Cybersecurity Market in Banking Sector is Expected to Grow At A CAGR of 16% by 2024

The banking sector in Cybersecurity Market is projected to grow at a CAGR of 16% over the forecast timespan. The growing number of cybersecurity compliance regulations enforced by government authorities is impacting the security market. In addition, a rise in the customer churn after the theft of sensitive information is driving the average cost of financial losses in the industry. The average cost of the data stolen is estimated to be over USD 206 per customer record. Hence, banking establishments are increasing investments in cybersecurity solutions to protect sensitive information and ensure customer trust.

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With global enterprises rapidly embracing cloud platforms as well as other networking technologies, cybersecurity market is anticipated to observe a massive upscale in revenue. As more and more organizations transition into the cloud and work to minimize security risks, making the enterprise network less vulnerable to a plethora of cyber-attacks, the average annual spending on cybersecurity is expected to rise significantly. In fact, back in 2017 the average spending on cybersecurity solutions by organizations went up as much as 23% accounting for more than $11.7 million. This increasing cyber security budget in several organizations globally is expected to be one of the most prominent growth inducing factors propelling cybersecurity industry.

The large enterprise held over 60% share of the cybersecurity market. The market in large enterprises is primarily driven by the increasing financial losses associated with the cybersecurity breaches. The average cost of cybersecurity breaches among large organizations has increased by over 11% in 2017. The government cybersecurity industry is expected to grow at a CAGR of over 15% over the forecast time period. The loss of critical data and the erosion of trust in government officials have encouraged public sector agencies to deploy cybersecurity solutions to safeguard its network architecture.

The transportation market is anticipated to grow at a CAGR of over 15% over the projected timespan. The use of the Industrial Internet of Things (IIoT), smart logistics, and several modernization initiatives will provide a broader surface for cybercriminals to penetrate the company network. This has promoted the use of cybersecurity solutions in the transportation and logistics industry. The banking industry is predicted to grow at a CAGR of over 16% over the forecast timespan. The introduction of various stringent regulatory policies that mandate financial establishments to deploy security solutions has influenced the cybersecurity market.

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The North America region is leading the cybersecurity market with over 40% share in 2017. The increasing investments and acquisition of cybersecurity start-ups by major players in the region are adding to market growth. The European region accounted for over 20% market share of the cybersecurity market in 2017. The rising public-private partnerships and government investments are driving the cybersecurity industry in the region. The government has also enforced various regulations, enforcing business establishments of all sizes to use cybersecurity solutions.

It is rather overt that the global cybersecurity market is well positioned to establish itself as a lucrative investment ground. As per Global market Insights, Inc., cybersecurity industry size, driven by the growing number of cyberthreats that are frequently cropping up, is anticipated to be pegged at $300 billion by 2024.

Some Points From Table Of Content: –

Chapter 6. Global Cybersecurity Market, By Organization Type

6.1. Key trends, by organization type

6.2. SMEs

6.2.1. Market estimates and forecast, 2013 – 2024

6.3. Government

6.3.1. Market estimates and forecast, 2013 – 2024

6.4. Large organizations

6.4.1. Market estimates and forecast, 2013 – 2024

Chapter 7. Global Cybersecurity Market, By Industry

7.1. Key trends, by industry

7.2. Banking

7.2.1. Market estimates and forecast, 2013 – 2024

7.3. Government

7.3.1. Market estimates and forecast, 2013 – 2024

7.4. Manufacturing

7.4.1. Market estimates and forecast, 2013 – 2024

7.5. Transportation

7.5.1. Market estimates and forecast, 2013 – 2024

7.6. IT & telecom

7.6.1. Market estimates and forecast, 2013 – 2024

7.7. Insurance

7.7.1. Market estimates and forecast, 2013 – 2024

7.8. Securities

7.8.1. Market estimates and forecast, 2013 – 2024

7.9. Others

7.9.1. Market estimates and forecast, 2013 – 2024

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