Global BFSI Security Market Overview:
BFSI Security (Banking, financial services, and insurance) provides the basic security foundation for many financial exchanges and other sectors. It has become an important part of any sectors which comes under the BFSI sector. It helps in protecting data from getting hacked or breached, moreover, it is an essential component for overall national critical infrastructure. BFSI security operates in a very highly regulated environment. In various cases, security incidents occur because of cyber data breaches causing severe damage to these sectors. Hence, BFSI security is needed to ensure the long term visibility of banking and financial organizations and their data.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Rise In Adoption of Cloud-Based Security Solutions
Market Growth Drivers:
The Rise in Thefts at ATM & POS Terminals and Frauds in the Bank Branch, Increasing Modes of Online Payments Globally, Implementation of Regulatory Standards and Acts and Increasing Risk of Data Loss in BFSI Sectors
Challenges:
High Implementation Cost of Security Solutions
Restraints:
Complexity in Security Infrastructure and Lack of Awareness Among Customers and Lack of Operability Between Security Products
Opportunities:
Growth of Security Solutions Based On Internet of Things (IoT) Across World and Stringent Government Regulations to Support the BFSI Security
Competitive Landscape:
Some of the key players profiled in the report are Cisco Systems, Inc. (United States), Computer Sciences Corporation (CSC) (United States), EMC Corporation (United States), Honeywell International, Inc. (United States), IBM Corporation (United States), Booz Allen Hamilton, Inc. (United States), McAfee, Inc. (Intel Security Group) (United States), Sophos Group Plc. (United States), Symantec Corporation (United States) and Trend Micro Incorporated (United States). Analyst at AMA Research see United States Players to retain maximum share of Global BFSI Security market by 2030. Considering Market by Information Security Solution, the sub-segment i.e. Identity & Access Management will boost the BFSI Security market. Considering Market by Deployment Type, the sub-segment i.e. Cloud will boost the BFSI Security market. Considering Market by Information Security Services, the sub-segment i.e. Consulting will boost the BFSI Security market.
According to the EU General Data Protection Regulation mandate businesses – dealing in customer data – to ensure the security of the data they possess. BFSI companies probably have the biggest chunk of personally identifiable customer data, which must be protected from potential exposure to cyber criminals. As such, BFSI companies must identify critical data and other digital assets and accordingly prioritize their security. Failure to secure data will not only lead to non-compliance with regulations and attract hefty fines, but also provide cybercriminals with opportunities to launch numerous financial crimes.
What Can be Explored with the BFSI Security Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global BFSI Security Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in BFSI Security
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global BFSI Security market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in BFSI Security market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes IT Service Providers and Distributors, Cyber Security Vendors, BFSI Security Vendors, Value Added Resellers, Government Bodies and Departments, Cloud Service Providers, System Integrators and Technology Consultants.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.