Market Analysis:
The global BFSI Security Market is expected to rise
from USD 82.06 Billion in the year 2017 to USD 108.36 Billion by the end of
2030, at a rising CAGR of 12.8% during the estimated period, as per the new
Market Research Future’s (MRFR) BFSI security market forecast report. BFSI
security comprises the security of physical security and cyber security of
financial organizations and banking. Virtual security (IDS/IPS, firewall,
encryption, and others) and physical security (intrusion, video surveillance,
and others) are the two different types of BFSI security. Owing to its various
alluring features and an array of benefits BFSI security has wide applications
in insurance companies and banking.
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Various factors are fuelling the global BFSI
security market share. As per the recent MRFR market estimates, such factors
include the implementation of regulatory security compliance, rising risk of
cyber threats against BFSI infrastructure, increasing implantation of
cloud-based systems in the IT sector, use of security solutions based on IoT,
growing concerns about security of sensitive data like commercial banking
details, confidential corporate information, and personal banking details, and
personably identifiable information. Besides, the increasing need for
cloud-based security solutions is one of the major BFSI security market
opportunities and increasing use during the COVID-19 outbreak is one of the
major BFSI security market trends.
On the contrary, both the lack of awareness and
large operational cost may limit the global BFSI security market growth in the
forecast period.
Market Segmentation:
The MRFR report throws light on an inclusive
segmental analysis of the global BFSI security industry based on verticals and
type.
By type, the global BFSI security market is
segmented into virtual security and physical security. The physical security
segment is again segmented into intrusion, video surveillance, and others. The
virtual security segment is again segmented into IDS/IPS, firewall, encryption,
and others. Of these, the physical security segment will lead the market over
the forecast period.
By verticals, the global BFSI security market is
segmented into insurance companies, banking, and others. Of these, the banking
segment will dominate the market over the forecast period.
Regional Analysis:
By region, the global BFSI security market covers
the recent trends and growth opportunity across Europe, the Asia Pacific
(APAC), North America and the Rest of the World (RoW). Of these, North America
will spearhead the market over the forecast period. Increase in cyber-attacks,
launch of extensive security measures, the presence of global players in the
US, and implementation of BFSI security solutions across different industries
are adding to the global BFSI security market growth in the region.
In Europe, the global BFSI security market is
predicted to have the second-largest share over the forecast period. Easy
target for online hackers leading to more demand for advanced security systems
is adding to the global BFSI security market growth in the region.
In the APAC region, the global BFSI security market
is predicted to have healthy growth over the forecast period. The increasing
adoption of BFSI security solutions in Australia, Japan, China, and India,
leading security vendors expanding their business to boost market share, and
growing economies are adding to the global BFSI security market growth in the
region.
In Rest of World, the global BFSI security market
is predicted to have sound growth over the forecast period.
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BFSI Security Industry Developments:
January 2023: The European Union's General Data
Protection Regulation (GDPR) comes into effect, requiring BFSI organizations to
implement stricter data security measures.
February 2023: A major cyber attack on a large
financial institution results in the theft of customer data. This incident
highlights the need for BFSI organizations to invest in robust cybersecurity
measures.
March 2023: The Federal Reserve releases new
guidance on cybersecurity for financial institutions. This guidance emphasizes
the importance of risk assessment, incident response, and employee training.
April 2023: A new type of malware, known as
"deepfakes," is used to target BFSI organizations. These malware
attacks use artificial intelligence to create realistic videos of executives
giving instructions to transfer funds.
May 2023: The Securities and Exchange
Commission (SEC) announces a new initiative to combat cyber threats to the
financial markets. This initiative includes increased enforcement actions and
outreach to financial institutions.
June 2023: A report by the World Economic
Forum finds that cybercrime is costing the global economy trillions of dollars
each year. The report also highlights the increasing sophistication of cyber
attacks targeting BFSI organizations.
July 2023: The BFSI industry adopts new
technologies, such as blockchain and quantum computing, to improve security.
These technologies offer new ways to protect data and transactions from cyber
threats.
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