The Banking, Financial Services And Insurance BFSI Security Global Market Report 2023 by The Business Research Company, provides banking, financial services and insurance (bfsi) security market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Banking, Financial Services And Insurance BFSI Security Global Market Report 2023, the market size is expected to grow from$53.23 billion in 2022 to $59.79 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global banking financial services and insurance bfsi security is expected to grow to $90.93 billion in 2027 at a CAGR of 11.1%.
The increasing prevalence of cyberattacks is expected to propel the growth of 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.
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The banking, financial services and insurance (bfsi) security market is segmented:
1) By Type: Physical Security, Virtual Security
2) By Information Security Offering: Solution, Service
3) By End User: Banks, Insurance Companies, Other End Users
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 security industry. This platform helps create an open financial environment that gives BFSI and FinTechs the groundwork to support cutting-edge digital services.
The banking, financial services and insurance (bfsi) security market report table of contents includes:
- Executive Summary
- Banking, Financial Services and Insurance (BFSI) Security Market Characteristics
- Banking, Financial Services and Insurance (BFSI) Security Market Trends And Strategies
- Banking, Financial Services and Insurance (BFSI) Security Market – Macro Economic Scenario
- Banking, Financial Services and Insurance (BFSI) Security Market Size And Growth
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- Middle East Banking, Financial Services and Insurance (BFSI) Security Market
- Africa Banking, Financial Services and Insurance (BFSI) Security Market
- Banking, Financial Services and Insurance (BFSI) Security Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Banking, Financial Services and Insurance (BFSI) Security Market
- Banking, Financial Services and Insurance (BFSI) Security Market Future Outlook and Potential Analysis
Top Major Players
- International Business Machines Corp
- Honeywell International Inc.
- Cisco Systems Inc., McAfee LLC
- Booz Allen Hamilton Inc.
- DXC Technology Company
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