LONDON, Dec. 06, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the security services for BFSI sector market, the rise in cyber data breaches is expected to propel the growth of security services for the BFSI sector market going forward. Cyber data breaches are identified as gaining unauthorized access to a computer system or network to obtain private, sensitive, or confidential personal and financial information from customers or users. The BFSI sector saw an increase in cyber-attacks in which skilled hackers carried out planned breaches, thefts, invasions, data thefts, malware, and phishing attacks, resulting in significant financial loss and distress. Due to the numerous planned breaches in the BSFI sector, there is a need to enforce cyber security and prevent data breaches with endpoint detection and response (EDR), biometric technology, cloud security, code audit, and embedded system security assessment.
For instance, according to the Cost of a Data Breach Report 2021, published by International Business Machines Corporation, a US-based technology corporation, the data breach costs increased significantly year over year, rising from $ 3.86 million in 2020 to $ 4.24 million in 2021. Therefore, the rise in cyber data breaches will drive the demand for security services for the BFSI sector industry.
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The global security service for BFSI sector market size is expected to grow from $ 48.69 billion in 2021 to $ 55.83 billion in 2022 at a compound annual growth rate (CAGR) of 14.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The security service for BFSI sector market is expected to reach $ 91.43 billion in 2026 at a CAGR of 13.1%.
Technological advancement is the key trend gaining popularity in the security services for the BFSI sector market. Major companies operating in the security services for the BFSI sector are focusing on developing technologically advanced security services and solutions to strengthen their position. For instance, In July 2021, Tata Communication, an Indian telecommunications company, launched IZOTM Financial Cloud, a customized community cloud platform designed to adhere to the strict data privacy, protection compliance, and security standards established by Indian regulators for the Banking, Financial Services, and Insurance (BFSI) industry. This platform helps create an open financial environment that gives BFSI and FinTechs the groundwork to support cutting-edge digital services. Fulfilling the nation's data residency laws also enables foreign banks to increase their presence in India.
Major players in the security services for BFSI sector market are Booz Allen Hamilton, Cisco Systems, Computer Sciences Corporation, EMC Corporation, Symantec Corporation, IBM Corporation, Trend Micro Incorporated, Honeywell International, Sophos Group, Dell Inc, McAfee Security, Bosch Security Systems, Axis Communications, Microsoft Corporation, Seico Inc, and Check Point Software Technologies Ltd.
The global security services for BSFI sector market segmentation is categorized by type into physical security, cyber security; by services into managed services, professional services, system integration, support and maintenance, consulting; by information security into system, service; by enterprise size into large enterprises, small and medium enterprises (SMEs); by end users into banks, insurance companies, other end users.
North America was the largest region in the security services for BFSI sector market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security services for BFSI sector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Security Services For BFSI Sector Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide security services for BFSI sector market forecast size and growth, security services for BFSI sector market segments, security services for BFSI sector market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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