BFSI Security Market was valued at USD 54.05 Billion in 2022, and it is expected to reach USD 106.68 Billion by 2029, exhibiting a CAGR of 10.2 % during the forecast period (2023-2029)
BFSI Security Market Overview:
Maximize Market Research’s new report, Global BFSI Security Market 2021-2027, is useful for understanding the market’s competitors. The research provides a broad and basic examination of the market, including an examination of subjective factors that might provide readers with vital business insights. The research provides a market overview that explains the value chain structure, geographical analysis, applications, market size, and forecast (2021-2027). The research will serve as a vehicle for a more accurate assessment of the current and future conditions of the worldwide BFSI Security market.
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BFSI Security Market Scope:
The research provides an analytical view of the business by studying several elements such as worldwide BFSI Security market growth, consumption volume, market trends, and company pricing structures throughout the projected period. The analysis includes extensive research to explore the market’s complexities. The research provides an overview of the worldwide BFSI Security market, including market characteristics, market segmentation analysis, market size, customer landscape, and geographical landscape. The study considers growth drivers, current trends, advancements, prospects, and the competitive environment in its research. This market has been examined in several areas based on productivity and manufacturing base.
BFSI Security Market Segmentation:
The BFSI security market is divided into two segments: software and services, based on physical security. At a market size of USD 9.8 billion, the video surveillance category led the BFSI security market in 2022. Surveillance systems are frequently used to protect the physical infrastructure of financial institutions, identify physical intrusions, and maintain property security. Based on customer needs, market participants offer customized video surveillance systems. Furthermore, networks and IT systems can easily be integrated with video surveillance systems.
The BFSI security industry is divided into two segments: software and services, based on information security. Encryption software is anticipated to increase at the quickest rate during the projected period. Sensitive encryption is frequently used to protect customer data and financial transactions from unauthorized access. Industry participants offer end-to-end encryption solutions to stop unauthorized access to sensitive data. The market for antivirus software and antimalware was valued at USD 5.7 billion in 2022. A number of businesses, such as McAfee, Inc.
The BFSI security industry is divided into Banking and Insurance Companies based on End-Use. The largest and fastest-growing end-use category is anticipated to be banking throughout the course of the projection period. Development is anticipated to be aided by the banking industry’s growing acceptance of digitalization. The advent of digital or mobile wallets for online transactions has raised the demand for more advanced security solutions. Large-scale BFSI security deployments are occurring in developing areas like the Asia Pacific. Banks are employing more sophisticated security solutions to protect customer data and maximize the potential of existing customers.
1. Global BFSI Security Market Size, by Physical Security (2022-2029)
• Software
o Video Surveillance
o Access Control
o Intrusion & Fire Detection
o Physical Security Information Management (PSIM)
• Service
o Consulting & Training Services
o Integration & Maintenance Service
o Managed Security Services
2. Global BFSI Security Market Size, by Information Security (2022-2029)
• Software
o Antivirus & Antimalware
o Data Loss Protection
o Disaster Recovery
o Encryption
o Firewall
o Identity Access Management
o Security & Vulnerability Management
o Unified Threat Management
• Service
o Consulting & Training Services
o Integration & Maintenance Services
o Managed Security Services
3. Global BFSI Security Market Size, by End-Use (2022-2029)
• Banking
• Insurance Companies
Global BFSI Security Market, by Deployment Type (2022-2029)
• On-Premises
• Cloud
5. Global BFSI Security Market, by Enterprise Type (2022-2029)
• Small & Medium Enterprises (SMEs)
• Large Enterprises
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BFSI Security Market Key Players:
It then discusses the top competitors in the worldwide BFSI Security market, as well as emerging players, in detail, including market share based on revenue, demand, high-quality product makers, sales, and service providers. In addition, the research assesses capacity utilization, raw material sources, import-export, the value chain, price structure, and the industrial supply chain. The following players are featured in this report:
1. McAfee, Inc. (US)
2. IBM Corporation (US)
3. Honeywell International, Inc.(US)
4. Dell Inc. (US)
5. DXC Technology Company (US)
6. Exabeam (US)
7. Alert Logic, Inc (US)
8. Forcepoint (US)
9. Bridgesoft (US)
10.Booz Allen Hamilton, Inc. (US)
11.Cisco Systems, Inc. (US)
12.Broadcom (US)
13.RSA Security LLC (US)
14.FireEye, Inc (US)
15.Hewlett Packard Enterprise Development LP (US)
16.LogRhythm, Inc. (US)
17.Fortinet, Inc (US)
18.Securonix, Inc. (US)
19.Juniper Networks, Inc. (US)
20.Sophos Group Plc. (UK)
21.Cyan Security Group(Austria)
22.Hillstone Networks (China)
23.Trend Micro Incorporated (Japan)
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Regional Analysis:
The report has analyzed the global BFSI Security market in the following regions:
- America, North (the United States, Canada, and Mexico)
- European Union (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
- Asia-Pacific region (China, Japan, Korea, India, Southeast Asia, and Australia)
- Latin America (Brazil, Argentina, Colombia, and Rest of South America)
- Africa and the Middle East (Saudi Arabia, UAE, Egypt, South Africa, and Rest of the Middle East & Africa)
The research provides comprehensive insights into numerous development opportunities and challenges in the regions mentioned above based on various types of goods, applications, end-users, and countries, among others. The research also includes key features of the worldwide BFSI Security market, such as sales growth, product price and analysis, growth potential, and suggestions for tackling market issues in the given regions.
COVID-19 Impact Analysis on BFSI Security Market:
COVID-19 is an unprecedented worldwide public health emergency that has impacted practically every business, and the long-term impacts are expected to have an influence on industry growth throughout the projection period. Our continuing study expands our research methodology to include fundamental COVID-19 concerns and potential next steps. The research provides insights on COVID-19 by taking into account changes in consumer behavior and demand, purchasing patterns, supply chain re-routing, the dynamics of contemporary market forces, and substantial government initiatives. The revised report contains insights, analysis, projections, and predictions based on the influence of COVID-19 on the market.
Key Questions Answered in the BFSI Security Market Report are:
- Which are the major companies in the BFSI Security market?
- Which is the potential market for BFSI Security in terms of the region?
- Which application area of BFSI Security is expected to grow at a significant rate in the market in the next 5 years?
- What are the opportunities for new market entrants?
- What will be the BFSI Security market size by 2027?
- What are the growth prospects for the BFSI Security market?
- What is the base year considered in the BFSI Security market report?
- Which region holds the largest market share in the BFSI Security market?
- What factors are anticipated to drive the BFSI Security market?
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