Press release
Banking, Financial Services and Insurance (BFSI) Security Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033
Banking, Financial Services and Insurance (BFSI) Security Market
The Business Research Company offers in-depth market insights through Banking, Financial Services and Insurance (BFSI) Security Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The banking, financial services and insurance (bfsi) security market size has grown rapidly in recent years. It will grow from $59.66 billion in 2023 to $66.61 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to rise in internet penetration, increased focus on innovation, emergence of fintech companies, changes in customer preferences, demographics, and lifestyles, stringent regulations like gdpr and basel iii.
The banking, financial services and insurance (bfsi) security market size is expected to see rapid growth in the next few years. It will grow to $103.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to growing demand for cloud-based security solutions, increasing adoption of mobile devices and byod policies, rise in cybercrime and cyber threats, growing need for regulatory compliance, advancements in biometric technology. Major trends in the forecast period include ongoing digital transformation, collaboration with fintech, open banking and partnerships with technology partners, zero trust security model, behavioral analytics.
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Market Segmentation:
The banking, financial services and insurance (bfsi) security market covered in this report is segmented -
1) By Type: Physical Security, Virtual Security
2) By Information Security Offering: Solution, Service
3) By End User: Banks, Insurance Companies, Other End Users
Major Driver - Rising Cyberattacks Fuel Growth In Bfsi Security Market
The increasing prevalence of cyberattacks is expected to propel the growth of banking financial services and insurance BFSI security market going forward. Cyberattacks refer to the attempt by an individual or organization to steal, breach, or expose information through unauthorized access to the system of an organization. Efficient security systems are required in the BFSI sector to mitigate business risks and prevent the substantial financial losses caused by cyberattacks. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cyber crime reports received in 2022 were 76,000, an increase of nearly 13% from the previous financial year. Therefore, the increasing prevalence of cyberattacks in banking, financial services, and insurance (BFSI) security will drive the growth of the banking financial services and insurance BFSI security market.
Competitive Landscape:
Major companies operating in the banking, financial services and insurance (bfsi) security market report are International Business Machines Corporation, Honeywell International Inc., Cisco Systems Inc., McAfee Inc., Akamai Technologies Inc., Barracuda Networks Inc., Carbon Black Inc., Check Point Software Technologies Ltd., CyberArk Software Ltd., Dell Inc., F5 Networks Inc., FireEye Inc., Forcepoint LLC, Fortinet Inc., Imperva Inc., LogRhythm Inc., Mimecast Services Limited, Palo Alto Networks Inc., Proofpoint Inc., Qualys Inc., Rapid7 Inc., RSA Security LLC, SecureWorks Corp., Sophos Group Plc., Splunk Inc., Symantec Corporation, Thales Group, Trend Micro Inc., Varonis Systems Inc., Zscaler Inc.
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Top Trend - Technological Advancements Drive Innovations In Bfsi Security Market
Technological advancement is a key trend gaining popularity in the banking financial services and insurance BFSI security market. Major companies operating in the banking financial services and insurance BFSI security market are adopting new technological solutions to sustain their position. For example, in July 2021, Tata Communications Limited, an India-based telecommunications company, launched IZOTM Financial Cloud, a customized community cloud platform designed to adhere to the strict data privacy, protection compliance, and security standards established by Indian regulators for the banking financial services and insurance BFSI security industry. This platform helps create an open financial environment that gives BFSI and FinTech the groundwork to support cutting-edge digital services.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Banking, Financial Services and Insurance (BFSI) Security Market Characteristics
3. Banking, Financial Services and Insurance (BFSI) Security Market Trends And Strategies
4. Banking, Financial Services and Insurance (BFSI) Security Market - Macro Economic Scenario
5. Banking, Financial Services and Insurance (BFSI) Security Market Size And Growth
…..
27. Banking, Financial Services and Insurance (BFSI) Security Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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