Pune, 7, Dec, 2022: The report analysed by Maximize Market Research is a global information technology and telecommunications market research firm. BFSI Security Market covers an extensive competitive and pricing analysis, presenting a business intelligence report. North America is expected to witness significant growth according to the report. During the Forecast period, the report expects the market to grow from USD 49.05 billion in 2021 to USD 106.68 billion in 2029 at a CAGR of 10.2 percent.
BFSI Security Market Scope and Research Methodology
The report is an in-depth analysis of all the key players in the BFSI Security Market by market share, revenue, market penetration, financial status and region. Current trends prevailing in the BFSI Security Market are presented and historical data is used to forecast growth rate fluctuations to equip stakeholders, investors, market key players and followers about future market conditions. The BFSI Security Market is segmented by Physical Security, Information Security, End-Use, Deployment Type, Enterprise Size and Region for a detailed analysis for understanding the market penetration, competitive structure, pricing and demand analysis. The report aids the formulation of strategic decision-making and finding investment pockets for businesses.
For the competitive landscape, major players and new entrants in the BFSI Security Market are collated based on the equipment offered, portfolio, technological advancements adopted, mergers and acquisitions, joint ventures and strategic alliances. With each company profile, recommendations are provided on investments and estimations of their market size for the forecast period. New entrants can use the report to understand the future course of the BFSI Security Market.
The bottom-up approach was employed to validate the market size and its estimation by different segments. Data was collected using both primary and secondary data collection methods for the analysis. Methods such as surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, marketing professionals, customers and retailers on the demand side and manufacturers, and wholesalers on the supply side were included in the primary methods. Secondary data was methodically collected from a curated selection of sources to ensure the reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases.
For the understanding of the threats, substitutes and the interplay between demand and supply, the report has a detailed piece presented using Porter’s Five Forces. SWOT analysis was conducted to provide the strengths and weaknesses of the BFSI Security Market while PESTLE was employed to understand the potential impact of the macro-economic, social, political and technological factors affecting the BFSI Security Market.
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BFSI Security Market Overview
Banking, Financial services and Insurance abbreviated as BFSI is a set of financial security services and solutions by organisations. It is a high-profile sector that helps prevent monetary fraud and reduce the risk of security violations. The purpose is to provide safe and cost-effective services to protect clients against cybersecurity threats. Other services provided include granting loans, advances, overdrafts, credits and accepting cash deposits.
BFSI Security Market Dynamics
The advent of digitization has changed the functioning of financial service institutions. The revolutionary change is the adoption of a digital payment system known as Application Programming Interfaces (APIs). This has drastically increased access to information and has contributed to creating more business opportunities. The adoption of this program has resulted in a seamless flow of financial services and the delivery of excellent consumer service. The system works by using the pre-existing features and improving its service and providing a simple, user-friendly interface. This adoption and improvement in APIs s expected to fuel the growth of the BFSI Security Market.
Artificial Intelligence, big data and machine learning is on the rise with their applications increasing in the BFSI Security Market. The growth of such algorithms is increasing with the rise in cyber threats. Customer relationship management is also incorporating robo-advisors to help customers make better decisions regarding the management of their assets. The incorporation of such technology is expected to increase the BFSI Security Market growth.
Blockchain technology is a factor increasing the security in the BFSI Security Market. Allowing stakeholders to discuss and settle on critical business information, enabling secure transactions and cryptographic protection of databases has resulted in increased security. This is expected to fuel the growth of the BFSI Security Market during the forecast period.
BFSI Security Market Regional Insights
North America held the largest share in 2021 and is expected to maintain this growing streak for the forecast period. The regional market is led by the U.S. which is expected to grow on the account of the extensive usage of digital payments. The government is aiding this growth by launching policies that increase financial security. The concentration of major market players in the region is also fuelling the growth of the regional BFSI Security Market.
The Asia-Pacific region is expected to grow at a fast pace with the rapid digitization of banking services and solutions. This is especially true for developing economies like India and China. Technological advancements and their implementation in the system are driving the BFSI Security Market regional growth.
BFSI Security Market Segmentation:
By Physical Security:
- Video Surveillance
- Access Control
- Intrusion & Fire Detection
- Physical Security Information Management (PSIM)
- Consulting & Training Services
- Integration & Maintenance Service
- Managed Security Services
By Information Security:
- Antivirus & Antimalware
- Data Loss Protection
- Disaster Recovery
- Identity Access Management
- Security & Vulnerability Management
- Unified Threat Management
- Consulting & Training Services
- Integration & Maintenance Services
- Managed Security Services
- Insurance Companies
By Deployment Type:
By Enterprise Size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
BFSI Security Market Key Competitors include:
- Symantec Corporation
- Sophos Group Plc.
- McAfee, Inc.
- IBM Corporation
- Honeywell International, Inc.
- EMC Corporation
- Computer Sciences Corporation
- Trend Micro Incorporated
- Booz Allen Hamilton, Inc.
- Cisco Systems, Inc.
- DXC Technology Company
- RSA Security LLC
- FireEye, Inc
- Hewlett Packard Enterprise Development LP
- LogRhythm, Inc.
- Fortinet, Inc
- Huntsman International LLC.
- Securonix, Inc.
- Juniper Networks, Inc.
- Hillstone Networks
- Alert Logic, Inc
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Key questions answered in the BFSI Security Market are:
- What is BFSI Security?
- What is the current growth rate of the BFSI Security Market?
- What is the growth rate of BFSI Security Market for the forecast period?
- What is the nature of competition in BFSI Security industry in developed and developing economies?
- Who are the key players in the BFSI Security Market?
- Who are the market leaders in BFSI Security in Europe?
- Who are the market leaders in BFSI Security in USA and Canada?
- Who are the market leaders in BFSI Security in India, China, Japan and South Korea?
- What are the factors affecting growth in the BFSI Security Market?
- Who held the largest market share in BFSI Security Market?
- What are the factors for the growth of Asia-Pacific region in BFSI Security Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Physical Security, Information Security, End-Use, Deployment Type, Enterprise Size and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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