BFSI Security Market was valued at USD 54.05 Billion in 2022, and it is expected to reach USD 106.68 Billion by 2029, exhibiting a CAGR of 10.2 % during the forecast period (2023-2029)
BFSI Security Market Overview:
The primary goal of this research is to assist the user in understanding the BFSI Security Market in terms of definition, segmentation, market potential, significant trends, and the problems that the BFSI Security industry faces in key regions and nations. The market statistics and information were obtained from credible sources such as websites, annual reports of businesses, journals, and others, and were examined and validated by industry professionals.
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BFSI Security Market Scope:
The market statistics and information were obtained from credible sources such as websites, annual reports of businesses, journals, and others, and were examined and validated by industry professionals.
BFSI Security Market Segmentation:
The BFSI security industry is divided into Software and Service segments based on Physical Security. With a market size of USD 9.8 billion, the video surveillance category held the majority of the BFSI security market share in 2022. In order to protect the physical infrastructure of financial institutions, identify physical intrusions, and secure the location, surveillance systems are frequently used. Based on client needs, market participants offer specialized video surveillance systems. Additionally, networks and IT systems can easily be integrated with video surveillance systems.
The BFSI security industry is divided into Software and Service segments based on Information Security. Encryption software is anticipated to increase at the quickest rate during the projected period. Sensitive encryption is frequently used to limit unauthorized access and protect consumer and financial data. Industry participants offer end-to-end encryption solutions to prevent unauthorized access to sensitive data. The antivirus and antimalware industry was expected to be valued USD 5.7 billion in 2022. Several businesses, such as McAfee, Inc.
The BFSI security industry is divided into Banking and Insurance Companies based on End-Use. Banking is anticipated to be the end-use segment with the largest and fastest growth during the projection period. Development is projected to be boosted by the banking industry’s increased adoption of digitization. The development of digital or mobile wallets for online transactions has increased the demand for better security measures. Large-scale BFSI security deployments are occurring in developing regions like the Asia Pacific. Banks are implementing more and more sophisticated security measures to protect the data of existing customers in an effort to keep them and maximize their potential.
The BFSI security market is divided into On-Premises and Cloud segments based on the type of deployment. During the projected period, cloud-based solutions are anticipated to dominate the market. Security is one of the key concerns bankers have when using a cloud-based solution to manage risk and compliance. It would seem like a flaw in the system since risk and compliance data would be stored on the cloud rather than on the banks’ own systems. Actually, compared to the majority of internal networks used by smaller organizations, cloud solutions can provide greater security. Cloud-based solutions are more secure than on-premises options for a variety of factors. The primary contrast is that software providers who specialize in security retain cloud solutions. Another important benefit of cloud solutions is that they are considerably more difficult to break into using social engineering.
1. Global BFSI Security Market Size, by Physical Security (2022-2029)
• Software
o Video Surveillance
o Access Control
o Intrusion & Fire Detection
o Physical Security Information Management (PSIM)
• Service
o Consulting & Training Services
o Integration & Maintenance Service
o Managed Security Services
2. Global BFSI Security Market Size, by Information Security (2022-2029)
• Software
o Antivirus & Antimalware
o Data Loss Protection
o Disaster Recovery
o Encryption
o Firewall
o Identity Access Management
o Security & Vulnerability Management
o Unified Threat Management
• Service
o Consulting & Training Services
o Integration & Maintenance Services
o Managed Security Services
3. Global BFSI Security Market Size, by End-Use (2022-2029)
• Banking
• Insurance Companies
Global BFSI Security Market, by Deployment Type (2022-2029)
• On-Premises
• Cloud
5. Global BFSI Security Market, by Enterprise Type (2022-2029)
• Small & Medium Enterprises (SMEs)
• Large Enterprises
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BFSI Security Market Key Players: The study discusses the key market players who are engaged in the industry, such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors, and so on. The key players in the BFSI Security market are
1. McAfee, Inc. (US)
2. IBM Corporation (US)
3. Honeywell International, Inc.(US)
4. Dell Inc. (US)
5. DXC Technology Company (US)
6. Exabeam (US)
7. Alert Logic, Inc (US)
8. Forcepoint (US)
9. Bridgesoft (US)
10.Booz Allen Hamilton, Inc. (US)
11.Cisco Systems, Inc. (US)
12.Broadcom (US)
13.RSA Security LLC (US)
14.FireEye, Inc (US)
15.Hewlett Packard Enterprise Development LP (US)
16.LogRhythm, Inc. (US)
17.Fortinet, Inc (US)
18.Securonix, Inc. (US)
19.Juniper Networks, Inc. (US)
20.Sophos Group Plc. (UK)
21.Cyan Security Group(Austria)
22.Hillstone Networks (China)
23.Trend Micro Incorporated (Japan)
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Regional Analysis:
The report focuses on Global Regions and Market Size of BFSI Security, and development forecast 2021-2027, including industries, major players, suppliers worldwide, and market share by regions, with company and product introduction, position in the market including their market status and development trend by types and applications, which will provide its price and profit status, and marketing status, with 2020 as the base year.
COVID-19 Impact Analysis on BFSI Security Market:
The report discusses the impact of COVID-19: Since the breakout of the COVID-19 virus in December 2019, the disease has spread to practically every country on the planet, prompting the WHO to declare it a public health crisis. The worldwide effects of the coronavirus epidemic are already being noticed, and they will have a considerable influence on the BFSI Security industry in 2021.
Key Questions Answered in the BFSI Security Market Report are:
- What is the function of BFSI Security?
- What is the predicted revenue generation of the BFSI Security market?
- At what growth rate is the BFSI Security market evolving?
- Who are the major market giants operating in the BFSI Security market?
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