United States Financial Services Cyber Security Market Analysis by Product Type (Hardware, Software, Services); and by Application (Banking Institutions, Insurance Companies, Investment Management Companies, Others)-Supply & Demand Analysis & Opportunity Outlook 2022-2031

United States Financial Services Cyber Security Market Scope

United States Financial Services Cyber Security Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The United States financial services cyber security market is estimated to garner a revenue of USD 8 billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 6 billion in the year 2021. The cyber security of financial institutions is inevitable to prevent data breaches in their network and to ensure the security of their customer's financial data. The growth of the United States financial services cyber security market in the forecast period can be mainly attributed to the increase in internet users. As of January 2022, the number of internet users in the United States (U.S.) was estimated to be more than 307 million, with an internet penetration rate of ~93%. Further, the internet penetration rate has been predicted to grow to ~96% by 2027.

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As of 2021, ~32% of U.S. adults have reported going online almost constantly. High internet speed, use of social media, and online shopping are some reasons for U.S.'s considerable online population.  With more people on the internet and financial transactions happening in digital apps and websites, the chances of financial cyber-attack are high. Thus, the large number of internet users in the U.S. points to growth in the United States financial services cyber security market.

United States Financial Services Cyber Security Market: Growth Drivers and Challenges

Growth Drivers

• Immense Growth of Digital Banking in the U.S. - It is estimated that ~90% of U.S. banking customers utilize online banking.  It was observed in 2021 that digital bank customers in the U.S. who preferred to avoid branches altogether increased sharply from ~27% in early 2020 to ~33%. At the same time, customers who actively use bank branches and digital banking methods have increased from approximately 18% to about 26%. Parallelly, there has been a reduction in the number of customers who depended on branches from ~43% before the pandemic to ~36% in 2021.  It has also been presumed that ~64% of banking customers in the U.S. should be using digital banking applications post-pandemic. Finally, the number of digital banking users in the U.S. have been predicted to surpass 215 million by 2025. Digital banking has many benefits, of which the most significant is how it saves time for customers.

• Remarkable Progress in Online Payment in the U.S. - It was estimated that in 2019 ~56% of the customers utilized credit cards for online payment, while ~26% used direct debit for their online transactions. Further, approximately 28% of customers used online gateways to make payments.

• Financial Industry Being the Foremost Target of Cyberattack - Even globally financial sector is the primary sector targeted in web application attacks and phishing attacks. From 2020-2021 the finance sector witnessed over 225 incidents of web application attacks, while the phishing attacks in the finance sector during the first quarter of 2022 were more than 23%. Further, it has been observed that there were more than 105 data breaches in the banking/credit/financial sector in the U.S. in 2019.

• Considerable Popularity of Smartphones Among the U.S. Population - In 2020 the U.S. has been ranked the fourth highest country for smartphone usage, with a smartphone-to-population penetration of approximately 79%. It was estimated that in the U.S., there were more than 280 million smartphone users in 2020. Approximately 95% of the population of age 18-29-year-olds owned smartphones. The percentage of the U.S. population owning smartphones in the urban areas, suburban areas, and rural areas were ~90%, ~85%, and ~81% respectively.

• Immense Automation at Jobs in the U.S. - Automation and the use of robots in the financial sector make the sector vulnerable to financial cyber-attacks. In the U.S., the number of industrial robots has been estimated to be more than 310,699. It is observed that each year about 39,999 robots is added to the number. Automation is also thought to be able to eliminate ~74 million jobs in the U.S. by 2030.

Challenges

• High Cost Involved in the Implementation of Financial Cyber Security System

• Relative Unfamiliarity of an Average Employee with Cyber Security Systems

• High Need for Constant Monitoring

The United States financial services cyber security market is segmented and analyzed for demand and supply by application into banking institutions, insurance companies, investment management companies, and others. Of these, the banking institutions segment is anticipated to hold the largest market size by the end of 2031. This is mainly due to the vast usage of banking services by the U.S. population. It is estimated that in 2019 about 95% of U.S. households were banked, which means ~124 million came under the banking system, with at least one member of a family owning a checking or savings account. It has been estimated that banks enjoy the greatest security among critical sectors in the nation. The expansion of the banking industry increases the number of bank transactions, especially digital transactions, during COVID-19, thereby creating growth opportunities for the United States financial services cyber security market in the banking sector.

Market Segmentation

Our in-depth analysis of the United States financial services cyber security market includes the following segments:

Key Companies Dominating the United States Financial Services Cyber Security Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the United States financial services cyber security market that is included in our report are Broadcom, Inc., IBM, FireEye, FORESCOUT, Cisco Systems, Inc., Tenable, Inc., Threat Warrior, Ernst & Young LLP, Amazon.com, Inc., Zurich, and others.

United States Financial Services Cyber Security Market: Latest Developments

• February, 2022: Cisco Systems, Inc. - announced collaborating with National Football League (NFL) to secure Super Bowl LVI, the biggest sporting event in the United States.

• June, 2021: IBM - announced creating IBM Center for Government Cybersecurity to help federal agencies manage current and prospective cybersecurity threats.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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