BFSI Security Market is Expected to Reach $114.49 Billion By 2027 | IBM Corporation, Broadcom, Cisco Systems, Inc., Dell Inc.

A lead analyst at AMR highlighted the market across North America region is expected to dominate in terms of revenues throughout the forecast period.

Allied Market Research published a research report on the BFSI security market. The findings of the report states that the global market for BFSI security is expected to reach $114.49 billion by 2027, manifesting a CAGR of 13.2% from 2020 to 2027. The report provides valuable data on changing market dynamics, key segments, top investment pockets, and competitive scenario for market players, new entrants, investors, and shareholders.

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“Increase in adoption of IT in the BFSI sector has accelerated major possibilities to lose data, money, and securities, which can result in loss of revenue or profit. Therefore, demand & implementation of security solution among the BFSI sector is growing rapidly, which is the major trend in the market.” Pramod Borasi, Research Analyst, BFSI at Allied Market Research.

The report provides detailed information based on the key determinants of the market to assist market players in devising growth strategies. Rise in adoption of digitalization and increase in physical & virtual threats in the BFSI sector drive the global BFSI security market growth. Whereas, risk of third-party services and huge cost for implementation of technological securities in the BFSI sector impede the market growth. Moreover, rise in adoption of internet in the BFSI sector create lucrative opportunities in the next few years.

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The report provides a detailed scenario of impact of the Covid-19 pandemic on the BFSI security market globally. This helps the investors, market players, and new entrants to strategize according to impacts by the outbreak of the pandemic. BFSI Security has gained motion during covid-19, as the BFSI security providers are offering software-as-a-services under security platforms. The industry has observed a sharp growth in the use and implementation of online and digitalized financial services globally. This, in turn, has become one of the major growth factors for the BFSI security market during this global health crisis.

The report offers detailed segmentation of the global BFSI security market on the basis of security type, enterprise size, end user, and region. These insights are helpful for the new entrants as well as current market players to capitalize on the fastest growing and highest revenue generating segment to accomplish growth in the coming years.

Based on security type, the information security segment held the largest share in 2019, accounting for nearly three-fifths of the total market share, and is estimated to maintain its lead position throughout the forecast period. In addition, this segment is estimated to cite the fastest CAGR of 13.7% from 2020 to 2027. The report also studies physical security segment.

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Based on end-user, the banks segment dominated with the highest market share in 2019, holding more than three-fifths of the global BFSI security market, and is expected to maintain its leadership status during the forecast period. On the other hand, insurance companies segment is expected to manifest the highest CAGR of 14.5% from 2020 to 2027.

The global BFSI security market is studied across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America accounted for the highest market share in 2019, with more than one-third of the total share, and is projected to continue its dominant share in terms of revenue throughout the forecast period. However, the Asia-Pacific region is expected to portray the largest CAGR of 15.3% from 2020 to 2027.

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The global BFSI security market report includes an in-depth analysis of the prime market players such as IBM Corporation, Broadcom, Cisco Systems, Inc., Dell Inc., McAfee, LLC, Microsoft, Booz Allen Hamilton Inc., Honeywell International Inc., Sophos Ltd, and Trend Micro Incorporated.

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