Cybersecurity for critical infrastructure in the financial sector market to reach $17,465.33 Million, by 2032 at 6.9% CAGR: Allied Market Research

Growing complex cyber threats and increasing interconnectedness and interdependence are two main significant factors driving the growth of cybersecurity for critical infrastructure in the financial sector market.

Wilmington, Delaware, March 11, 2024 (GLOBE NEWSWIRE) — According to a recent report published by Allied Market Research, titled, Global Cybersecurity for Critical Infrastructure in the Financial Sector Market by Component (Solution and Service), Deployment Mode (On-Premise and Cloud), and Industry (Fintech, Banking and Insurance): Global Opportunity Analysis and Industry Forecast, 2023–2032    

According to the report, the global cybersecurity for critical infrastructure in the financial sector industry generated $9,012.96 million in 2022, and is anticipated to generate $17,465.33 million by 2032, witnessing a CAGR of 6.9% from 2023 to 2032.  

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151 – Tables    

48 – Charts    

400 – Pages 

Prime determinants of growth   

Growing complex cyber threats and increasing interconnectedness and interdependence are two main significant factors driving the growth of cybersecurity for critical infrastructure in the financial sector market. Technical debt caused by legacy systems to hamper the cybersecurity for critical infrastructure in the financial sector market growth. Moreover, lack of cybersecurity skills and professionals to provide significant opportunity for cybersecurity for critical infrastructure in the financial sector market growth.  

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Report coverage & details: 

Report Coverage   Details  
Forecast Period   2022–2032  
Base Year   2022  
Market Size in 2022   $9,012.96 Million 
Market Size in 2032   $17,465.33 Million 
CAGR    6.9%  
Segments Covered    Component, Deployment Mode, Industry, and Region  
Drivers    Growing complex cyber threats    Increasing interconnectedness and interdependence 
Opportunities   Technical debt caused by legacy systems  
 Restraints   Lack of cybersecurity skills and professionals  

The solution segment to maintain its leadership status throughout the forecast period  

Based on component segment, the solution segment attained around three-fourths of the market-share and will continue to dominate the market for the forecast period. This is due to the large presence of cybersecurity solutions in the global market. However, from 2023 to 2032, the service is expected to grow at the fastest rate of 10.3%. This is due to the increasing third-party cybersecurity service providers across the globe. 

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The on-premises segment to maintain its leadership status throughout the forecast period  

Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for around three-fifths of the cybersecurity solution for critical infrastructure in the financial sector market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to the high amount of trust of companies over on-premise infrastructure as the companies have full control over their premises and they do not have to depend on a third party. However, from 2023 to 2032, the cloud segment is expected to grow at the fastest rate of 8.5%. This is due to the business becoming increasingly adaptable and digital to the cloud.   

The fintech segment to maintain its leadership status throughout the forecast period  

Based on industry, the fintech segment held the highest market share in 2022, accounting for around half of the cybersecurity solution for critical infrastructure in the financial sector market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to the growing development of digital payment applications and internet banking facilities all across the globe. However, from 2023 to 2032, the insurance segment is expected to grow at the fastest rate of 8.2%. This is due to the presence of large volume of customer sensitive data present in the insurance database.   

The North America segment to maintain its leadership status throughout the forecast period  

Based on region, North America region held the highest market share in 2022, accounting for more than one-third of the cybersecurity for critical infrastructure in the financial sector market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to the presence of large number of fintech companies in the region and large number of cyber-attacks occurring in the region. However, from 2023 to 2032, the Asia-Pacific segment is expected to grow at the fastest rate of 11.1%. This is due to increasing growth of financial technology start-ups in the region and investment of giant fintech companies in the region from across the globe.   

Leading Market Players: –  

  • Accenture  
  • Broadcom Inc.  
  • Zscaler  
  • HCL Technologies  
  • Rapid7  
  • Wipro Inc.  
  • Okta Inc.  
  • Tata Consultancy Services  
  • L&T Technology Services Limited  
  • Infosys  

The report provides a detailed analysis of these key players of the global cybersecurity for critical infrastructure in the financial sector market. These players have adopted different strategies such as new product launch, strategic alliance and other strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.    

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Key Benefits for Stakeholders 

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cybersecurity for critical infrastructure in financial sector market analysis from 2022 to 2032 to identify the prevailing market opportunities. 
  • The market research is offered along with information related to key drivers, restraints, and opportunities. 
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. 
  • In-depth analysis of the cybersecurity for critical infrastructure in financial sector market segmentation assists to determine the prevailing market opportunities. 
  • Major countries in each region are mapped according to their revenue contribution to the global market. 
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
  • The report includes the analysis of the regional as well as global cybersecurity for critical infrastructure in financial sector market trends, key players, market segments, application areas, and market growth strategies. 

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Cybersecurity for Critical Infrastructure in Financial Sector Market Report Highlights 

Aspects Details 

By Deployment Mode 

  • On-Premise 
  • Cloud 

By Industry 

  • Fintech 
  • Banking 
  • Insurance 

By Component 

  • Solution 
  • Service 

By Region 

  • North America (U.S., Canada) 
  • Europe (UK, Germany, France, Italy, Spain, Rest of Europe) 
  • Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) 
  • Latin America (Brazil, Argentina, Rest of Latin America) 
  • Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa) 

Key Market Players 

Zscaler, Wipro Inc., HCL Technologies, Tata Consultancy Services (TCS), Rapid7, Okta Inc., L&T Technology Services Limited (LTTS), Infosys Limited, Broadcom Inc., Accenture 

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