Banking, Financial Services And Insurance BFSI Security Market, 2023 Size, Share, Trends, Growth Outlook With Company Analysis And Forecast To 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Banking, Financial Services And Insurance BFSI Security Global Market Report 2023 identifies increasing prevalence of cyberattacks as the major driver for the Banking, Financial Services And Insurance BFSI Security market's growth in the forecast period. Cyberattacks refer to the attempt by an individual or organization to steal, breach, or expose information through unauthorized access to the system of an organization. Efficient security systems are required in the BFSI sector to mitigate business risks and prevent the substantial financial losses caused by cyberattacks. For instance, according to the Indian Computer Emergency Response Team (CERT-In), an office within the Ministry of Electronics and Information Technology of the Government of India, a total number of 2.46 lakh and 2.90 lakh cyber security incidents related to digital banking were reported during 2019 and 2020, respectively. Therefore, the increasing prevalence of cyberattacks in banking, financial services, and insurance (BFSI) security will drive the growth of the banking, financial services, and insurance (BFSI) security market.

The global banking, financial services and insurance (BFSI) security market size grew from $53.23 billion in 2022 to $59.79 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The banking, financial services and insurance (BFSI) security market size is expected to grow to $90.93 billion in 2027 at a CAGR of 11.1%.

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Major competitors in the Banking, Financial Services And Insurance BFSI Security market are International Business Machines Corp, Honeywell International Inc., Cisco Systems Inc., McAfee LLC, Booz Allen Hamilton Inc., DXC Technology Company, Dell Technologies Inc., Sophos Group PLC., Broadcom Inc., Microsoft Corporation, Trend Micro Incorporated, Symantec Corporation, EMC Corporation, Bosch Security and Safety Systems, Axis Communications AB, and Computer Sciences Corporation.

A key trend in the Banking, Financial Services And Insurance BFSI Security market includes Technological advancement. Major companies operating in the Banking, Financial Services And Insurance BFSI Security market are focused on providing technologically advanced solutions to strengthen their market position. Major companies operating in the banking, financial services, and insurance (BFSI) security market are adopting new technological solutions to sustain their position. For example, in July 2021, Tata Communications Limited, an India-based telecommunications company, launched IZOTM Financial Cloud, a customized community cloud platform designed to adhere to the strict data privacy, protection compliance, and security standards established by Indian regulators for the banking, financial services, and insurance (BFSI) industry. This platform helps create an open financial environment that gives BFSI and FinTechs the groundwork to support cutting-edge digital services.

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The Banking, Financial Services And Insurance BFSI Security market is segmented -
1) By Type: Physical Security, Virtual Security
2) By Information Security Offering: Solution, Service
3) By End User: Banks, Insurance Companies, Other End Users

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Banking, Financial Services And Insurance BFSI Security market.

The Business Research Company's "Global Banking, Financial Services And Insurance BFSI Security Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Banking, Financial Services And Insurance BFSI Security Market Include:
1. Executive Summary
2. Banking, Financial Services And Insurance BFSI Security market Characteristics
3. Banking, Financial Services And Insurance BFSI Security market Trends And Strategies
4. Banking, Financial Services And Insurance BFSI Security Market - Macro Economic Scenario
5. Banking, Financial Services And Insurance BFSI Security market Size And Growth
……
27. Banking, Financial Services And Insurance BFSI Security market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Banking, Financial Services And Insurance BFSI Security market
29. Banking, Financial Services And Insurance BFSI Security market Future Outlook and Potential Analysis
30. Appendix

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