Fintech PR
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
Fintech Pulse: Your Daily Industry Brief (Kingdee Credit Tech, Jar, Neonomics, Ordo, Pomelo Group, Arrow Checkout, Clutch)
Fourth Consecutive Recognition for Kingdee Credit Tech on KPMG’s China Fintech 50
In a remarkable feat that underscores its consistency and innovation, Kingdee Credit Tech has secured its place on the 2024 KPMG China Fintech 50 list for the fourth consecutive year. This recognition is a testament to the company’s robust financial solutions and unwavering commitment to digital transformation.
Kingdee Credit Tech’s platform integrates big data, cloud computing, and AI to provide intelligent credit and risk management solutions. With a strong focus on enabling small and medium enterprises (SMEs), the company has carved a niche in empowering businesses to navigate complex financial landscapes seamlessly. The KPMG recognition highlights Kingdee’s ability to address industry challenges while maintaining its competitive edge in China’s rapidly evolving fintech ecosystem.
Source: PR Newswire
Indian Fintech Jar Turns Cash Flow Positive
In a significant milestone for the Indian fintech ecosystem, savings and investment platform Jar has announced achieving cash flow positivity. This accomplishment sets Jar apart in a market often criticized for prioritizing growth over profitability.
Jar’s journey began with the aim of simplifying savings for the everyday user by leveraging India’s love for gold. Over time, the platform diversified its offerings to include mutual funds and other financial products, attracting a wide user base. The company’s transition to profitability reflects its efficient business model, operational discipline, and customer-centric approach.
In an era where venture funding has become selective, Jar’s achievement sends a strong signal to the fintech community: sustainability is the new growth metric.
Source: TechCrunch
Neonomics Accelerates UK Expansion with Ordo Acquisition
Neonomics, a leading open banking platform, has strengthened its footprint in the UK by acquiring payments fintech Ordo. This strategic move underscores Neonomics’ ambition to dominate the open banking payments space while expanding its services in one of Europe’s most competitive financial markets.
Ordo, known for its innovative payment solutions, aligns seamlessly with Neonomics’ mission to make financial transactions faster, cheaper, and more secure. The acquisition will enhance Neonomics’ product portfolio and provide a gateway to a larger customer base in the UK. As open banking gains traction globally, this partnership is expected to set new benchmarks in digital payments.
Source: Fintech Futures
Pomelo Group Acquires Singaporean Fintech Arrow Checkout
Singapore-based fintech Pomelo Group has announced the acquisition of Arrow Checkout, another prominent player in the region’s fintech landscape. This deal highlights the growing consolidation trend in Southeast Asia’s fintech industry as companies seek synergies to scale operations and expand market reach.
Arrow Checkout’s expertise in providing seamless payment solutions will complement Pomelo’s existing offerings, creating a more comprehensive suite of services for merchants and consumers alike. The acquisition is also expected to bolster Pomelo’s technological capabilities, enabling it to innovate and stay ahead in the competitive payments market.
Source: PRWeb
Clutch Secures $65M Series B Funding to Empower Credit Unions
Fintech startup Clutch has raised $65 million in a Series B funding round, aiming to revolutionize the way credit unions operate in the digital age. The funding, led by prominent venture capital firms, will be used to enhance Clutch’s platform and expand its market presence.
Clutch’s platform focuses on modernizing credit union operations by providing tools for digital onboarding, member engagement, and personalized financial services. The infusion of capital will enable Clutch to accelerate its mission of bridging the gap between traditional financial institutions and cutting-edge fintech solutions. As credit unions face increasing pressure to adapt to digital-first preferences, Clutch’s solutions are poised to become indispensable.
Source: PR Newswire
The post Fintech Pulse: Your Daily Industry Brief (Kingdee Credit Tech, Jar, Neonomics, Ordo, Pomelo Group, Arrow Checkout, Clutch) appeared first on News, Events, Advertising Options.
Fintech PR
Algorand rolls out crypto’s most inclusive staking rewards program
Avoids punitive slashing and token lockups, maintains web3’s lowest costs for node runners with real-time reward payments
SINGAPORE, Jan. 23, 2025 /PRNewswire/ — Staking rewards have arrived on the Algorand blockchain. The Algorand Foundation announced today that, after this week’s consensus mechanism upgrade, ‘block rewards’ are now being paid, in real-time, to validators successfully proposing blocks to the Layer-1 blockchain. The rewards begin at 10 ALGO per block and will decay by 1% every millionth block. Validators also receive 50% of the transaction fees of the blocks they successfully propose. More information about this upgrade and “Algorand 4.0” can be found here.
Algorand’s staking program is unique in the industry. Rewards are paid out in real-time and, unlike the staking setups on Solana, Ethereum, and other chains, participants are not threatened by slashing nor subject to restrictive token lockups. Node runners continue to have full access to their funds at all times. Also, compared to other popular currencies like ETH and SOL, Algorand’s staking rewards are not inflationary and don’t impact the total supply of ALGO.
“While staking on Algorand is highly inclusive, it’s highly secure as well,” said John Woods, CTO of the Algorand Foundation. “Algorand uses advanced cryptography that makes it unnecessary to put user funds at risk of penalty or loss – their ALGO does not need to be delegated to other parties or locked up to be used to secure the network.”
“Any time we interact with a blockchain – whether through a dApp or an enterprise platform – that action is made possible because of the network running it,” said Staci Warden, CEO of the Algorand Foundation. “The nodes on the Algorand blockchain secure corporate supply chains, online credentials, and digital identities. They make it possible to send aid payments around the world, and to tokenize and exchange real-world assets, all in a decentralized system. The Algorand blockchain does not fail. The Algorand blockchain will never fork. And, now, Algorand will also offer inclusive, robust, and future-proofed staking.”
There are multiple ways people can participate in securing the network and earn staking rewards. For DeFi users, liquid staking is available from Folks Finance, Tinyman, Messina, and CompX; there is a consensus staking pool on Pact, with other staking pools available on Réti; and delegated staking is available from Valar. ALGO staking will be available on other centralized exchanges later this year. Users can also run their own Algorand node.
The rollout of staking rewards marks the end of a banner year for the sustainable Algorand blockchain, including:
- Hitting its 2 billion transaction mark in July, driven in large part by the growing transactions of major projects and partners including World Chess, as well as increasing DeFi and TradFi activity.
- A significant increase in the number of developers, according to Electric Capital.
- The migration of several startups and companies to Algorand from chains like Ethereum, such as Finboot and ZTLment, citing that developing blockchain products is 600% faster on Algorand than with Ethereum/EVM chains.
About Algorand Foundation
Algorand’s mission is to power a world where information has integrity and innovative ideas can scale. The Algorand Foundation supports Algorand’s rapidly growing ecosystem by providing a best-in-class developer environment, supporting key infrastructure and setting technical standards, offering comprehensive support to builders and entrepreneurs, and providing the framework for decentralized governance.
Launched in 2019, the Algorand (ALGO) blockchain has grown into a vibrant ecosystem of developers, entrepreneurs, and enterprise partners that benefit from institutional-grade certainty and resilience. Its low fees, instant finality, and minimal carbon footprint appeal to the protocol’s millions of retail users, and developers of all kinds appreciate the ability to use common programming languages like Python. Builders on Algorand are creating protocols and companies that solve important problems at a global scale: instant payments in war and disaster zones, self-sovereign identity for the disenfranchised, supply-chain traceability for global commerce, permissionless protocols addressing financial inclusion, and the creation of entirely new markets through tokenization, to name a few. To learn more and start your journey on Algorand, visit algorand.co
About Algorand (ALGO)
Algorand (ALGO, ALGO-USD) is a cryptocurrency launched in 2019 as part of the Algorand blockchain. The Algorand blockchain is an energy-efficient, quantum-secure, single-layer blockchain with instant finality, consistently high throughput, and low fees. Algorand (ALGO) is currently trading on more than 400 active markets under the tickers ALGO, ALGO-USD, ALGO/USD, ALGO-EUR, and ALGO/EUR, among other currency pairs. It has a limited, deflationary supply of 10,000,000,000 ALGO which will be in full circulation by 2030. More information can be found at algorand.co.
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Fintech PR
Bittrex Global Owners and Former Executives File Suits Against the Bermuda Monetary Authority (BMA)
- Owners and former executives apply for a court review of the regulator’s decision to take enforcement action against the exchange following its voluntary application for liquidation
- In a separate action, the court-appointed independent liquidator of Bittrex Global is challenging the constitutionality of the lack of an effective appeal framework in relation to the enforcement actions under Bermuda’s Digital Asset Business Act (DABA)
HAMILTON, Bermuda, Jan. 23, 2025 /PRNewswire/ — Bittrex Global owners and former executives confirmed today the filing of two suits against the Bermuda Monetary Authority (BMA) in the Supreme Court of Bermuda. Based on this development Bittrex Global owners and former executives released the following statement today:
“In November 2023, we announced that Bittrex Global would be ceasing operations. We then entered a four-month period of consultation with the BMA and a globally recognised firm to act as liquidators to develop a plan to ensure an orderly wind-down and the safe return of all claimed funds to former customers. Three business days after the Court approved the liquidation plan and the appointment of the proposed independent liquidators, the BMA issued a warning notice to the company that it intended to take enforcement action.
“We have asked the Court to review the decision of the BMA to bring enforcement action in these circumstances. Unfortunately, the Digital Asset Business Act (DABA) does not afford us, as owners and former executives, the right to respond directly. Therefore, we have also had to file a Constitutional claim in order to challenge the decision.
“Bittrex Global became one of the first companies regulated under Bermuda’s flagship crypto regulation in 2020. Since then, we have worked closely with the BMA, providing them with business plans and other materials setting out in detail all our policies and procedures. Where the BMA made suggestions, for example as part of an annual on-site inspection, these were promptly implemented. It was extremely surprising to learn, mere days after choosing to liquidate the company and after months of consultation with the BMA about our plans, that the BMA intended to bring enforcement action in relation to those same policies and procedures it had known about and in many cases approved over the previous three years. It was further shocking to learn that they proposed to deviate significantly from their own official published guidance and issue a civil penalty over four times the maximum amount under that guidance.
“In a separate court filing, Bittrex Global, acting through the court-appointed independent liquidators, is challenging the constitutionality of DABA’s lack of an effective appeal framework in relation to enforcement actions.
“The return of claimed assets to all Bittrex Global users is already in an advanced stage, under the direction of the independent liquidators and the supervision of the Supreme Court of Bermuda. To date, over 94% of claimed funds have already been returned, and it is anticipated that all claimed funds will be returned in accordance with applicable law in the coming weeks. Bittrex Global owners and former executives have continued to assist in this process, and the return of claimed funds remains our overriding priority.”
View original content:https://www.prnewswire.co.uk/news-releases/bittrex-global-owners-and-former-executives-file-suits-against-the-bermuda-monetary-authority-bma-302358804.html
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