BFSI Security  Market Size USD 9 Billion by 2024 at CAGR 20.9%

The BFSI comprises commercial banks, insurance firms, non-banking financial companies, cooperatives, mutual funds, retail and other organizations in the sectors of banking, finance, services, and insurance. Banking transactions that can be carried out over an internet network have the possibility of disclosing the confidential data of the customer. To counter these continuous risks of cybersecurity attacks, the BFSI security solutions were introduced. The introduction of this system has been highly productive as it has provided a more trustworthy forum on which consumers can ensure that their information is not abused or stolen.

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Drivers:

Rise in cyber-attack in BFSI sector is expected to drive the growth of the global BFSI security market. According to the Kaspersky Security Network (KSN), India has witnessed a 37% increase in cyber-attacks in the first quarter (Q1) of 2020 as compared to the fourth quarter (Q4) in 2019. Rise in Adoption of cloud-based security solutions is expected to drive growth of the global BFSI security market. For instance, in October 2019, Trend Micro acquired Cloud Conformity to boost its cloud service offering. To ensure compliance with the best practices and industry standards, Cloud Conformity provides cloud protection posture management.

Restraints:

Complexity in security infrastructure is expected to restrain growth of the global BFSI security market.

Regional insights:

North America is expected to dominate global BFSI security market, owing to presence of key market players such as DXC Technology Company, McAfee, Inc., and Symantec Corporation across the region. Asia Pacific is expected to rise in near future, owing to rise in IoT cloud-based security solution. According to IoT India Congress 2018, Indian IoT market is expected to grow from US$ 3 billion to US$ 9 billion by 2024.

Competitors section:

Key competitors in global BFSI security market are computer Sciences Corporation (CSC), Booz Allen Hamilton Inc., EMC Corporation, Honeywell International, Inc., Cisco Systems Inc., and Mcafee, Inc.

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In June 2020, McAfee launched MVISION insights which industry’s first proactivity security solution by stopping threats before the cyber-attack.

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