New York, US, Feb. 22, 2023 (GLOBE NEWSWIRE) -- BFSI Security Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “BFSI Security Market Research Report By Type, By Verticals and By Region— Forecast till 2030, the global BFSI security market is forecasted to reach USD 108.36 Billion by 2030, growing at a 12.8% CAGR throughout the assessment period (2020-2030).
The global BFSI security market is likely to witness significant revenue growth in the coming years. Rapid growth in the BFSI sector and the growing focus on cloud security in finance operations are key driving forces.
Banking, financial services, and insurance (BFSI) sectors worldwide are becoming a priority focus industry for economic development based on inclusive growth. Besides, the steady economic growth, increasing technological innovations & finance products, expanding distribution & networking, and increasing customer awareness of financial products drive the growth in the BFSI sector.
BFSI Security Market Key Players
Players leading the global BFSI security market include:
- Honeywell International, Inc. (US)
- Cisco Systems, Inc. (US)
- McAfee, Inc. (US)
- IBM Corporation (US)
- Symantec Corporation (US)
- Dell EMC (US)
- Bosch Security Systems (Germany)
- Axis Communications (Sweden)
- Booz Allen Hamilton Inc. (US)
- Hewlett Packard Enterprise (US)
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The BFSI sector has been a pioneer in adapting advanced technologies. With improved financial regulations & policies and technological advances, the BFSI has become more streamlined and updated than ever before. However, the proliferation of the internet and growing online transactions bring along significant cybersecurity risks. Therefore, cybersecurity has become crucial for the BFSI sector, including banks and financial institutions, to safeguard various customer assets and data.
To respond to the growing data privacy threats and cybercrimes in the BFSI sector, banks and financial institutions are increasingly spending on technology to prevent cybercrimes and protect customer data as their products and services become popular. Banking regulators mandate banks and finance companies to ensure compliance with various cybersecurity standards.
Also, the introduction of clear and vigorous guidelines on data privacy, cybersecurity, and other cyber-related threats has ensured that the BFSI sector remains compliant and ready for future risks. In recent years, BFSI players like banks, investment banks, insurance firms, and other financial institutions are increasingly implementing the best safety solutions as they become more dependent on technology and digitalization.
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Industry Trends
There has been a sharp uptick in cyberattacks over recent years due to the growing digitization worldwide. Frauds related to credit & debit cards and Internet banking have increased significantly over the past couple of years. Companies operating in the BFSI sectors are spending significantly on data security and information security to adhere to different compliances, which drives the market growth.
Moreover, Increasing alliances between financial companies and external entities and ethical hackers to ensure the safety of data and information technology systems positively impact the BFSI security market growth. Finance regulators govern and advise financial services providers, insurance firms, and banks with a series of best practices and issue timely notifications on the cyber security framework.
Also, payment aggregators and payment gateway companies are given guidelines on regulations to help them ensure the security of payment systems. On the other hand, BFSI security providers are committed to driving financial inclusion to help financial institutions increase their coverage across segments through secure digital solutions. They strive to provide BFSI companies with comprehensive solutions to digitally transform their operations for a better customer experience and accelerated business growth.
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Segments
The BFSI security market is segmented into types, technologies, services, deployment types, organization size, verticals, and regions. The type segment is sub-segmented into physical security and virtual security. The technology segment is sub-segmented into CRM, HCM, ERP, ECM, cyber security, unified communication, artificial intelligence, business intelligence, and others.
The service segment is sub-segmented into managed services, professional services, consulting, system integration, support & maintenance, and others. The deployment type segment is sub-segmented into cloud and on-premises. The organization size segment is sub-segmented into SMEs and large enterprises. The vertical segment is sub-segmented into banking and insurance companies. By region, the BFSI security market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World.
Regional Analysis
North America dominates the global BFSI security market. The market is largely driven by the presence of many key technology providers and prominent banks, like JP Morgan Chase, Bank of America, and Citibank, creating a vast demand for sophisticated cybersecurity technologies to establish round-the-clock protection against hackers. Besides, large advancements in cyber security technologies and the growing demand for data risk detection solutions boost the market size. In the United States and Canada, BFSI security technologies are witnessing huge popularity.
Competitive Analysis
The market appears to be competitive, with the presence of several large and small players operating in the market. Players operating in the market focus on optimized situational awareness for customers and ensure their mission success. These players invest heavily in R&D, global expansion, advanced technologies, and product launches to gain a larger competitive edge.
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For instance, on Feb. 18, 2023, Craft Silicon, a leading financial technology provider in India, announced a strategic partnership with Leegality partners to accelerate digital adoption. The partnership will transform the Microlending (Microfinance) Industry allowing it to deliver a delightful and paperless experience.
The alliance will also address various logistical and operational challenges in the paperwork processing to enable seamless disbursal while enhancing technology adoption. This will further enable financial institutions to streamline field operations by providing secured digital verification, digital paperwork, and easy customer onboarding. The partnership between Craft Silicon and Leegality will open new avenues for financial institutions and offer a comprehensive solution to automate the documentation process securely & seamlessly.
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