Threat Intelligence in BFSI Market Expected to Reach $29.8 Billion by 2031

According to a new report published by Allied Market Research, titled, “Threat Intelligence in BFSI Market," The threat intelligence in BFSI market size was valued at $4.3 billion in 2021, and is estimated to reach $29.8 billion by 2031, growing at a CAGR of 21.5% from 2022 to 2031.

Since, the banking and financial services organizations are high-profile targets for cybercriminal activity and subject to enormous risk. These organizations are 300 times more likely to be targeted by an attack than any other industry and highly susceptible to data breach. Furthermore, financial organizations exposed to a wide range of cyber threats including malware and ransomware with threat actors looking to exploit weak spots to cause maximum disruption for financial gain. Hence the BFSI industry has an urgent need to develop capability that can help identify cyber threat intelligence with a high degree of accuracy, so an industry leader in intelligent AI cyber security, Forcepoint's UEBA enables transparent comprehensive investigation with advanced analytics such as machine learning and artificial intelligence that are tuned towards the specific behavior risks.

On the basis of application, the anti-money laundering and fraud management segment is the highest growing segment. This is attributed to the fact that AML systems help produce a large number of false alerts and detect money laundering sophisticated technologies employed by criminals. Moreover, AML & fraud management helps banks, financial institutions, and other regulatory bodies to improve the overall functioning of systems by reducing the risks associated with operational & reputational damages and regulatory compliance. These factors boost the growth of the AML & fraud management segment in the threat intelligence in BFSI industry.

Based on region, North America attained the highest threat intelligence in BFSI market growth in 2021. This is attributed to the increase in awareness of threat intelligence solutions among banks & financial institutions and surge in partnership of companies providing technologies with major banks & financial institutions in this region notably contribute toward the market growth. Furthermore, surge in demand for threat intelligence solutions to handle business contingencies and emergencies such as cyber-attacks & data thefts among companies operating in the BFSI sector act as the key driving forces of the North America threat intelligence in BFSI market trends.   

Threat or cybercrime in BFSI industries have increased during the COVID-19 pandemic. As businesses rely more heavily on technology to develop new products and business models, expand digital penetration to new applications, devices, and business processes, and better support employees' flexibility, which results in the growth of cyber risks. Hence, threat intelligence becomes more important in threat intelligence in BFSI market growth during the COVID-19 pandemic.   

Key findings of the study

• By component, the solution segment led the threat intelligence in BFSI market in terms of revenue in 2021.
• By deployment mode, the on-premises segment accounted for the highest threat intelligence in BFSI market share in 2021.
• By region, North America generated the highest revenue in 2021.

The key players profiled in the threat intelligence in BFSI market analysis are Check Point Software Technologies Ltd., Cisco Systems, Inc., DXC Technology Company, Fortinet, Inc., IBM Corporation, Juniper Networks, Inc., McAfee, LLC, Trend Micro Incorporated, VMware, Inc., and Webroot Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.