The growing popularity of BFSI security in Fintech has seen the demand for security measures skyrocket.
FORT COLLINS, Colo., March 18, 2024 (Globe Newswire) — The BFSI security market was valued at USD 67.4 billion in 2023 and is expected to grow at a CAGR of 9.1% to reach USD 147.8 billion by 2032.
The market growth is predicted to be high due to the increasing number of cyber-attacks targeting BFSI infrastructure. As technology advances, many threats target banks and financial institutions' infrastructure and customers. As a result, financial institutions are forced to invest in robust security systems, driving the expansion of the BFSI security market.
In recent years, there has been a rapid increase in cyberattacks, especially targeting banks and financial institutions, as most transactions take place online. According to US-based cybersecurity firm SentinelOne, attacks against financial services companies increased from 55% in 2022 to 64% in 2023. This highlights the imperative of implementing robust security measures to reduce the risk of data loss and theft.
Furthermore, with the increasing adoption of cloud-based solutions, BFSI Security Market Demand. Today, the primary platform for software applications is the web browser, not the physical hard drive. Cloud-based technologies are in high demand due to their cost-effectiveness and streamlined operations. However, this trend also poses significant security challenges, and industries operating on cloud technology require proactive measures to protect sensitive information from inadvertent disclosure and cyber threats.
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Segmentation overview:
global BFSI security market is subdivided into Type, service, industry, region. Based on Type, BFSI Security Market Segmentation includes Information Security and Physical Security. Information security accounts for a significant share in the type segment of the BFSI security market. Information security refers to protecting sensitive client information, such as health-related information, financial details, and other information that may threaten privacy, and reducing the risk of disclosure in the event of a data breach.
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Highlights of the BFSI Security Market Report:
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North America holds a large share in the BFSI security market, and the United States also holds a large share in the region. According to the Federal Deposit Insurance Corporation, banks and other financial institutions in the United States are required to comply with regulations that protect and ensure the safety, security, confidentiality, and integrity of customer data.
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Notable players in the BFSI Security market report include IBM Corporation, Cisco Systems Inc., Honeywell International Inc., Broadcom, Trend Micro Inc., Dell EMC, Gen Digital Inc., Sophos Ltd., McAfee Corporation, and DXC Technology. included.
Industry trends and insights:
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In 2023, Temenos launched the first secure Gen AI and LLM in banking to facilitate personalized experiences in banking. It aims to improve the digital banking capabilities of businesses and customers.
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BFSI Security Market Segmentation:
By type: Information security, physical security.
By service: System integration, maintenance, and support.
Vertical direction: banking, insurance, etc.
By region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa.
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