Market Size of Cloud Security in Banking Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 33.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cloud Security In Banking Market Analysis
The market for cloud security solutions in the banking sector is set to grow at a CAGR of 33.1% for the forecast period (2021 - 2026). More and more financial institutions are using blockchain technology or are in the process of implementing blockchain capabilities as it provides a very high level of safety and security when it comes to exchanging data, information, and money.
- An increase in cybersecurity threat is driving the market as for banks. This threat is particularly imposing, as breached data exposes the opportunity for immediate and future theft. Cloud computing provides a very high level of data protection, especially for sensitive data that includes customer information.
- Cost reduction, scalability, and efficiency by cloud computing are driving the market. Due to the constant decline in the absolute cost of IT equipment, many financial institutions have changed other production factors with IT. The essential idea of cloud computing is to deliver IT services, such as computer infrastructure or storage in a utility, thus, making these services ultimately more flexible and cost-efficient.
- Additionally, meeting the customer demands immediately and the scalability of computer resources save the time of IT specialist and business users from engineering the system for peak load. Banks can handle the issues associated with security and privacy of data by building a hybrid cloud where important data keeps on private cloud and computing power resides in the public cloud.
- However, vulnerability to attack is still a challenge as in cloud computing, every component is online, which exposes potential vulnerabilities. Even the best teams suffer severe attacks and security breaches from time to time in a bank, which is a restraint to the market.
