BFSI Security Market by Excellent Revenue Growth 2032
The 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.
Shraddha Nevase
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.
Click Here to Get Sample Premium Report @
https://www.marketresearchfuture.com/sample_request/1810
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.
Browse Full Report Details @
https://www.marketresearchfuture.com/reports/bfsi-security-market-1810
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.
Related Reports:
Analytics as a Service Market Projected to Hit USD 40.1 Billion at a 27.82% CAGR by 2032In-Memory Computing Industry Developments
BIM Software Market to Surpass USD 25.61 Billion in Revenue by 2032: Get a Gist of the Industry
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Also, we are launching "Wantstats" the premier statistics portal for Privileged Access Management (PAM) Solutions Digital Forensics Market data in comprehensive charts and stats format, providing forecasts, regional and segment analysis. Stay informed and make data-driven decisions with Wantstats.
Contact:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
