Threat Intelligence in BFSI Market to Build Excessive Revenue at Healthy CAGR Growth Rate Up to 2030: Check Point Software Technologies Ltd., Cisco Systems, Inc

Allied Market Research published a report, titled, "Threat Intelligence in BFSI Market by Component (Solutions, Services), by Deployment Mode (On-Premises, Cloud), by Enterprises Size (Large Enterprises, Small and Medium sized Enterprises (SMEs)), by Application (Anti-money laundering and Fraud Management, Risk and Compliance Management, Identity Management, Others), by End User (Banks, Insurance Companies, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global threat intelligence in BFSI industry generated $4.3 billion in 2021, and is anticipated to generate $29.8 billion by 2031, witnessing a CAGR of 21.5% from 2022 to 2031.

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Prime determinants of growth

Rise in incidence of security breaches and cybercrimes, increase in demand for professional and managed services across BFSI, and surge in the evolution of next-generation security solutions drive the growth of the global threat intelligence in BFSI market. However, a low data security budget & high installation cost of the solution is expected to hamper the market expansion. On the contrary, the rise in focus of organizations in the BFSI sector to include threat intelligence across the developed economies is expected to provide lucrative opportunities to the market in the upcoming years.

Covid-19 Scenario

Due to the tremendous increase in adoption of digital banking during the pandemic, BFSI security providers offered AI cyber security platforms such as cyber threat intelligence solutions, ideally suited for the digital banking industry to stay protected from the threat or cybercrimes. This, in turn, boosted the growth of the threat intelligence in BFSI market during the pandemic situation.
Moreover, many private as well as government organizations, allowed their employees to work from home amid the lockdowns, which created the need for monitoring the network security proactively, as people were remotely connected, consuming enterprise resources and sharing documents using collaboration tools.
The trend is going to continue in the post-pandemic phase as well.
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The solutions segment to maintain its leadership status throughout the forecast period

Based on component, the solutions segment held the highest market share in 2021, accounting for around three-fourths of the global threat intelligence in BFSI market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the rise in need to monitor security and management services to enhance banking operations and surge in need to manage large risk in banks. However, the services segment is projected to manifest the highest CAGR of 25.9% from 2022 to 2031. Banking customers expect more modernization and digitalization in their financial services with increase in penetration of advance technology, which drives the growth of the threat intelligence in BFSI service market.

The on-premises segment to maintain its leadership status throughout the forecast period

Based on deployment mode, the on-premises segment held the highest market share in 2021, accounting for around two-thirds of the global threat intelligence in BFSI market, and is estimated to maintain its leadership status throughout the forecast period. This is due to the increased demand for securing critical data from cyber-threats & monitor the invasion of data within the organization. However, the cloud segment is projected to manifest the highest CAGR of 27.8% from 2022 to 2031. The adoption of cloud-based threat intelligence in BFSI software has largely increased among both, large enterprises and SMEs, with the growing need for reducing infrastructure investment. These cloud-based security solutions enable enterprises with superior control over access to application and sensitive information from distant locations, which is a major factor that drives the growth of the segment.

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The large enterprises segment to maintain its lead position during the forecast period

Based on enterprise size, the large enterprises segment accounted for the largest share in 2021, contributing to more than three-fourths of the global threat intelligence in BFSI market, and is projected to maintain its lead position during the forecast period. This is attributed to the significant increase in awareness about IT security among large enterprises. However, the SMEs segment is expected to portray the fastest CAGR of 25.1% from 2022 to 2031, due to rise in adoption of cloud-based security services among SMEs.

Asia-Pacific to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global threat intelligence in BFSI market. This is owing to the increase in awareness of threat intelligence solutions among banks & financial institutions and surge in partnership between companies providing technologies with major banks & financial institutions in this region. However, Asia-Pacific is expected to dominate the market and also grow at the fastest CAGR of 24.4% from 2022 to 2031, as several financial institutions, banks, and insurance companies are adopting threat intelligence software & services to boost business efficiency, lower compliance risk exposure, and increase bureaucratic competence of organizations in the region.

Leading Market Players: -

IBM
Cisco Systems Inc.
AT&T Inc.
DXC Technology
McAfee
ThreatConnect, Inc.
VMware, Inc.
Fortinet Inc.
Trend Micro Inc
Broadcom Inc.
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