Research Nester has released a report titled “United States (U.S.) Financial Service Cyber Security Market – Demand Analysis & Opportunity Outlook 2025” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis, and Porter’s five force model.
The Federal Trade Commission, in one of its statistics stated that in the year 2018, U.S. registered 444602 complaint cases for identity theft, which was an increase by 45650 cases as compared to 398952 cases registered in the year 2016. Moreover, the total number of frauds complain cases rose to 1,427,563 cases in the year 2018 from 1,226,402 cases in the year 2016.
The statistics portray the growing concern for the rising number of cybercrimes and cyber threat complaint cases that are being registered in the United States which possesses a threat to the entire BFSI industry. The whole BFSI industry in the modern era is dependent on information technology infrastructure. Several people of the nation are dependent on the digital services offered by the BFSI industry. Apparently, several user data are stored in the database of this industry, which raises the need of the BFSI institutions to maintain and secure the data. The safety risks involved with maintaining and securing these data sets raises the need of the institutions to adopt to cyber security services which lowers down the risks of such threats. The growing expenditure by the government of the nation on the BFSI industry and support of the government to adopt such security measures are some of the factors anticipated to drive the growth of the United States (U.S.) financial service cyber security market.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
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The United States (U.S.) financial service cyber security market is anticipated to grow with a CAGR of around 6% throughout the forecast period 2019-2025 and reach a value of around USD 7.40 billion by the end of 2025. The market is anticipated to grow on account of the rising trend of digital banking and payment systems along with the increasing number of individuals increasing the internet.
The International Telecommunication Union (ITU), stated in one of its statistics that 53.6% of the population worldwide or 4.1 billion people in the year 2019 were estimated to use the internet.
Additionally, the increasing adoption of emerging technologies in terms of IT in the banking and insurance sector is helping significantly to transform their services online and is also contributing to the overall growth of the BFSI industry. The U.S. Department of Commerce, states in one of its statistics that in the year 2018, the finance and insurance sector represented 7.4% or USD 1.5 trillion of the GDP of the United States. Additionally, growing adoption of smartphone is also anticipated to contribute towards the growth of the BFSI industry, which in turn will raise the need for the deployment of cyber security services in the industry, and in turn the growth of the United States (U.S.) financial service cyber security market.
The market is further segmented by product type into hardware, software and services. Among these segments, the services segment, which held a value of around USD 2600 million in the year 2019, contributed to the market share of around 50% in the same year, and is further anticipated to cross a value of USD 3400 million by the end of 2025.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
Access Full Report, here: https://www.researchnester.com/sample-request-2400
However, concerns for the small private firms in the BFSI industry being unable to afford cyber security upgrades owing to the high cost of cyber security systems, coupled with the fear of failure of cyber security services and service downtime costs are some of the factors estimated to act as a barrier to the growth of the United States (U.S.) financial service cyber security market.
This report also studies existing competitive scenario of some of the key players of the United States (U.S.) financial service cyber security market, which includes 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 comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “United States (U.S.) Financial Service Cyber Security Market – Demand Analysis & Opportunity Outlook 2025”, analyses the overall United States (U.S.) financial service cyber security industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the United States (U.S.) financial service cyber security market in the near future.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
For more information about this report visit: https://www.researchnester.com/reports/united-states-us-financial-service-cyber-security-market/2400
About Research Nester-
Research Nester is a one-stop service provider, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives to make wise decisions for their future investment and expansion by providing them qualitative market insights and strategies while avoiding future uncertainties. We believe in honesty and sheer hard work that we trust is reflected in our work ethics. Our vision is not just limited to gain the trust of our clients but also to be equally respected by our employees and being appreciated by the competitors.
For more information about this report visit:
AJ Daniel
Research Nester
Email: info@researchnester.com
Tel: +1-6465869123
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