New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on the “United States Financial Services Cyber Security Market” for the forecast period, i.e., 2022-2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
United States Financial Services Cyber Security Market Size:
The United States financial services cyber security market gathered around USD 6 billion in 2021 and to grow with a CAGR of ~6% over the forecast period. Further, the market is predicted to gather around USD 8 billion by the end of 2031. The growth of the market can be attributed to the rising internet penetration. In the United States, there were reportedly more than 307 million internet users as of January 2022 with a 93% penetration rate. Moreover, it is expected that by 2027, the internet penetration rate would rise to around 96%.
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Additionally, 32% of Americans reported using the internet frequently in 2021. The U.S. has a sizable online population for a variety of reasons, including fast broadband, social media engagement, and online commerce. The possibility of financial cyber-attacks is greater as there are more individuals using the internet and on account of financial transactions taking place on websites and digital apps. In the financial industry, web application assaults occurred over 225 times from 2020 to 2021, whereas phishing attacks increased by over 23% in the initial quarter of 2022. Additionally, it has been noted that in the banking, credit, and financial sectors in the U.S. in 2019 there were over 105 data breaches. The rising adoption of internet applications by Americans drives the expansion of the market.
United States Financial Services Cyber Security Market: Key Takeaways
- The banking institutions segment acquires a noteworthy share of the revenue
- The services segment retains a sizable presence in the market
Increased Smartphone Users and Expanding Digital Banking Industry to Fuel the Market Development
With a smartphone penetration rate of roughly 79%, the U.S. was listed as the fourth most smartphone-using nation in 2020. In addition, in 2020, there were more than 280 million smartphone users in the United States. Around 95% of people from the age of 18 to 29, possessed a smartphone. In the urban, suburban, and rural sections of the U.S., respectively 90%, 85%, and 81% of people owned smartphones. With more people using smartphones, online financial services are being adopted which helps to expand the market.
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One of the major advantages of digital banking is the time saved by the users. 90% of American bank clients reportedly prefer online banking. The percentage of digital bank clients in the U.S. who opted to completely forgo branches climbed from 27% in early 2020 to 33% in 2021. Additionally, it has been predicted that 64% of American banking consumers utilize digital banking solutions after the pandemic. Therefore, it is expected that by 2025, the American consumers of digital banking to be more than 215 million. The climbing rate of online banking consumers increases the adoption of cyber security services which further helps to spread the market in the region.
United States Financial Services Cyber Security Market, Segmentation by Application
- Banking Institutions
- Insurance Companies
- Investment Management Companies
- Others
By the end of 2031, it is predicted that the banking institutions segment to have the biggest market size. The widespread use of internet banking by Americans can be accounted for this. Additionally, 124 million American homes had a minimum of one person who had a savings or deposit account in 2019 or nearly 95% of all households in the country. The number of commercial banks in the U.S. that are FDIC- insured in 2021 was around 4,240. Among the nation’s crucial industries, banks are the most secure. The rise of the banking sector increases the volume of bank transactions, particularly digital transactions, during Covid-19, providing chances for the banking sector’s cyber security market in the United States to expand.
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United States Financial Services Cyber Security Market, Segmentation by Product Type
- Hardware
- Software
- Services
The services segment is estimated to hold a substantial market share over the forecast period. Customers can practically all of the services typically provided by a local branch of banking online, including deposits, transfers, and online bill payments. 90% of U.S. citizens with bank accounts utilize online banking to maintain their accounts. Almost all banks offer some type of internet banking service, which is accessible through desktops and mobile apps. 95% of users of mobile banking utilize online banking services at a minimum once a month. In addition, by 2024, it is predicted to be 3.7 billion global users of mobile and online banking services.
Moreover, 56% of users employed credit cards to make online purchases in 2019, compared to 26% who used direct debit. Additionally, almost 28% of clients made payments through internet gateways. Further, by 2023, it is predicted that the banking sector to save USD 7.4 billion in yearly customer relations costs backed by the use of chatbots. The increased online services provided by the banks leads to the expansion of the segment in the region.
Few of the well-known market leaders in the United States Financial Services Cyber Security Market that are profiled by Kenneth Research are Broadcom, Inc., IBM, FireEye, FORESCOUT, Cisco Systems, Inc., Tenable, Inc., Threat Warrior, Ernst & Young LLP, Amazon.com, Inc., Zurich, and others.
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Recent Developments in United States Financial Services Cyber Security Market
- On 15th February 2022, the National Football League (NFL) and Cisco Systems, Inc. established a partnership to secure Super Bowl LVI, the major athletic event in the U.S.
- On June 2nd, 2021, to assist federal agencies in managing existing and future cyber security risks, IBM announced the launch of the IBM Center for Government Cybersecurity.
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