Increasing emphasis on securing the financial credential of consumers has led to widespread adoption of cybersecurity systems and services in financial services industry. The spate of attacks in which personal data of hundreds of thousands of consumers was compromised gained widespread media attention the world over. This brought to the fore the need for adopting secure cybersecurity systems, and the emphasis is likely to continue in the future as well. On account of these factors, the global financial services cybersecurity systems and services market is likely to increase at a CAGR of over 14% through 2022. In terms of revenues, the global market is likely to surpass US$ 24 bn in revenues. These insights are from a new study added to the rich database of Market Research Reports Search Engine “Financial Services Cybersecurity Systems and Services Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022”.
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The growing threat from cybercriminals has necessitated the need for having strong measures in place. For a long time, cybersecurity did not receive the level of attention and interest from companies; however, considering the ease with which hackers held consumers and businesses to ransom, there has been a great increase in awareness on the importance and benefits of cybersecurity. Adoption among end-users such as the banking and insurance sector, investment funds, and government related financial services has witnessed an increase. Steady adoption by these end-users is likely to create further growth opportunities for global players.
North America, led by strong adoption in the U.S. continues to be a leading region for adoption of cybersecurity in financial industry. The U.S. is also a region for research, development, and innovation in this sector, and it is highly likely that it will continue to be a leader in terms of development of new systems in the future.
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In addition to North America, the Asia Pacific excluding Japan (APEJ) region remains an attractive market for financial services cybersecurity systems and services. The APEJ region has a high presence of financial service companies, as many multinationals in Europe and America have outsourced their billing departments to countries in APEJ. As focus on increasing the security of their assets becomes a key concern, it is likely that more players will invest in getting the latest cybersecurity in their organizations.
The leading companies profiled in the report include Alert Logic, Inc., AlienVault, Inc., VMware, Inc., Akamai Technologies, Inc., and Avast Software S.R.O.
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