New York, Oct. 20, 2022 (GLOBE NEWSWIRE) — Kenneth Research has released an in-depth market report on the “United States Financial Services Cybersecurity 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 engines
- Major market players and their detailed profiling
Financial Services Cybersecurity Market Size in United States:
The US financial services cybersecurity market gathered around USD 6 billion in 2021 and is expected to grow with a CAGR of around 6% over the forecast period. Furthermore, the market is expected to gather around USD 8 billion by the end of 2031. The growth of the market can be attributed to the growing internet penetration. In the United States, there would be more than 307 million Internet users in January 2022 with a penetration rate of 93%. Moreover, it is expected that by 2027, the internet penetration rate will reach around 96%.
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Additionally, 32% of Americans reported frequent internet use in 2021. The United States has a large online population for a variety of reasons, including fast broadband, social media engagement, and e-commerce. The possibility of financial cyberattacks is all the greater as there are more people using the internet and due to financial transactions carried out on digital websites and apps. In the financial sector, web application attacks occurred more than 225 times from 2020 to 2021, while phishing attacks increased by more than 23% in the first quarter of 2022. Furthermore, it was noted that in the banking, credit and financial sectors of the United States in 2019, there were more than 105 data breaches. The increasing adoption of Internet applications by Americans is driving the expansion of the market.
U.S. Financial Services Cybersecurity Market: Key Takeaways
- The segment of banking establishments acquires a notable share of the turnover
- The services segment retains a significant presence in the market
Increase in number of smartphone users and expansion of digital banking industry to fuel market development
With a smartphone penetration rate of around 79%, the United States was the fourth-largest smartphone-using country in 2020. Additionally, in 2020, there were over 280 million smartphone users in the United States. United States. About 95% of people aged 18 to 29 owned a smartphone. In urban, suburban, and rural sections of the United States, 90%, 85%, and 81% of people, respectively, owned smartphones. With more and more people using smartphones, online financial services are being adopted, helping to expand the market.
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One of the major advantages of digital banking is saving time for users. 90% of US bank customers would prefer online banking. The percentage of digital banking customers in the United States who have chosen to forego branches altogether has increased from 27% at the start of 2020 to 33% in 2021. Additionally, 64% of US banking consumers have been predicted to use digital banking solutions after the pandemic. Therefore, it is expected that by 2025, US digital banking consumers will be over 215 million. The rising rate of online banking consumers is increasing the adoption of cyber security services, which further helps to expand the market in the region.
U.S. Financial Services Cybersecurity Market Segmentation by Application
- Banking institutions
- Insurance companies
- Investment management companies
By the end of 2031, it is predicted that the banking institutions segment will have the largest market size. The widespread use of Internet banking services by Americans may be the cause. Additionally, 124 million American households had at least 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 United States that are FDIC insured in 2021 was approximately 4,240. Among the country’s crucial industries, banks are the safest. The booming banking sector is increasing the volume of banking transactions, especially digital transactions, during Covid-19, providing chances for the banking sector cybersecurity market in the United States to grow.
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Financial Services Cybersecurity Market in the United States, Segmentation by Product Type
The service segment is estimated to hold a substantial market share during the forecast period. Customers can virtually all of the services typically provided by a local bank branch online, including online deposits, transfers, and bill payments. 90% of US citizens with bank accounts use online banking to manage their accounts. Almost every bank offers some type of online banking service, accessible through desktop computers and mobile apps. 95% of mobile banking users use online banking at least once a month. Furthermore, by 2024, it is predicted that there will be 3.7 billion global mobile and online banking users.
Additionally, 56% of users used credit cards to make online purchases in 2019, compared to 26% who used direct debit. Additionally, nearly 28% of customers made payments through internet gateways. Additionally, by 2023, the banking industry is expected to save $7.4 billion in annual customer relationship costs through the use of chatbots. The increase in online services provided by banks is leading to the expansion of the segment in the region.
Few of the well-known market leaders in the financial services cybersecurity market in the United States 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 the United States Financial Services Cybersecurity Market
- The 15the February 2022, the National Football League (NFL) and Cisco Systems, Inc. have partnered to secure Super Bowl LVI, the premier sporting event in the United States
- June 2sd, 2021, to help federal agencies manage existing and future cybersecurity risks, IBM announced the launch of the IBM Center for Government Cybersecurity.
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