BFSI Security Market Scenario:
BFSI serves as the foundation for many financial exchanges that take place in diverse sectors and is an integral part of the national infrastructure systems. Therefore, there is a need for maximum security against all possible online and offline theft.
Banking, financial services and insurance (BFSI) security is an urgent need in the expanding world economy. The latest report provided by Market Research Future (MRFR) is expected to suggest that the global BFSI security market is expected to garner a market revenue valuation of USD 71 billion during the forecast period. The global BFSI security market is likely to mark a CAGR of 14% during the forecast period of 2016-2022.
Various online banking platforms are an effective way of processing banking transactions in a remote location. Web-based applications are a medium for such transactions, which also led to higher risk of client data exposure to unsolicited internet users, including hackers. Due to this factor, the demand for BFSI Security Market COVID – 19 Analysis is continuously surgjng.
Many BFSI institutions are expected to use cloud services which is putting them at a risk of being exposed. The risk of data theft is known to make an installation of BFSI security imperatives. Protection of information from the hackers is one of the largest concerns in the BFSI industry and is primarily driving the global BFSI security market.
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Major Key Players:
Some noteworthy players in the global BFSI security market include Global players, such as Cisco Systems, Inc. (U.S.), Honeywell International, Inc. (U.S.), McAfee, Inc. (U.S.), Symantec Corporation (U.S.), IBM Corporation (U.S.), Dell EMC (U.S.), Axis Communications (Sweden), Bosch Security Systems (Germany), Booz Allen Hamilton Inc. (U.S.), and Hewlett Packard Enterprise (U.S.).
The gloal BFSI security market has been analyzed for various segments that are based on type, vertical and region.
Based on type, there are two sub-categories – physical security and virtual security. Physical security includes access control, video surveillance, intrusion and fire detection, physical security information management (PSIM), system integration, and various other methods. Physical BFSI security is expected to hold the most significant share within the forecast period. Virtual security deals with encryption, firewall, IDS/IPS, web filtering, data loss protection among others.
Vertical-wise segmentation of BFSI security includes banking, insurance companies, and others. Insurance segment is expected to experience the fastest growth rate owing to tremendous transformation in deregulation, globalization and terror attacks.
Detailed Regional Analysis:
Region-wise segmentation results in three prominent groups; North America, Europe, Asia Pacific, and Rest-of-the-World (RoW). North America leads the BFSI security market. The last two decades have seen North America getting riddled by various cyber-attacks and as a counter mechanism, they have launched extensive security measures.
Presence of global players in the U.S. gives North America a competitive advantage. Europe holds the second position in the market closely followed by the Asia Pacific. The fast growth-rate have made countries, such as Japan, China, Singapore and the UAE easy targets for online hackers, resulting in more demand for advanced security systems and could propel revenue during the forecast period.
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