Fort Collins, Colorado, March 18, 2024 (GLOBE NEWSWIRE) -- The BFSI Security Market was valued at USD 67.4 Billion in 2023 and is anticipated to grow CAGR at 9.1% to reach USD 147.8 Billion by 2032.
The market's growth is projected high owing to the rise in cyberattacks targeting BFSI infrastructure. With the increase in technological advances, numerous threats target the infrastructure and customers of banking and financial institutions. Consequently, financial organizations are compelled to invest in robust security systems, driving the expansion of the BFSI security market.
With most transactions conducted online in recent years, there has been a surge in cyberattacks, particularly targeting banking and financial institutions. According to SentinelOne, a US-based cybersecurity company, attacks on financial service companies have risen from 55% in 2022 to 64% in 2023. This underscores the imperative for implementing robust security measures to mitigate data loss and theft risks.
Furthermore, the increasing adoption of cloud-based solutions drives demand in the BFSI security market. Today, the primary platform for software applications is not a physical hard drive but rather a web browser. Cloud-based technology is experiencing growing demand due to its cost-effectiveness and streamlined operations. However, this trend also presents significant security challenges, necessitating proactive measures to safeguard confidential information from inadvertent disclosure and cyber threats for industries operating on cloud technology.
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Segmentation Overview:
The global BFSI security market has been segmented into type, services, vertical, and region. Based on type, the BFSI security market segmentation includes information security and physical security. Information Security holds a significant share of the BFSI security market's type segment. Information security refers to protecting the client’s confidential information, such as health-related information, financial details, and other information that can risk their privacy, thus reducing the risk of disclosure in any data breach situation.
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BFSI Security Market Report Highlights:
- The global BFSI security market growth is anticipated at a CAGR of 9.1% by 2032.
- The rise in demand for robust cyber security measures to mitigate online threats is expected to impel market growth in the forthcoming years.
- North America holds a major share of the BFSI security market, with the United States holding a significant share in this region. According to the Federal Deposit Insurance Corporation, the banks and other financial institutions in the United States must compulsorily follow regulations to protect and ensure the customer data's safety, security, confidentiality, and integrity.
- Some prominent players in the BFSI Security market report include IBM Corporation, Cisco Systems Inc., Honeywell International Inc., Broadcom, Trend Micro Inc., Dell EMC, Gen Digital Inc., Sophos Ltd., McAfee Corporation, and DXC Technology.
Industry Trends and Insights:
- In 2023, Temenos launched its first secure Gen AI and LLM in banking to facilitate personalized experiences in banking. It aims to improve the digital banking capabilities of enterprises and customers.
- Dell Technologies has strategically collaborated with CrowdStrike to offer Managed Detection Services and Response with its cutting-edge Falcon XDR Platform as a countermeasure against a rise in cyber threats.
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BFSI Security Market Segmentation:
By Type: Information Security, Physical Security.
By Services: System Integration, Maintenance, and Support.
By Vertical: Banking, Insurance, and Others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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