BFSI Security Market -Share, Growth, Trends, Covid-19 Impact, And Forecast (2020- 2027)
BFSI Security Market Scenario:
Banking, financial services, insurance (BFSI) Security is now a must for
the growing world economy. Reports of Market Research Future (MRFR) suggests
that the BFSI Security
Market is expected to reach around USD 71 Bn during the forecasted period (2020-2027)
growing at a CAGR of 14%. BFSI serves as the foundation for various financial
exchanges that take place in diverse sectors and is now an integral part of
national infrastructure systems. Hence, the need for the maximum security
against possible online or offline theft.
Growing away from the traditional system of financial transactions, BFSI
has revolutionized customer experience. The rise in remote monitoring and banking
solutions is further stimulating the market growth. Other factors such as
analytics, biometrics, and ethical hacking have greater possibilities regarding
generating revenues. Security and safety measures have given biometrics the
much-needed impetus in opening up market possibilities.
The BFSI Security Market is enduring an exacting period with its robust
growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report
on the BFSI Security Market highlights the future prediction and the growth
alternatives that can be created.
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Competitive Outlook:
Major global BFSI security providers are now
investing the lion's share of their revenues in exploring newer possibilities
to counter the rising cyber threats. 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.), Hewlett Packard Enterprise (U.S.) among others, are doing what is
necessary to curb cyber malpractices.
Segmentation:
·
The BFSI Security market has been segmented on
the basis of type and vertical.
·
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.
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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Table
of Contents:
1 Market Introduction
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
2.4.3 Market Crackdown & Data Triangulation
3 Global Bfsi Security Market: Overview
3.1 Introduction
3.1.1 Definition
3.1.2 Market Segmentation Of Bfsi Security Market
Continued….
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1. https://vlog1292.blogspot.com/2021/08/future-analysis-for-botnet-detection.html
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