Worldwide Latest Market Research Report on “Global BFSI Security Market – Segmented by Type of Security, Services, End-User Sub-Vertical (Financial Markets, Insurance, Retail Banking), and Region – Growth, Trends, and Forecast (2019 – 2023) 2019-2023”
The Global BFSI Security market with CAGR of 11.43% 2019-2023. The report begins from overview of Industry Chain structure, and describes the industry environment, then analyses market size and forecast of BFSI Security by product, region, and application, in addition, this report introduces market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- Booz Allen Hamilton
- Cisco Systems
- Computer Sciences Corporation
- EMC Corporation
- Symantec Corporation
- IBM Corporation
- Trend Micro Incorporated
- Honeywell International
- Sophos Group
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Overview of BFSI Security Market:
The BFSI security market was valued at USD 32.7 billion in 2017 and is projected to reach USD 62.7 billion by the end of 2023, growing at a CAGR of 11.43% over the forecast period (2019-2023). The scope of the report is limited to the type of securities and services provided in sub-verticals of the financial sector. The regions considered in the scope of the report include – North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
BFSI provides the foundation for many of the financial exchanges of all the other sectors. It has become an integral part of other key infrastructure systems and an important component of the overall national critical infrastructure. As technological advancements are exponentially rising in the BFSI domain, new security challenges are also emerging. Now-a-days, most of the banking and financial institutions are using cloud services to perform their tasks. Increasing digitization of the BFSI, rise in cyber data breaches, and increasing adoption of cloud-based security services are the driving factors of the BFSI security market.
Rise in Cyber Data Breaches
The cyber data breaches in the banking and financial sectors are significantly impacting the consumer confidence. In the case of one major breach, for example, most of the cloud-based company saw a 46% drop in profit, the quarter after the breach. In 2017, the global average cost of a data breach was USD 3.62 million.
In 2017, Equifax, one of the three largest credit agencies in the United States, suffered a breach that may affect 143 million consumers. Sears Holdings, the parent company of Kmart, revealed that Kmarts store payment systems were infected with malware in 2017. JPMorgan was a victim in one of the biggest bank breaches in history; hackers got access to the financial information of 3,500 customers.
With security breaches such as the Equifax breach and Wannacry in 2017, the companies are bound to increase cybersecurity, which in turn will be the growth driver of the BFSI security market.
Retail banks attain scale by capturing market share, merging with, or acquiring other banks. Increasing revenue is fundamental to this process and strategically vital because it enables banks to compete effectively over the long term. Digitalization has now hit retail banking. Despite being satisfied with online customer service channels as compared to traditional channels, customers are looking forward to digitalization. After hitting digitalization, banks saw online customer subscriptions increase rapidly. Moreover, customers prefer to use their mobile phones instead of visiting bank branches. Also, of consumers who seek advice in the branch, half of them use an online channel to purchase/subscribe.
However, with the increase in digitalization, the threat of cyber data breaches has increased, which in turn will raise the need of security in the BFSI market.
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Reasons to Purchase the Report
The Global demand for BFSI Security Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2019 and 2025 compared to a few years ago, signifying the rapid pace of change.
Global BFSI Security Market highlights the following key factors:
- A complete informative analysis of BFSI Security industry, which includes a valuation of the parental market.
- Emerging trends by sections and regional markets.
- Major developments in market dynamics & market overview.
- BFSI Security Market shares and methods of key players in the BFSI Security market.
- Current and predictable size of BFSI Security market from the outlook of both value and volume.
- Reporting and estimation of recent industry developments.
- References to companies for establishment their position in the BFSI Security market.
BFSI Security Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major BFSI Security Market players in detail. BFSI Security Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Key Features of the BFSI Security Market Report:
- BFSI Security Market insights and finger analysis will help take knowledgeable decision in the changing competitive dynamics.
- To build up a far-reaching, verifiable, every year refreshed and financially perceptive data dependent on execution, capacities, objectives, and systems of the world is driving organizations.
- To help current providers reasonably evaluate their money related, advertising and innovative capacities opposite driving contenders.
- To supplement associations internal competing data gathering endeavors by giving vital investigation, information understanding, and knowledge.
- Five-year forecast measure would give a clear understanding of future growth.
- Investigation of upcoming and past market information will help in organizing an outline of current business strategies.
- Comprehensive information of market players will help understand consumer demands and market scope.
- Development opportunities and forecast buyer requests will evoke the collection of revenue.
- A comprehensive analysis of the changing competitive dynamics will keep you ahead of the competitors.
- The fresh proficient elements such as industry production study, revise product-launching events, growth and risk factors will help in the forecast feasibility analysis.
- To distinguish the slightest focused market specialties with huge development potential.
The growth of this market worldwide is subjected to various factors; including consumer world-class BFSI Security Market of many BFSI Security Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
In conclusion, BFSI Security Market report presents the descriptive analysis of the parent market based on elite players, present, past and futuristic data that will serve as a profitable guide for all the BFSI Security Market competitors.
Mr. Ajay More
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