Major players in the banking, financial services and insurance (BFSI) security market are International Business Machines Corp, Honeywell International Inc. , Cisco Systems Inc, McAfee LLC, Booz Allen Hamilton Inc, DXC Technology Company, Dell Technologies Inc.
New York, Dec. 09, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Banking, Financial Services and Insurance (BFSI) Security Global Market Report 2022: Ukraine-Russia War Impact” – https://www.reportlinker.com/p06372084/?utm_source=GNW
, Sophos Group Plc., Broadcom Inc, Microsoft Corporation, Trend Micro Incorporated, Symantec Corporation, EMC Corporation, Bosch Security and Safety Systems, Axis Communications AB, and Computer Sciences Corporation.
The global banking, financial services, and insurance (BFSI) security market is expected to grow from $ 46.64 billion in 2021 to $ 52.94 billion in 2022 at a compound annual growth rate (CAGR) of 13.5%. 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 banking, financial services, and insurance (BFSI) security market is expected to grow to $ 81.30 billion in 2026 at a CAGR of 11.3%.
The banking, financial services, and insurance (BFSI) security market consists of sales of the banking, financial services, and insurance (BFSI) security products and related services by entities (manufacturers, dealers, sole traders, and partnerships) that are used in securing financial data in financial institutions.BFSI security provides long-term visibility of finances with both cyber security and physical security of banking and financial institutions.
Antivirus, access control, encryption, firewalls, video surveillance, identity and access management, risk and compliance management, fire detection, and intrusion detection are some of the most commonly used security services.
The main types of banking, financial services, and insurance security are physical security and virtual security.Physical security is used to protect people, technology, networks, and data from physical acts and occurrences that could seriously harm an organization, agency, or institution.
Access control, surveillance, and testing make up the three key parts of the physical security system.How successfully each of these elements is implemented, enhanced, and maintained frequently has an impact on how effective a physical security program is for an organization.
The different information security offerings include solutions and services that are used by banks, insurance companies, and other end users.
North America was the largest region in the banking, financial services and insurance (BFSI) security market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the banking, financial services and insurance (BFSI) security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing prevalence of cyberattacks is expected to propel the growth of the banking, financial services, and insurance (BFSI) security market going forward.Cyberattacks refer to the attempt by an individual or organization to steal, breach, or expose information through unauthorized access to the system of an organization.
Efficient security systems are required in the BFSI sector to mitigate business risks and prevent the substantial financial losses caused by cyberattacks. For instance, according to the Indian Computer Emergency Response Team (CERT-In), an office within the Ministry of Electronics and Information Technology of the Government of India, a total number of 2.46 lakh and 2.90 lakh cyber security incidents related to digital banking were reported during 2019 and 2020, respectively. Therefore, the increasing prevalence of cyberattacks in banking, financial services, and insurance (BFSI) security will drive the growth of the banking, financial services, and insurance (BFSI) security market.
Technological advancement is a key trend gaining popularity in the banking, financial services, and insurance (BFSI) security market.Major companies operating in the banking, financial services, and insurance (BFSI) security market are adopting new technological solutions to sustain their position.
For example, in July 2021, Tata Communications Limited, an India-based 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.
In April 2020, Accenture plc, an Ireland-based professional services company, acquired Broadcom’s Symantec cyber security services business for an undisclosed amount.Through this acquisition, Accenture aimed to be a leading provider of managed security services and to boost its ability to anticipate, detect and respond to cyber threats.
Broadcom Inc. is a US-based infrastructure software product company that provides BFSI security solutions.
The countries covered in the banking, financial services and insurance (BFSI) security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The banking, financial services, and insurance (BFSI) security market research report is one of a series of new reports that provides banking, financial services, and insurance (BFSI) security market statistics, including banking, financial services, and insurance (BFSI) security market share, detailed banking, financial services, and insurance (BFSI) security market segments, market trends and opportunities, and any further data you may need to thrive in the banking, financial services, and insurance (BFSI) security industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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