BFSI Security Market to Reach USD 108.36 Billion | Market In-Depth Analysis, Future Study, Trends and Opportunities
Research Reports
Apr 14, 2022
Market Highlights
The global BFSI security market is growing with CAGR of 10.24% and expected to reach market size of USD 108.36 billion by the end of forecasted period.
BFSI security entails various measures used for protecting assets of companies in the BFSI sector. High profile data breaches and frequent cyber-attacks are likely to create a demand among financial institutions and government banks. The global BFSI security market report by Market Research Future (MRFR) contains drivers, challenges, and other pertinent factors for the period of 2020 to 2030 (forecast period).
Online banking platforms are an effective way to process banking transactions remotely. Web-based applications act as a medium for such transactions but also increase the risk of exposing user’s data to hackers. Owing to this factor, the demand for BFSI security is expected to rise exponentially. Various banking and financial institutions are now using the cloud services, and in doing so, putting themselves at risk of being exposed. The risk of data theft has made the installation of BFSI security imperative. Protecting information from the hackers is now the most significant concern and is the chief driving force behind implementation of BFSI security.
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Segmentation:
The Global BFSI Security market has been segmented on the basis of type and verticals.
By type, it is divided into physical security and virtual security. The former comprises video surveillance, intrusion, and others. Whereas, virtual security deals with IDS/IPS, encryption, firewall, and others. By vertical, it is segmented into banking, insurance companies, and others.
Vertical-wise segmentation of BFSI security includes banking, insurance companies, and others. Insurance segment is expected to experience the fastest growth rate owing to tremendous transformation in deregulation, globalization and terror attacks.
Regional Analysis
North America has been the target for the cyber-attacks since the beginning and this is the main reason which makes North America a leader in the BFSI Security Market. Presence of global players in U.S. gives North America a competitive advantage. Europe holds second position in the market closely followed by Asia Pacific (APAC). Countries such as Japan, China, Singapore and UAE are fastest growing and also becoming easy target for cyber-attacks, resulting more demand for the security system. APAC has also emerged as fastest growing market for BFSI security.
Competitive Outlook
Bosch Security Systems, Axis Communications, McAfee, Inc., Hewlett Packard Enterprise, Cisco Systems, Inc., Honeywell International, Inc., Booz Allen Hamilton Inc., IBM Corporation, Symantec Corporation, and Dell EMC are key players of the global BFSI security market.
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BFSI Security Market, by Type (Physical Security, Virtual Security), by Verticals (Banking, Insurance Companies) – Forecast to 2020-2030
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