Global BFSI Security Market 2021 is expected to register a CAGR of 11.43%, during forecast period with Impact of Covid 19 Analysis

BFSI

Global “BFSI Security Market” Report 2021 (value and volume) by company, regions, product types, end industries, history data and estimate data. Also, Report contains a comprehensive analysis of the important segments like market opportunities, import/export details, market dynamics, key manufacturers, growth rate, and key regions. This report focuses on the BFSI Security in the Global market, especially in the United States, Europe, China, Japan, South Korea, North America, India. BFSI Security Market report categorizes the market based on manufacturers, regions, type, and application. BFSI Security Market reports offer a detailed assessment of the BFSI Security including enabling technologies, current market situation, market assumptions, restraining factors.

The Global BFSI Security market swot is provided for the international markets including progress trends, competitive landscape breakdown, and key in regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.

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The BFSI security market was valued at USD 32.7 billion in 2017 and is projected to reach USD 62.7 billion by the end of 2023, growing at a CAGR of 11.43% over the forecast period (2018-2023). The scope of the report is limited to the type of securities and services provided in sub-verticals of the financial sector. The regions considered in the scope of the report include – North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

BFSI provides the foundation for many of the financial exchanges of all the other sectors. It has become an integral part of other key infrastructure systems and an important component of the overall national critical infrastructure. As technological advancements are exponentially rising in the BFSI domain, new security challenges are also emerging. Now-a-days, most of the banking and financial institutions are using cloud services to perform their tasks. Increasing digitization of the BFSI, rise in cyber data breaches, and increasing adoption of cloud-based security services are the driving factors of the BFSI security market.

Rise in Cyber Data Breaches

The cyber data breaches in the banking and financial sectors are significantly impacting the consumer confidence. In the case of one major breach, for example, most of the cloud-based company saw a 46% drop in profit, the quarter after the breach. In 2017, the global average cost of a data breach was USD 3.62 million.

In 2017, Equifax, one of the three largest credit agencies in the United States, suffered a breach that may affect 143 million consumers. Sears Holdings, the parent company of Kmart, revealed that Kmart’s store payment systems were infected with malware in 2017. JPMorgan was a victim in one of the biggest bank breaches in history; hackers got access to the financial information of 3,500 customers.

With security breaches such as the Equifax breach and Wannacry in 2017, the companies are bound to increase cybersecurity, which in turn will be the growth driver of the BFSI security market.

Retail banks attain scale by capturing market share, merging with, or acquiring other banks. Increasing revenue is fundamental to this process and strategically vital because it enables banks to compete effectively over the long term. Digitalization has now hit retail banking. Despite being satisfied with online customer service channels as compared to traditional channels, customers are looking forward to digitalization. After hitting digitalization, banks saw online customer subscriptions increase rapidly. Moreover, customers prefer to use their mobile phones instead of visiting bank branches. Also, of consumers who seek advice in the branch, half of them use an online channel to purchase/subscribe.

However, with the increase in digitalization, the threat of cyber data breaches has increased, which in turn will raise the need of security in the BFSI market.

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The global BFSI Security market covers the vision of participant analysis by product types, market share, applications, sales, and revenue.

BFSI Security Market Report covers the Top Key-players in 2021:-

  • Booz Allen Hamilton
  • Cisco Systems
  • Computer Sciences Corporation
  • EMC Corporation
  • Symantec Corporation
  • IBM Corporation
  • McAfee
  • Trend Micro Incorporated
  • Honeywell International
  • Sophos Group

Highlighted points of BFSI Security Market Size:

  • Covers the varying market dynamics of the industry.
  • In-depth analysis of market risks, opportunities, limitations, and growth of the market.
  • Includes market driving and restraining factors.
  • Participants profiles along with product description, overview, and business data.
  • Include details of five years of forecast analysis by types, regions, and applications.

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This BFSI Security Market Research/analysis Report Contains Answers to your following Questions

  • Which Manufacturing Technology is Used for BFSI Security? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This BFSI Security Market? What’s Their Company Profile, Their Product Information, Contact Information?
  • What Was Global Market Status of BFSI Security Market? What Was Capacity, Production Value, Cost and PROFIT of BFSI Security Market?
  • What Is Current Market Status of BFSI Security Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of BFSI Security Market by Taking Applications and Types in Consideration?
  • What Are Projections of Global BFSI Security Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What About Import and Export?
  • What Is BFSI Security Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is Economic Impact On BFSI Security Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
  • What Are Market Dynamics of BFSI Security Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, Marketing Channels for BFSI Security Industry?

Key Developments in the BFSI Security Market:

  • November 2017 – RSA expanded its technology ecosystem to make strong authentication more continuous, proactive, and pervasive. Offering seamless interoperability with the CyberArk Privileged Account Security Solution, Microsoft Windows Hello, Palo Alto Networks Next-Generation Firewall, and VMware Workspace ONE, RSA enables organizations to quickly and easily leverage the broad set of modern mobile authentication methods from the RSA SecurID® Access solution.
  • November 2017 – LifeLock, a Symantec company, launched an identity protection product, LifeLock® Senior†, tailored to help adult children protect their senior parents from identity theft.
    The m

    Reasons to Purchase the Report

  • Current and future BFSI security market analysis in the developed and emerging markets
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness fastest growth during the forecast period
  • Latest developments, market shares, and strategies employed by the major market players
  • 3 month analyst support, along with the Market Estimate sheet (in Excel)

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    Finally, the report Global BFSI Security Market 2021 describes the BFSI Security industry expansion game plan, the BFSI Security industry knowledge supply, appendix, analysis findings, and the conclusion.

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