0
New
New
2022
Cyber Security In Bfsi Market

Cyber Security in BFSI Market

by Component (Solution, Services), by Deployment Model (On premise, Cloud), by Enterprise Size (Large Enterprise, SMEs): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A04033
Pages: 197
Nov 2022 | 9292 Views
Author(s) : Apoorv P , Vineet K
Tables: 163
Charts: 53
  • Formats*:

  • Single User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

Cyber Security In BFSI Market Research, 2031

The global cyber security in BFSI market was valued at $39.9 billion in 2021, and is projected to reach $214.5 billion by 2031, growing at a CAGR of 18.6% from 2022 to 2031.

The COVID-19 outbreak has high impact on the growth of cyber security in BFSI market, owing to the increasing number of smartphone users, growing adoption of connected devices, and surging e-commerce sector provide lucrative opportunities of the cyber security in BFSI market. Furthermore, the cyber security in BFSI sector is increasingly adopting & investing in technologies such as artificial intelligence, machine learning, and block chain solution, which is a technology-driven transformation in regulatory affairs to deal with new directives & regulations.

Cyber security refers to technologies, procedures, and methods designed to prevent networks, devices, programs, and data from attack, damage, malware, viruses, hacking, data thefts or unauthorized access banking, financial services, and insurance (BFSI) sector have aggressively transformed themselves and leveraged technology to meet the evolving requirements of their customers. From managing records on paper to component, various digital services such as online purchases and premium payments are all done to match the customer’s needs. Banking, Financial Services, and Insurance (BFSI) sector have aggressively transformed themselves and leveraged technology to meet the evolving requirements of their customers. From managing records on paper to component, various digital services such as online purchases and premium payments are all done to match the customer’s needs. While this digital transformation has improved the customer experience and increased the bottom-line, the security concerns for BFSI sector have increased too. The sector is subjected to several attacks ranging from phishing attacks, DoS attacks, spear-phishing, ransomware, and malware attacks that try to steal money and sabotage the brand’s reputation. Governments and regulatory bodies across the world have emphasized heavily on strict security protocols and technology to stop these attacks.

Surge in adoption of digitalization in BFSI sector, increase in adoption of IoT & BYOD trend, and increase in physical & virtual threat in the BFSI sector are the key factors that drive of the growth of the cyber security in BFSI market trends. Additionally, increase in adoption of mobile device applications and platforms boost the adoption of cyber security in BFSI industry. However, expensive to adopt technical security measures are expected to hinder the growth of the market.

Cyber Security in BFSI Market

The cyber security in bfsi market is segmented into Component, Deployment Model and Enterprise Size.

Segment review

The cyber security in BFSI market is segmented on the basis of component, deployment model, enterprise size, and region. By component, it is bifurcated into solution and services. By solution, it is further fragmented into identity & access management, infrastructure security, governance risk & compliance, unified vulnerability management service component, data security & privacy service component, and others. By deployment model, the market is categorized into on-premises and cloud. By enterprise size, the market is classified into large enterprise and SMEs. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Cyber Security in BFSI Market
By Component

Your browser does not support the canvas element.

The solution segment dominates the market growth in 2021, owing to rise in need to monitor security issues in various organization and to enhance banking operations.

Get more information on this report : Request Sample Pages

Depending on component, the solution segment dominated the cyber security in BFSI market growth in 2021 and is expected to continue this trend during the forecast period, owing to rise in need to monitor security and management services to enhance banking operations and surge in need to manage large risk in banks drive growth of the market. In addition, availability of advanced security solutions such as silent alarm notification, advanced anti-skimming technology, ATM lighting, video surveillance and remote video monitoring is anticipated to boost banks and financial institutions to adopt security solution, thereby supplementing growth of the global cyber security in BFSI market.

Cyber Security in BFSI Market
By Region

2031
Asia-pacific 
North America
Europe
Lamea

North America dominates the market in 2021, owing to rise in awareness regarding data security among banks, insurance firms, and financial institutions are some of the major factors that drive the market growth in this region.

Get more information on this report : Request Sample Pages

Region-wise, North America dominated the cyber security in BFSI market size in 2021 and is expected to retain its position during the forecast period, owing to rise in awareness regarding data security among banks, insurance firms, and financial institutions and rise in number of cyberattacks are some of the major factors that drive the market growth in this region. Furthermore, several major cyber security in BFSI solution providers including Cisco Systems, Inc., IBM Corporation, and Microsoft are introducing new products & services to protect cyber-attacks & other data thefts in the BFSI sector. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to adopting of security solutions to implement new technologies and to overcome online frauds, which is expected to fuel the market growth in this region. Moreover, massive use of technologies & software involvement has led to huge security concerns among firms operating in the BFSI sector.

The key players profiled in the cyber security in BFSI market analysis are Cisco Systems, IBM Corporation, Microsoft Corporation, BAE Systems, Check Point Software Technologies, DXC Technology, Trend Micro Inc., FireEye Inc., Broadcom Inc., and MacAfee Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the cyber security in BFSI industry.

Top impacting factors

Surge in adoption of digitalization in BFSI sector

Rapid adoption of technologies such as artificial intelligence, machine learning, and block chain in the BFSI sector has led to massive threat issues for secured data. In addition, with increase in digitalization, demand for security of data due to cyber-attacks & thefts continue to rise in the BFSI security market. Moreover, banks, financial institutions, and other financing firms are rapidly switching toward digitalized business operations, thus, adoption & implementation of security solutions & services has increased tremendously. Therefore, the BFSI security market provides cyber-security services to protect the BFSI sector from such threat issues and as a result, is one of the major factors that propel the cyber security in BFSI market share.

Increase in adoption of IoT and BYOD trend

Devices and applications have become more vulnerable to advanced persistent threats (APTs) as a result of the growing IoT and BYOD trend among businesses. Furthermore, as the number of mobile devices within enterprises grows, IT staff is expected to find it more challenging to control and trace data flow in diverse systems. As a result, businesses are using cybersecurity systems to secure sensitive data by monitoring, classifying, and resolving various types of threats, fueling market growth. For instance, in 2021, cyber criminals manipulated the COVID-19 crisis to launch 667% more phishing attacks and tried to take advantage of security vulnerabilities, which, in turn, boosted the growth of the market. Moreover, over 15% of employees accessed sensitive data from non-work devices in 2020. In addition, many businesses are aware that BYOD’s benefits in the workplace far outweigh any potential risks. Potential security threats can be neutralized in most situations. There are many benefits of having a BYOD policy, increased productivity, employee satisfaction, and reduced company costs; thus, foster the adoption of cybersecurity.

Technological Trends

Over the last decade, cyber security have been heavily used in BFSI organizations. BFSI firms appear to target cyber assaults since they handle significant volumes of sensitive data and manage large cash balances. The industry has accepted a few noteworthy trends and is now working on new solutions to mitigate possible concerns. This is attributed to the core principles of cyber security that help BFSI organizations to deal with malicious external attacks. Several useful features such as integrated security, where all components work and communicate together. Another option to prevent such threats is to use machine learning and big data analytics to store and analyze a large amount of security data in real-time.

In addition, increase in zero trust adoption has also become a priority for organizations. This model can identify high value assets and data within the network. Moreover, BFSI companies are also migrating to better cloud management software solutions to adopt their digital transformation strategy and incorporate cloud-based tools and services.

Government Initiatives:

The increase in digitization initiatives by a range of governments in developing countries is one of the major factors driving the market for cyber security in BFSI. For instance, ISO/IEC 27001 is a widely accepted worldwide standard for lowering security risks and safeguarding information systems. ISO/IEC 27001 is an internationally recognized set of security policies and processes that provide direction on how to improve a company's security posture in any industry.  Financial institutions that want to demonstrate their exceptional cybersecurity procedures to stakeholders should pursue ISO/IEC 27001 accreditation, given its image as an internationally recognized benchmark for cyber-attack resilience.

KEY BENEFITS FOR STAKEHOLDERS        

  • The study provides an in-depth analysis of the cyber security in BFSI market forecast along with current & future trends to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on cyber security in BFSI trends is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.

 

 

Cyber Security in BFSI Market Report Highlights

Aspects Details
Market Size By 2031 USD 214.5 billion
Growth Rate CAGR of 18.6%
Forecast period 2021 - 2031
Report Pages 197
Component
  • Solution
    • Solution Type
      • Identity and Access Management
      • Infrastructure Security
      • Governance Risk and Compliance
      • Unified Vulnerability Management Service Offering
      • Data Security and Privacy Service Offering
      • Others
  • Services
Deployment Model
  • On premise
  • Cloud
Enterprise Size
  • Large Enterprise
  • SMEs
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Cisco Systems Inc., IBM CORPORATION, Microsoft Corporation, BAE Systems plc, Check Point Software Technologies, DXC Technology, Trend Micro Inc., FireEye, Inc., Broadcom Inc., MACAFEE, INC.
 

Loading Table Of Content...


 
 

In accordance with insights by CXOs of leading companies, sectors such as banks, insurance companies, and financial institutions are largely engaged in regulating environment with huge involvement of financial data & services. In addition, firms operating in the BFSI sector are facing increased data theft and unauthorized access occurrences, owing to non-compliance to various standards. As a result, demand for security solutions & services among banking & financial organizations has increased tremendously. This, as a result has become a major trend in the global cyber security in BFSI market. In addition, the COVID-19 outbreak has a significant impact on the cyber security in BFSI market as several firms in the sector aim at investing in technologies to ensure security of data & expansion of their components in the market.

In the digital era where artificial intelligence and internet of things have taken over the world, there seems to be a comparatively less growth rate of the cyber security in BFSI market than digital marketing. Increased awareness among enterprises of all kinds when it comes to securing their information as well as an increase in ransom-ware assaults among small businesses, charities, and government agencies, are developing trends in the cybersecurity sector. As a result, every firm is increasing its expenditure in order to preserve its sensitive and critical data.

However, a considerable number of companies perceive that they have minimum cyber security in BFSI solutions exposure. This scenario is changing, and 2019 has witnessed an increase in sales of cyber security in BFSI solutions, owing to rapid increase in number data thefts among financial transactions. As a result, firms in the sector are implementing security solution to protect consumer data and financial information, which has led to innovations & new trends in the cyber security in BFSI industry

PURCHASE OPTIONS

Call or Email us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com
 
FREQUENTLY ASKED QUESTIONS?

A. There are numerous trends of cyber security in BFSI market such as adoption of AI for fraud detection, increased reliability on advanced blockchain systems, and digital-only banking, and so on.

A. The main objective of Cyber security in banking is to safeguard the user's assets. As individuals go cashless, further actions or transactions are done online

A. North America is the largest regional market in cyber security in BFSI market

A. Cyber Security in BFSi is estimated to reach $214,536.81 million by 2031

A. Cisco Systems, IBM Corporation, Microsoft Corporation, BAE Systems, Check Point Software Technologies, DXC Technology, Trend Micro Inc., FireEye Inc., Broadcom Inc., and MacAfee Inc

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
RELATED TAGS

Purchase Full Report of
Cyber Security In Bfsi Market

Start reading instantly.
This Report and over 19,272+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,570
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
    (Nov 2023 - Nov 2024)
  • Data Pack
  • $3,840
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Nov 2023 - Nov 2024)
  • Single User
  • $5,730
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Nov 2023 - Nov 2024)
  • Five Users
  • $6,450
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Nov 2023 - Nov 2024)
  • Enterprise
    License/PDF

  • $9,600
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Nov 2023 - Nov 2024)
  • Library
    Membership

  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

RELATED REPORTS
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers