Overview and Scope
The security services for the BFSI (banking, financial services, and insurance) sector are services used to secure access to company networks and applications against theft and cyberattacks. The purpose of security services in BFSI is to protect systems such as hardware, software, and data from theft and damage.
Sizing and Forecast
The security services for bfsi sector market size has grown rapidly in recent years. It will grow from $60.33 billion in 2023 to $67.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to increased cybersecurity threats in the bfsi sector, regulatory compliance and data protection requirements, growing digital transformation in banking and finance, high-stakes nature of financial transactions, need for fraud detection and prevention in financial transactions.
The security services for bfsi sector market size is expected to see rapid growth in the next few years. It will grow to $110.32 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to adoption of advanced threat intelligence in bfsi security, integration of artificial intelligence and machine learning, emphasis on cloud security for bfsi operations, growth in endpoint security solutions, increased focus on insider threat detection. Major trends in the forecast period include biometric authentication for enhanced security, continuous monitoring and incident response, adoption of blockchain for secure financial transactions, collaborative threat intelligence sharing in the bfsi sector, emphasis on zero trust security models in bfsi security services.
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Segmentation & Regional Insights
The security services for bfsi sector market covered in this report is segmented –
1) By Type: Physical Security, Cyber Security
2) By Services: Managed Services, Professional Services, System Integration, Support And Maintenance, Consulting
3) By Information Security: System, Service
4) By Enterprise Size: Large Enterprises, Small and Medium Enterprises (SMEs)
5) By End Users: Banks, Insurance Companies, Other End Users
North America was the largest region in the security services for BFSI sector market in 2023. 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, Middle East, Africa
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Major Driver Impacting Market Growth
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 market growth.
Key Industry Players
Major companies operating in the security services for bfsi sector market report 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., Check Point Software Technologies Ltd., Accenture, Wipro Limited, HCL Technologies Limited, Tata Consultancy Services Limited, Infosys Limited, Capgemini SE, Cognizant Technology Solutions Corporation, DXC Technology Company, Atos SE, NTT Data Corporation, Fujitsu Limited, Verizon Communications Inc., SecureWorks Inc., Trustwave Holdings Inc.
The security services for bfsi sector market report table of contents includes:
1. Executive Summary
2. Security Services For BFSI Sector Market Characteristics
3. Security Services For BFSI Sector Market Trends And Strategies
4. Security Services For BFSI Sector Market – Macro Economic Scenario
5. Global Security Services For BFSI Sector Market Size and Growth
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31. Global Security Services For BFSI Sector Market Competitive Benchmarking
32. Global Security Services For BFSI Sector Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Security Services For BFSI Sector Market
34. Security Services For BFSI Sector Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Booz Allen Hamilton
Cisco Systems
Computer Sciences Corporation
EMC Corporation
Symantec Corporation
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