Research Nester has released a report titled “United States (U.S.) Financial Service Cyber Security Market – Global Demand Analysis & Opportunity Outlook 2025” which delivers detailed overview of the United States (U.S.) financial service cyber security market in terms of market segmentation by product type and by application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The United States (U.S.) financial service cyber security market is segmented by product type into hardware, software and services, out of which, the services segment, which held a market share of around 50% in the year 2019, is anticipated to hold the largest market share by the end of the forecast period and further from around USD 2600 million in the year 2019. Cyber security services aim to ensure high quality services in terms of hardware and software are being offered to the clients.
The United States (U.S.) financial service cyber security market is anticipated to achieve a CAGR of around 6% over the forecast period 2019-2025. Rising trend of digital banking and payment systems along with the increasing number of individuals increasing the internet are some of the factors anticipated to promote towards the growth of the United States (U.S.) financial service cyber security market. In the statistics by the International Telecommunication Union (ITU), in the year 2019, 53.6% of the population worldwide or 4.1 billion people were estimated to use the internet. Further, backed by the increasing adoption of emerging technologies, the growing banking and insurance sector are increasingly embedding internet technologies for the transformation of their services online. The increasing adoption of smartphones amongst the individuals is also raising the adoption of digital banking services amongst the individuals. In the statistics by the U.S. Department of Commerce, in the United States in the year 2018, the finance and insurance sector represented 7.4% or USD 1.5 trillion of the nation’s GDP. Additionally, the United States (U.S.) financial service cyber security market is predicted to cross USD 7.40 billion by the end of 2025 from around USD 5.0 billion in the year 2018.
Growing Concerns for Cybercrimes and Cyberthreats in the BFSI Industry
In the statistics of the Federal Trade Commission, U.S. registered 444602 complaint cases for identity theft in the year 2018, an increase by 45650 cases as compared to 398952 cases registered in the year 2016. Additionally, in the year 2016, 1,226,402 fraud complain cases were registered, which further increased to 1,427,563 cases in the year 2018.
The banking, finance and insurance or BFSI sector has massively adopted internet technologies to provide necessary associated services in the fingertips of the customers. As such, several important information is being stored by these industries, which raises the need for the maintaining safety and security of these stored data. Rising incidences of cybercrimes and cyber threats observed in the recent years, which has also grown over the years with advancements in technology, constant attempts are being made by attackers to hack or theft the important stored data. Such factors are raising the need of these institutions to deploy cyber security services. Additionally, the government of the United States has also invested massively to deploy such security features that helps to protect the security of data, which are an asset to the nation. Such factors are anticipated to drive the growth of the United States (U.S.) financial service cyber security market.
However, concerns regarding high cost of cyber security systems for which small private firms in the BFSI industry are unable to afford such security upgrades, along with the fear of failure of cyber security services and service downtime costs are some of the factors anticipated impact negatively towards the growth of the United States (U.S.) financial service cyber security market.
This report also provides the existing competitive scenario of some of the key players of the United States (U.S.) financial service cyber security market, which includes company profiling of Broadcom Inc. (NASDAQ: AVGO), IBM (NYSE: IBM), FireEye, Inc. (NASDAQ: FEYE), Forescout Technologies Inc. (NASDAQ: FSCT), Cisco (NASDAQ: CSCO), Tenable®, Inc. (NASDAQ: TENB), Zurich (SWX: ZURN), ThreatWarrior, Ernst & Young Global Limited and Amazon.com, Inc. (NASDAQ: AMZN). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the United States (U.S.) financial service cyber security market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.