • CrowdStrike
  • Fortinet
  • KnowBe4
  • McAfee LLC
  • Honeywell International Inc.
  • Computer Science Corporation
  • Others

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

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

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Banking Cyber Security Market, (2023 – 2032) (USD Billion)
    • 2.2 Global Banking Cyber Security Market: snapshot
  • Chapter 3. Global Banking Cyber Security Market – Industry Analysis
    • 3.1 Banking Cyber Security Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Rising digital transformation in the banking industry
      • 3.2.2 Rising regulatory pressure to address banking cyber security risk
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Type
      • 3.7.2 Market Attractiveness Analysis By Organization Size
      • 3.7.3 Market Attractiveness Analysis By Deployment Type
  • Chapter 4. Global Banking Cyber Security Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Banking Cyber Security Market: Company Market Share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Banking Cyber Security Market – Type Analysis
    • 5.1 Global Banking Cyber Security Market Overview: By Type
      • 5.1.1 Global Banking Cyber Security Market Share, By Type, 2022 and 2032
    • 5.2 Cloud Security
      • 5.2.1 Global Banking Cyber Security Market by Cloud Security, 2023 – 2032 (USD Billion)
    • 5.3 Network Security
      • 5.3.1 Global Banking Cyber Security Market by Network Security, 2023 – 2032 (USD Billion)
    • 5.4 Web Security
      • 5.4.1 Global Banking Cyber Security Market by Web Security, 2023 – 2032 (USD Billion)
    • 5.5 End Point Security
      • 5.5.1 Global Banking Cyber Security Market by End Point Security, 2023 – 2032 (USD Billion)
    • 5.6 Application Security
      • 5.6.1 Global Banking Cyber Security Market by Application Security, 2023 – 2032 (USD Billion)
    • 5.7 Others
      • 5.7.1 Global Banking Cyber Security Market by Others, 2023 – 2032 (USD Billion)
  • Chapter 6. Global Banking Cyber Security Market – Organization Size Analysis
    • 6.1 Global Banking Cyber Security Market Overview: By Organization Size
      • 6.1.1 Global Banking Cyber Security Market Share, By Organization Size, 2022 and 2032
    • 6.2 Small & Medium Enterprise
      • 6.2.1 Global Banking Cyber Security Market by Small & Medium Enterprise, 2023 – 2032 (USD Billion)
    • 6.3 Large Enterprise
      • 6.3.1 Global Banking Cyber Security Market by Large Enterprise, 2023 – 2032 (USD Billion)
  • Chapter 7. Global Banking Cyber Security Market – Deployment Type Analysis
    • 7.1 Global Banking Cyber Security Market Overview: By Deployment Type
      • 7.1.1 Global Banking Cyber Security Market Share, By Deployment Type, 2022 and 2032
    • 7.2 Cloud
      • 7.2.1 Global Banking Cyber Security Market by Cloud, 2023 – 2032 (USD Billion)
    • 7.3 Private Cloud
      • 7.3.1 Global Banking Cyber Security Market by Private Cloud, 2023 – 2032 (USD Billion)
    • 7.4 Data Center
      • 7.4.1 Global Banking Cyber Security Market by Data Center, 2023 – 2032 (USD Billion)
    • 7.5 Managed Services
      • 7.5.1 Global Banking Cyber Security Market by Managed Services, 2023 – 2032 (USD Billion)
  • Chapter 8. Banking Cyber Security Market – Regional Analysis
    • 8.1 Global Banking Cyber Security Market Regional Overview
    • 8.2 Global Banking Cyber Security Market Share, by Region, 2022 & 2032 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Banking Cyber Security Market, 2023 – 2032 (USD Billion)
        • 8.3.1.1 North America Banking Cyber Security Market, by Country, 2023 – 2032 (USD Billion)
    • 8.4 North America Banking Cyber Security Market, by Type, 2023 – 2032
      • 8.4.1 North America Banking Cyber Security Market, by Type, 2023 – 2032 (USD Billion)
    • 8.5 North America Banking Cyber Security Market, by Organization Size, 2023 – 2032
      • 8.5.1 North America Banking Cyber Security Market, by Organization Size, 2023 – 2032 (USD Billion)
    • 8.6 North America Banking Cyber Security Market, by Deployment Type, 2023 – 2032
      • 8.6.1 North America Banking Cyber Security Market, by Deployment Type, 2023 – 2032 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Banking Cyber Security Market, 2023 – 2032 (USD Billion)
        • 8.7.1.1 Europe Banking Cyber Security Market, by Country, 2023 – 2032 (USD Billion)
    • 8.8 Europe Banking Cyber Security Market, by Type, 2023 – 2032
      • 8.8.1 Europe Banking Cyber Security Market, by Type, 2023 – 2032 (USD Billion)
    • 8.9 Europe Banking Cyber Security Market, by Organization Size, 2023 – 2032
      • 8.9.1 Europe Banking Cyber Security Market, by Organization Size, 2023 – 2032 (USD Billion)
    • 8.10 Europe Banking Cyber Security Market, by Deployment Type, 2023 – 2032
      • 8.10.1 Europe Banking Cyber Security Market, by Deployment Type, 2023 – 2032 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Banking Cyber Security Market, 2023 – 2032 (USD Billion)
        • 8.11.1.1 Asia Pacific Banking Cyber Security Market, by Country, 2023 – 2032 (USD Billion)
    • 8.12 Asia Pacific Banking Cyber Security Market, by Type, 2023 – 2032
      • 8.12.1 Asia Pacific Banking Cyber Security Market, by Type, 2023 – 2032 (USD Billion)
    • 8.13 Asia Pacific Banking Cyber Security Market, by Organization Size, 2023 – 2032
      • 8.13.1 Asia Pacific Banking Cyber Security Market, by Organization Size, 2023 – 2032 (USD Billion)
    • 8.14 Asia Pacific Banking Cyber Security Market, by Deployment Type, 2023 – 2032
      • 8.14.1 Asia Pacific Banking Cyber Security Market, by Deployment Type, 2023 – 2032 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Banking Cyber Security Market, 2023 – 2032 (USD Billion)
        • 8.15.1.1 Latin America Banking Cyber Security Market, by Country, 2023 – 2032 (USD Billion)
    • 8.16 Latin America Banking Cyber Security Market, by Type, 2023 – 2032
      • 8.16.1 Latin America Banking Cyber Security Market, by Type, 2023 – 2032 (USD Billion)
    • 8.17 Latin America Banking Cyber Security Market, by Organization Size, 2023 – 2032
      • 8.17.1 Latin America Banking Cyber Security Market, by Organization Size, 2023 – 2032 (USD Billion)
    • 8.18 Latin America Banking Cyber Security Market, by Deployment Type, 2023 – 2032
      • 8.18.1 Latin America Banking Cyber Security Market, by Deployment Type, 2023 – 2032 (USD Billion)
    • 8.19. The Middle East and Africa
      • 8.19.1 The Middle-East and Africa Banking Cyber Security Market, 2023 – 2032 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Banking Cyber Security Market, by Country, 2023 – 2032 (USD Billion)
    • 8.20 The Middle-East and Africa Banking Cyber Security Market, by Type, 2023 – 2032
      • 8.20.1 The Middle-East and Africa Banking Cyber Security Market, by Type, 2023 – 2032 (USD Billion)
    • 8.21 The Middle-East and Africa Banking Cyber Security Market, by Organization Size, 2023 – 2032
      • 8.21.1 The Middle-East and Africa Banking Cyber Security Market, by Organization Size, 2023 – 2032 (USD Billion)
    • 8.22 The Middle-East and Africa Banking Cyber Security Market, by Deployment Type, 2023 – 2032
      • 8.22.1 The Middle-East and Africa Banking Cyber Security Market, by Deployment Type, 2023 – 2032 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 Symantec Corporation
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Intel Security
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 IBM Corporation
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Hewlett Packard Enterprise
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Rapid7 Inc.
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Cisco Systems Inc.
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 FireEye Inc.
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 EMC RSA
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Sophos Ltd.
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 Trend Micro Inc
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Palo Alto Network
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
    • 9.12 Microsoft
      • 9.12.1 Overview
      • 9.12.2 Financials
      • 9.12.3 Product Portfolio
      • 9.12.4 Business Strategy
      • 9.12.5 Recent Developments
    • 9.13 Sophos
      • 9.13.1 Overview
      • 9.13.2 Financials
      • 9.13.3 Product Portfolio
      • 9.13.4 Business Strategy
      • 9.13.5 Recent Developments
    • 9.14 Splunk
      • 9.14.1 Overview
      • 9.14.2 Financials
      • 9.14.3 Product Portfolio
      • 9.14.4 Business Strategy
      • 9.14.5 Recent Developments
    • 9.15 Netsparker
      • 9.15.1 Overview
      • 9.15.2 Financials
      • 9.15.3 Product Portfolio
      • 9.15.4 Business Strategy
      • 9.15.5 Recent Developments
    • 9.16 CrowdStrike
      • 9.16.1 Overview
      • 9.16.2 Financials
      • 9.16.3 Product Portfolio
      • 9.16.4 Business Strategy
      • 9.16.5 Recent Developments
    • 9.17 Fortinet
      • 9.17.1 Overview
      • 9.17.2 Financials
      • 9.17.3 Product Portfolio
      • 9.17.4 Business Strategy
      • 9.17.5 Recent Developments
    • 9.18 KnowBe4
      • 9.18.1 Overview
      • 9.18.2 Financials
      • 9.18.3 Product Portfolio
      • 9.18.4 Business Strategy
      • 9.18.5 Recent Developments
    • 9.19 McAfee LLC
      • 9.19.1 Overview
      • 9.19.2 Financials
      • 9.19.3 Product Portfolio
      • 9.19.4 Business Strategy
      • 9.19.5 Recent Developments
    • 9.20 Honeywell International Inc.
      • 9.20.1 Overview
      • 9.20.2 Financials
      • 9.20.3 Product Portfolio
      • 9.20.4 Business Strategy
      • 9.20.5 Recent Developments
    • 9.21 Computer Science Corporation
      • 9.21.1 Overview
      • 9.21.2 Financials
      • 9.21.3 Product Portfolio
      • 9.21.4 Business Strategy
      • 9.21.5 Recent Developments
    • 9.22 Others.
      • 9.22.1 Overview
      • 9.22.2 Financials
      • 9.22.3 Product Portfolio
      • 9.22.4 Business Strategy
      • 9.22.5 Recent Developments
List Of Figures

Figures No 1 to 28

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • 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
  • Sophos
  • Splunk
  • Netsparker
  • CrowdStrike
  • Fortinet
  • KnowBe4
  • McAfee LLC
  • Honeywell International Inc.
  • Computer Science Corporation
  • Others

FAQs

The restraints of the Banking Cyber Security market include phishing attacks remain one of the biggest threats in the banking sector.

The major driver for the Banking Cyber Security market is rising digital transformation in the banking industry and customer experience optimization, and rising regulatory pressure to address banking cyber security risk.

The “Cloud Security” category dominated the market in 2022.

The key players in the market are 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, Sophos, Splunk, Netsparker, CrowdStrike, Fortinet, KnowBe4, McAfee LLC, Honeywell International Inc., Computer Science Corporation, Others.

“North America” had the largest share in the Banking Cyber Security Market.

The global market is projected to grow at a CAGR of 15.2% during the forecast period, 2023-2032.

The Banking Cyber Security Market size was valued at USD 77.1 Billion in 2023.

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