“Cloud Security in Banking Market” report provides profound research of industry players, dynamics, and strategies are segmented and sub-segmented to simplify the actual conditions of the industry. The report also covers scope of product market, research methodology, Porter’s Five Force analysis, and Competitive landscape of industry. This report scrutinizes all the key factors influencing growth of global Cloud Security in Banking market, including production and value chain analysis, pricing structure, demand-supply scenario, profit margins.
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Top Players Are:
Key Market Trends:
Cloud Email Security Software to Grow Significantly Over the Forecast Period
– Banking industry is one of the top targets of hackers using phishing attacks to breach security. According to Kaspersky Lab, in 2018, the number of users attacked with banking Trojans was 889,452 which was an increase of 15.9% in comparison with 767,072 in 2017 globally.
– Recently, in May 2019, UK banking giant TSB experienced one of these phishing-related emergencies. The messages were crafted to resemble authentic communications and informed recipients that TSB Bank accounts had been suspended due to â€œrecent technical and security issuesâ€ and account verification is needed by which 1,300 customers reported their bank accounts had been robbed of everything they owned.
– Owing to this rise in mail phishing in banking, where fraudulent e-mails can look like they come from a real bank e-mail address, the need for security has gained significant importance. Cisco Advanced Phishing Protection deploys as a lightweight sensor via the cloud or on-premise, where sensor receives all messages considered clean by the Secure Email Gateway and determine if the message is malacious or not in the banking.
North America to Account for Significant Share
– North America is holding a highest share as most number of data breaches in bank occur in this region. In July, 2018, hackers used phishing emails to break into a Virginia bank in two separate cyber intrusions over an eight-month period, making off with more than $2.4 million total. With rising cyberthreat the need of cloud security software in North American’s bank is increasing which is driving the market.
– Most banks have begun to explore clouds potential as a business building asset for transforming their operating and delivery models, clarifying requirements and governance issues and addressing regulatory and security issues in this region.
– Retail banks have been quick to explore cloud options. Accenture worked with a large bank in United States to create a cloud architecture that would automate the conversion of data from multiple sources into useful insights for making business decisions and providing more security.
– Bank of America chooses the Microsoft Cloud to support digital transformation and helping to deliver a new business efficiencies, support digital culture change and meeting customer needs. Also Bank of America is one such institution who won the best cloud initiative category at 2019 AFTAs for project Greenfield. The bank is aiming to host around 80 percent of its applications in its private cloud to secure all the customer data and give a high cybersecurity.
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- Market Dynamics – Drivers, Restraints, and Opportunities
- Market Segmentation – Types, Applications, Regions, and Technology
- Market Trends
- Competitive Landscape
- SWOT Analysis and Porter’s Five Forces Analysis
Scope of the Report:
The cloud security in banking is required as the customers are now the driving force behind this sector and are forcing banks to try new business models. Banks can be benefited by deploying private cloud in the system with various cloud software such as Cloud Identity and Access Management Software, Cloud Email Security, etc.
Most of the companies present in the market are efficient at the technological front, but require significant support for enhancing their services and expanding their businesses. Thus, mergers and acquisitions offer significant opportunities to gain the attention of a large number of providers across developed regions.
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Detailed TOC of Cloud Security in Banking Market Report 2024:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increase inÂ Cyber Security Threat
4.3.2 Cost Reduction, Scalability and Efficiency by Cloud Computing
4.4 Market Restraints
4.4.1 Vulnerability to Attacks
4.5 Industry Attractiveness – Porter’s Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type of Software
5.1.1 Cloud Identity and Access Management Software
5.1.2 Cloud Email Security Software
5.1.3 Cloud Intrusion Detection and Prevention System
5.1.4 Cloud Encryption Software
5.1.5 Cloud Network Security Software
5.2.1 North America
5.2.4 Latin America
5.2.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Google Cloud Platform
6.1.3 Vormetric, Inc.
6.1.5 Trend Micro
6.1.7 Wave Systems
6.1.8 Microsoft Azure
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Name: Ajay More
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