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Cybersecurity in Banking Market to Reach $282 Billion Globally by 2032 at 14.4% CAGR: Allied Market Research
The growing digital transformation in banking and technological advancements in banks & financial institutions are anticipated to drive the growth of the global cybersecurity in banking market during the forecast period. The Asia-Pacific region is projected to hold the majority of the market share by 2032.
PORTLAND, Ore., Nov. 22, 2023 /PRNewswire/ — Allied Market Research has recently published a report, titled, “Cybersecurity in Banking Market by Type (Data Protection, Governance, Risk and Compliance, Email Security and Awareness, Cloud Security, Network Security, Identity and Access Management, Security Consulting, Web Security, IoT/OT, End point Security, Application Security, Security and Operations Management, Others), by Organization Size (Small, Medium, Large), by Deployment Mode (Public Cloud, Private Cloud, Data Center, Managed Services): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global cybersecurity in banking market generated $74.3 billion in 2022, and is anticipated to generate $ 282 billion by 2032, rising at a CAGR of 14.4% from 2023 to 2032.
(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)
- 127 – Tables
- 48 – Charts
- 260 – Pages
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Prime Determinants of Growth
The digital transformation and the rising adoption of critical IT infrastructure within the banking sector are the factors expected to drive the growth of the global cybersecurity in banking market in the forecast period from 2023 to 2032. However, the shortfall of skilled professionals may hamper the cybersecurity in banking market growth in the coming future. On the contrary, the development of the various technologies, such as artificial intelligence (AI), blockchain, Internet-of-Things (IoT), 5G, and other in banks and financial institutions is expected to offer remunerative opportunities for the expansion of the cybersecurity in banking market during the forecast period.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$74.3 billion |
|
Market Size in 2032 |
$282 billion |
|
CAGR |
14.4 % |
|
No. of Pages in Report |
294 |
|
Segments covered |
Type, Organization Size, Deployment Mode, and Region |
|
Drivers |
Growing digital transformation in banking Increasing cyber threats Adoption of critical IT infrastructure within the banking sector |
|
Opportunities |
Technological advancements in banks and financial institutions Collaboration between traditional banks and fintech startups |
|
Restraints |
Lack of skilled professionals |
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COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a significant impact on the growth of the global cybersecurity in banking market. Rapid increase in new pandemic-related threats along with a rise in challenges caused by enforced work from home guidelines led to insecure gaps in financial institutional networks.
- During the pandemic, the global financial system went through a tremendous digital transformation. Moreover, the pandemic led to an increase in demand for online financial services and made work from home arrangements a new normal.
- Moreover, the increase in online shopping from fraudulent sites during the pandemic led to concerns over sharing data, leaving consumers worried about their digital identity and personal information online. Therefore, several people faced financial losses due to less awareness about online activities and transactions during the pandemic chaos.
Type: Cloud Security Sub-segment to Continue its Dominance During the Forecast Period
The cloud security sub-segment of the global cybersecurity in banking market accounted for the largest share of 14.1% in 2022 and is expected to grow at the highest CAGR of 18.4% by 2032. This is mainly because of the trend to migrate workloads to the cloud across various sectors especially in banking sector. The adoption of cloud services for improving the security of products and services is increasing in the banking sector. Furthermore, financial services organizations are likely taking centralization of cloud responsibilities which is helping them to control costs by formation of different policies and governing cloud use.
Organization Size: Large Sub-segment to Hold Major Market Share by 2032
The large sub-segment of the global cybersecurity in banking market accounted for the largest share of 48.2% in 2022 and is expected to continue to dominate in terms of market share by 2032. This is mainly because of the high spending by large banks on cybersecurity as compared to small and medium sized banks. The growing need for securing the products and services against cyberattacks in large organizations is expected to boost the sub-segment’s growth during the forecast period.
Deployment Mode: Public Cloud Sub-segment to Flourish Immensely by 2032
The public cloud sub-segment of the global market accounted for the highest share of 32.4% in 2022 and is projected to rise at the highest CAGR of 15.5% during the forecast period. This is mainly because public cloud offers various benefits as compared to private cloud, such as infrastructure cost efficiency, infinite scalability, agility and speed to the market, security and resilience, and future proofing. In addition, the use of public clouds also allows banks and other financial services firms to deploy applications quickly without having to worry about hardware maintenance or software upgrades. Therefore, the demand for public cloud deployment is expected to rise in the future.
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Region: Asia-Pacific Market to be the Most Dominant by 2032
The cybersecurity in banking market in the Asia-Pacific region accounted for the largest share of 48.1% in 2022 and is predicted to grow at the highest CAGR of 15.2% during the forecast period from 2023 to 2032. This growth is mainly due to the rising usage of mobile banking and the growing banking sector in various countries of the region. been the world’s largest regional banking market for a decade. The presence of various banks, such as China Construction Bank Corp., Bank of China Ltd., and Agricultural Bank of China Ltd. are few leading players in this region.
Leading Players in the Cybersecurity in Banking Market:
- Mitsubishi UFJ Financial Group, Inc.
- jp morgan chase & nspcc
- BNP Paribas
- Agriculture Bank of China
- citi group
- Barclays PLC
- HSBC
- Bank of China Limited
- Wells Fargo & Company
- Standard Chartered PLC
- bank of america
The report provides a detailed analysis of the key players of the global cybersecurity in banking market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Fintech PR
EQT to acquire Indostar Home Finance, an Indian affordable housing finance company, for INR 17.5 billion (USD 210 million) and invest INR 5 billion to support further growth
STOCKHOLM, Sept. 19, 2024 /PRNewswire/ —
- Indostar Home Finance is a fast-growing affordable housing finance company with INR 24 billion (USD 286 million) in assets under management, that has supported over 39,000 low income homeowners and small businesses
- India’s INR 30 trillion housing finance market presents a multi-decade growth story driven by strong government support, rising affordability and urbanization
- EQT will invest INR 5 billion in primary capital to support Indostar Home’s continued growth, including by broadening its footprint across India and investing in digital capabilities
EQT is pleased to announce that the BPEA Mid-Market Growth Partnership (or “the MMG fund”) has agreed to acquire a 100% stake in Indostar Home Finance (or “the Company”), a wholly owned subsidiary of Indostar Capital Finance Limited, for INR 17.5 billion (USD 210 million).
Founded in 2017, Indostar Home Finance provides affordable mortgages to retail customers in tier 2 to tier 4 cities in India and has supported over 39,000 low income homeowners and small businesses. The Company has rapidly scaled to more than INR 24 billion in assets under management, achieving a 32 percent compounded annual growth in the last three years. Indostar Home Finance has a network of more than 130 branches spread across nine states and employs over 1,000 people.
The Indian housing finance market currently stands at more than INR 30 trillion, according to the CRISIL. The segment has recorded strong growth driven by government support, rising affordability, and urbanization. However, there remains a significant shortage of housing in the country, with India’s mortgage to GDP ratio at 12.3% compared to more than 60% for developed countries like the USA and UK.
The MMG fund will invest INR 5 billion of primary capital in Indostar Home Finance to support its next phase of growth. EQT aims to expand the Company’s geographic footprint and accelerate its digital transformation journey by leveraging EQT’s in-house digitalization expertise, network of seasoned industry advisors, and expertise in go-to-market strategies.
Ashish Agrawal, Partner in the EQT Private Capital Asia advisory team, said: “Retail lending is a key investment theme for EQT within financial services in India. Building on our investment in the education finance sector through HDFC Credila last year, we are thrilled to welcome Indostar Home Finance to our portfolio. India’s affordable housing finance sector represents a long-term growth opportunity supported by secular demand drivers, favorable government policies and resilient asset quality across economic cycles”
Hemant Sharma, Managing Director in the EQT Private Capital Asia advisory team, said: “Indostar Home Finance has established itself as a leading player in this segment and is well-positioned for continued growth. We are impressed by its market-leading position in South India and strong underwriting capabilities. We see significant potential to expand Indostar’s presence across India and drive its digital transformation. EQT looks forward to supporting the company in its next phase of growth.”
Mr. Shreejit Menon, CEO of Indostar Home Finance, said: “This transaction marks a key milestone for Indostar Home Finance. We are excited to embark on this new journey with EQT, who shares our vision and whose partnership will significantly help advance our mission of delivering affordable housing finance solutions across India. With EQT’s support and global expertise, we are well-positioned for accelerated growth and success.”
The transaction is subject to customary regulatory approvals.
Contact
EQT Press Office, [email protected]
This information was brought to you by Cision http://news.cision.com
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Building Facade In Town original 965878 |
LYON, France, Sept. 19, 2024 /PRNewswire/ — After an intense week of competition, the 47th WorldSkills Competition has officially wrapped up, marking the end of a thrilling journey for 1,400 young professionals from around the globe. For four days, participants representing nearly 70 countries and regions competed fiercely in 59 diverse skill areas, transforming Lyon’s Eurexpo into a vibrant hub of craftsmanship and international talent.
From day one, the atmosphere was charged with energy as competitors showcased their expertise in sectors ranging from Manufacturing and Engineering to Fashion, Digital Technology, and Healthcare. The level of dedication and precision demonstrated throughout the week was a testament to the profound commitment these young professionals have to their trades, as well as their determination to showcase their nation’s worth on the global stage.
Last night, the closing ceremony of WorldSkills Lyon 2024, held at Groupama Stadium, brought the event to an emotional close with the announcement of medalists in each skill category. Four medals were awarded in each skill: Gold Medal, Silver Medal, Bronze Medal, and the Medallion for Excellence. This ceremony underscored the core belief of the WorldSkills movement: excellence is found in diversity – diversity of profiles, backgrounds, expertise, and techniques.
The list of medalists is now available. Visit https://worldskills.org/what/competitions/worldskills-lyon-2024/#results to discover the winners!
What’s next?
The impact of WorldSkills Lyon 2024 extends far beyond the event itself. As the competition unfolded, and millions of people followed it in person or through media, WorldSkills Lyon 2024 spotlighted the crucial role of vocational education in today’s world and in shaping our shared future. By celebrating excellence, the competition highlighted the incredible ability of youth to drive the change our world needs through their energy and dedication. The legacy of this event lies in every vocation it has sparked and every future career it has inspired. This 47th edition has once again shown the world that where there is skill, there is a way.
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Fintech PR
Touchless Vending Market Size to Grow USD 42330 Million by 2030 at a CAGR of 13.3% | Valuates Reports
BANGALORE, India, Sept. 19, 2024 /PRNewswire/ — Touchless Vending Market is Segmented by Type (Food and Beverage Vending Machines, Mask Vending Machine, Toy Vending Machine), by Application (Shopping Mall, Street, Hospital, Traffic Station): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The Global Touchless Vending Market was valued at USD 19800 Million in 2023 and is anticipated to reach USD 42330 Million by 2030, witnessing a CAGR of 13.3% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Touchless Vending Market:
The touchless vending machines market is seeing rapid growth, driven by rising demand for hygienic, contactless solutions post-pandemic, especially in public places such as shopping malls, traffic stations, and hospitals. The ability to offer convenience and reduce human interaction has made these machines popular in food and beverage, personal protective equipment (PPE), and even toy vending. Technological advancements in contactless payment systems and smart inventory management further boost adoption. However, high initial investment costs may slow market growth, especially in developing regions.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL TOUCHLESS VENDING MARKET:
Food and beverage vending machines are highly popular in locations such as hospitals, shopping malls, and traffic stations, where consumers demand quick, hygienic access to snacks and drinks. These machines, equipped with touchless payment systems, Employee Background Check Software Market have seen increased adoption due to the convenience and enhanced hygiene they offer. In addition to traditional snacks and drinks, there is a growing trend toward healthier, premium food options in these vending machines, catering to health-conscious consumers, which further drives demand in this segment.
In shopping malls, vending machines are increasingly being used to provide convenience to shoppers, offering products ranging from snacks to toys and hygiene products. Touchless vending machines are particularly appealing due to their ability to cater to consumers who are looking for quick, contactless purchasing options while shopping. The presence of vending machines in high-traffic areas within malls ensures steady usage, and as malls look to enhance customer experiences, more advanced, interactive vending solutions are likely to be adopted.
Mask vending machines gained significant traction during the COVID-19 pandemic and continue to be relevant in hospitals, airports, and other high-traffic areas. These machines offer a convenient, touchless way for people to access face masks and personal protective equipment. While demand for masks has decreased slightly post-pandemic, the continued emphasis on public health and hygiene in high-risk locations ensures that these machines maintain a stable presence. Additionally, mask vending machines are being repurposed for other hygiene products, extending their utility.
Toy vending machines are commonly seen in shopping malls and entertainment centers, offering children and families a fun, convenient way to purchase toys. These machines are especially popular in high-traffic areas such as malls and family-friendly environments, where they offer an added entertainment element. Recent trends show a shift toward integrating digital elements, such as mobile apps and touchless payment options, into toy vending machines, enhancing the user experience and making these machines more interactive and appealing to younger audiences.
In hospitals, vending machines play a crucial role in providing essential items like snacks, beverages, and personal protective equipment (PPE), including masks. Touchless vending machines, in particular, have become more popular in healthcare environments due to their ability to reduce physical contact, thereby minimizing the risk of disease transmission. These machines are strategically placed in high-traffic areas, such as waiting rooms and cafeterias, ensuring that both staff and visitors have easy access to essential items without leaving the hospital premises.
Vending machines in traffic stations, including airports, bus terminals, and train stations, are seeing increased demand as more travelers seek convenient, contactless solutions for snacks and beverages during transit. Touchless vending machines are particularly favored in these locations due to their ability to offer quick, hygienic services to large numbers of travelers. With the growing number of people using public transportation, vending machines equipped with smart technology and contactless payment options are expected to become a staple in these locations.
Touchless vending machines are also becoming a common sight on streets and in other public spaces, providing convenience for passersby. These machines offer quick access to a variety of products, including food, beverages, and even hygiene items, such as masks and sanitizers. The convenience of contactless payment and minimal human interaction aligns well with the growing consumer preference for self-service, especially in outdoor environments. The installation of vending machines in streets and public spaces is expected to continue rising, driven by urbanization and consumer demand for 24/7 access to essential goods.
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TOUCHLESS VENDING MARKET SHARE
The Asia-Pacific region dominates the touchless vending machines market, driven by the high adoption rate of vending machines in countries like Japan and China, particularly in public spaces such as traffic stations and shopping malls. North America and Europe also show strong demand, especially for food and beverage vending machines in hospitals and other high-traffic areas. The Middle East and Africa are emerging markets, with increasing investments in smart city infrastructure and public health initiatives that support the adoption of touchless vending machines.
Key Companies:
- Digital Media Vending International LLC
- AusVendGroup
- AMS Group, Inc.
- LuxDisinfect
- Aeguana
- Vendekin
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
– Contactless Touch Technology market was valued at USD 986.4 Million in 2023 and is anticipated to reach USD 1422.1 Million by 2030, witnessing a CAGR of 5.4% during the forecast period 2024-2030.
– AI-Powered Checkout market was valued at USD 217 Million in 2023 and is anticipated to reach USD 681.6 Million by 2030, witnessing a CAGR of 17.5% during the forecast period 2024-2030.
– Hospital Vending Machine Market
– Capsule-Toy Vending Machines market is projected to grow from USD 351 Million in 2024 to USD 635.8 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.
– The global Digital Process Automation market is projected to grow from USD 7215.7 Million in 2024 to USD 11770 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period.
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