BFSI Security Market Scenario:
Banking, financial services, insurance (BFSI) Security is now a must for the growing world economy. Reports of Market Research Future (MRFR) suggests that the BFSI Security Market is expected to reach around USD 71 Bn during the forecasted period (2020-2027) growing at a CAGR of 14%. BFSI serves as the foundation for various financial exchanges that take place in diverse sectors and is now an integral part of national infrastructure systems. Hence, the need for the maximum security against possible online or offline theft.
Growing away from the traditional system of financial transactions, BFSI has revolutionized customer experience. The rise in remote monitoring and banking solutions is further stimulating the market growth. Other factors such as analytics, biometrics, and ethical hacking have greater possibilities regarding generating revenues. Security and safety measures have given biometrics the much-needed impetus in opening up market possibilities.
The BFSI Security Market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the BFSI Security Market highlights the future prediction and the growth alternatives that can be created.
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Major global BFSI security providers are now investing the lion's share of their revenues in exploring newer possibilities to counter the rising cyber threats. Global players, such as Cisco Systems, Inc. (U.S.), Honeywell International, Inc. (U.S.), McAfee, Inc. (U.S.), Symantec Corporation (U.S.), IBM Corporation (U.S.), Dell EMC (U.S.), Axis Communications (Sweden), Bosch Security Systems (Germany), Booz Allen Hamilton Inc. (U.S.), Hewlett Packard Enterprise (U.S.) among others, are doing what is necessary to curb cyber malpractices.
- The BFSI Security market has been segmented on the basis of type and vertical.
- Based on type, there are two sub-categories - physical security and virtual security. Physical security includes access control, video surveillance, intrusion and fire detection, physical security information management (PSIM), system integration, and various other methods. Physical BFSI security is expected to hold the most significant share within the forecast period. Virtual security deals with encryption, firewall, IDS/IPS, web filtering, data loss protection among 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.
Region-wise segmentation results in three prominent groups; North America, Europe, Asia Pacific, and Rest-of-the-World (RoW). North America leads the BFSI security market. The last two decades have seen North America getting riddled by various cyber-attacks and as a counter mechanism, they have launched extensive security measures. Presence of global players in the U.S. gives North America a competitive advantage. Europe holds the second position in the market closely followed by the Asia Pacific.
The fast growth-rate have made countries, such as Japan, China, Singapore and the UAE easy targets for online hackers, resulting in more demand for advanced security systems and could propel revenue during the forecast period.
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Table of Contents:
1 Market Introduction
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis Forecast
2.4.2 Market Size Estimation
2.4.3 Market Crackdown Data Triangulation
3 Global Bfsi Security Market: Overview
3.1.2 Market Segmentation Of Bfsi Security Market
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