Market Overview
The global BFSI security market size will touch USD 108.36 Billion at a 10.24% CAGR in the forecast period 2020- 2030, as per the new Market Research Future’s (MRFR) BFSI security market forecast report. BFSI security comprises the security of physical security and cyber security of financial organizations and banking. Virtual security (IDS/IPS, firewall, encryption, and others) and physical security (intrusion, video surveillance, and others) are the two different types of BFSI security. Owing to its various alluring features and an array of benefits BFSI security has wide applications in insurance companies and banking.
Various factors are fuelling the global BFSI security market share. As per the recent MRFR market estimates, such factors include the implementation of regulatory security compliance, rising risk of cyber threats against BFSI infrastructure, increasing implantation of cloud-based systems in the IT sector, use of security solutions based on IoT, growing concerns about security of sensitive data like commercial banking details, confidential corporate information, and personal banking details, and personably identifiable information. Besides, the increasing need for cloud-based security solutions is one of the major BFSI security market opportunities and increasing use during the COVID-19 outbreak is one of the major BFSI security market trends. On the contrary, both the lack of awareness and large operational cost may limit the global BFSI security market growth in the forecast period.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global BFSI security industry based on verticals and type. By type, the global BFSI security market is segmented into virtual security and physical security. The physical security segment is again segmented into intrusion, video surveillance, and others. The virtual security segment is again segmented into IDS/IPS, firewall, encryption, and others. Of these, the physical security segment will lead the market over the forecast period. By verticals, the global BFSI security market is segmented into insurance companies, banking, and others. Of these, the banking segment will dominate the market over the forecast period.
Key Players
The notable players profiled in the global BFSI security market report include Hewlett Packard Enterprise (U.S.), Booz Allen Hamilton Inc. (U.S.), Bosch Security Systems (Germany), Axis Communications (Sweden), Dell EMC (U.S.), IBM Corporation (U.S.), Symantec Corporation (U.S.), McAfee, Inc. (U.S.), Honeywell International, Inc. (U.S.), and Cisco Systems, Inc. (U.S.), among others.
Introduction:
In the ever-evolving landscape of the financial sector, security is paramount. With the advent of digital technologies and the increasing threat of cybercrime, ensuring robust security measures has become a pressing concern for Banking, Financial Services, and Insurance (BFSI) organizations. This article delves into the importance of BFSI security and provides valuable insights on how financial institutions can enhance their security frameworks to safeguard themselves and their customers from potential threats.
- The Significance of BFSI Security:
As technology continues to reshape the BFSI industry, security has become a critical factor in maintaining trust and protecting sensitive data. This section emphasizes the importance of BFSI security in building customer confidence, complying with regulatory requirements, and mitigating risks associated with cyber threats.
- Understanding Common Security Risks:
To effectively address security concerns, it is crucial to identify and comprehend the common risks faced by BFSI institutions. This section explores various threats such as data breaches, phishing attacks, insider threats, and malware, providing a comprehensive understanding of the potential vulnerabilities that need to be addressed.
- Implementing Robust Security Measures:
This section focuses on the proactive steps BFSI organizations can take to fortify their security infrastructure. It discusses the significance of employee training, strong access controls, encryption techniques, and regular security audits to mitigate risks and enhance overall security posture.
- The Role of Artificial Intelligence (AI) and Machine Learning (ML):
Artificial Intelligence and Machine Learning have emerged as game-changers in the field of security. This section sheds light on how BFSI institutions can leverage AI and ML to strengthen their security protocols, detect anomalies, and proactively respond to emerging threats.
- Regulatory Compliance and Security:
BFSI organizations operate within a complex regulatory landscape that mandates specific security requirements. This section examines the regulatory frameworks such as GDPR, PCI-DSS, and SOX, emphasizing the importance of compliance and the role it plays in ensuring robust security practices.
- The Growing Significance of Cloud Security:
Cloud technology has revolutionized the BFSI sector, offering enhanced efficiency and flexibility. However, it also introduces new security challenges. This section delves into the key considerations for BFSI institutions when adopting cloud services and highlights best practices to ensure a secure cloud environment.
- The Future of BFSI Security:
The conclusion of this article explores the evolving nature of security in the BFSI sector. It touches upon emerging trends such as biometric authentication, blockchain technology, and quantum computing, showcasing how these advancements will shape the future of security in financial institutions.
Conclusion:
As BFSI institutions embrace digital transformation, the need for robust security measures becomes increasingly crucial. By adopting proactive security measures, leveraging advanced technologies, and ensuring regulatory compliance, financial organizations can enhance their security posture and protect themselves from evolving threats. Safeguarding customer trust and confidentiality remains a top priority for the BFSI sector, and implementing effective security measures is an indispensable component of achieving this goal.
COVID-19 Impact Analysis on BFSI Security Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the BFSI Security Market include Comarch SA, Accenture, ClickSoftware Technologies Klugo Group, Infor, SAP SE, Trimble Navigation Limited, Astea International, Inc., and Tech Mahindra Limited, among others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global BFSI Security Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/bfsi-security-market/download-sampleMarket SegmentationThe broad BFSI Security Market has been sub-grouped into the Physical Security, Information Security, End-Use and Region.
The report studies these subsets with respect to the geographical segmentation.
