According to SPER Market Research, the BFSI Security Market is estimated to reach USD 220.39 billion by 2032 with a CAGR of 13.45%. Businesses that provide a range of financial products and services are referred to as providing banking, financial services, and insurance (BFSI) in the industry jargon. This comprises businesses that work in one or more of these financial industries as well as universal banks that offer a range of financial services. The BFSI sector includes insurance companies, commercial banks, non-banking financial institutions, cooperatives, pension funds, mutual funds, and other smaller financial institutions.
A highly regulated and secure business environment is used to operate the banking, financial services, and insurance companies that make up the BFSI industry. The market is also being driven forward by the rise in demand for BFSI security as a result of data breach incidents and other security problems across various operating standards. Furthermore, BFSI security services & solutions guarantee long-term financial visibility through physical & cyber security of banking & financial institutions.
BFSI Security Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 13.45%
- Forecast Market Size (2032): 220.39 billion
Countries as well as the security market have been impacted by COVID 19. The BFSI Security Market has suffered as a result of governments going into lockdown in an effort to combat the negative consequences. The epidemic presents a number of difficulties for the industry, which has been severely impacted globally. The danger of continued production, supply, distribution, a lack of labourers, and fewer development activities have all had an impact on the supply and demand. Different industries’ needs are met by the application of the procedure. People aren’t as active as they used to be. Significant strategic changes are occurring. Because of the rising demand from customers around the world, MNCs are investing more in the BFSI Security Market segment.
Impact of COVID-19 on the BFSI Security Market:
Due to the global increase in the use and consumption of online and digitalized financial services, the COVID-19 pandemic has a substantial impact on the BFSI security market. Additionally, numerous countries have implemented lockdowns to stop the spread of the virus; as a result, BFSI security providers are gaining pace during the pandemic crisis and are progressively offering software-as-a-services under security platforms. As a result, during the current global health crisis, this has emerged as one of the key development factors for the BFSI security industry. A public health emergency has been declared by the World Health Organization (WHO) due to the COVID-19 virus’s rapid global spread since its appearance. The COVID-19 pandemic has had a significant impact on the BFSI security industry because to the rising use and adoption of online and digitalized financial services worldwide. Additionally, many nations have imposed lockdowns to stop virus spread; as a result, BFSI security providers are gaining popularity during the pandemic and are progressively selling software-as-a-service under security platforms. This has led to the global health problem becoming one of the main drivers of growth for the BFSI security market.
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BFSI Security Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
- Physical Security
- Virtual Security
- By Verticals:
- Insurance Companies
By Enterprise Size:
- Large Enterprises
- Small & Medium Enterprises (SMEs)
- By Services
- System Integration
- Middle East
- North America
- Latin America
BFSI Security Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Booz Allen Hamilton Inc., Broadcom, Cisco Systems Inc., DXC Technology Company, FireEye Inc, Fortinet Inc, Hewlett Packard Enterprise Development LP, Honeywell International Inc., Huntsman International LLC. IBM, LogRhythm Inc., McAfee, RSA Security LLC, Sophos Group Plc., Trend Micro Incorporated.
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