BFSI in IT Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Banking, financial services, and insurance companies make up the BFSI sector, which operates in a highly regulated and secure business environment. Many financial exchanges in all other sectors are built on the foundation of BFSI. It has become an essential component of the overall national critical infrastructure as well as an integral part of other critical infrastructure systems. Non-compliance with various standards may cause security incidents in a variety of situations. Furthermore, rise in demand for IT services, owing to data breaches and other security issues across various operational standards, propels the market growth.

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Advanced security solutions are expected to emerge as regulatory standards, cloud-based security solutions became more widely adopted, and more modes of online payment became available. Attributed to this widespread use of cloud-based technologies, data has become more vulnerable to cyber-attacks. Hackers have started targeting banks that use the SWIFT network to send money-moving messages with malware. Therefore, to provide safety & security methods for customers across the BFSI segment, the rise in demand to provide high-safety measures is expected to boost the secured payment solution market growth.

The global BFSI in IT market is segmented on the basis of type, information security type, physical security type, service type, enterprise size and region. Based on type, the market is divided into information security and physical security. In terms of information security type, the BFSI in IT market is categorized into identity and access management, risk and compliance management, encryption, firewall, unified threat management, data loss protection, antivirus/antimalware and others.

COVID-19 Impact Analysis

During the COVID-19 outbreak, majority of companies witnessed a devastating decline in the market; however, the BFSI sector had a positive impact, as governments declared lockdowns in the affected countries, which, in turn, enforced consumers to adopt technology more than before, and thus adoption of online and digital financial services increased rapidly globally.

During the pandemic, the BFSI sector providers increasingly offered software-as-a-service under security platforms, which is gaining traction. As a result, during the global health crisis, this has become one of the major factors affecting the BFSI in IT market forecast.

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Increase in Adoption of Digitalization in the BFSI Sector

The BFSI sector's rapid adoption of technologies, such as artificial intelligence, machine learning, and block chain, resulted in massive data security threats. Furthermore, as this industry becomes more digitalized, demand for data security due to cyber-attacks and theft continues to rise in the BFSI market. Furthermore, banks, financial institutions, and other financing firms are rapidly transitioning to digitalized business operations, resulting in massive increase in the adoption and implementation of security solutions and services. As a result, cyber-security services are provided to protect the BFSI sector from such threats, which is one of the major factors driving the market growth and is expected to foster the growth of the BFSI in IT market during the forecast period.

Increased Adoption of Cloud-Based Security Solutions

During the forecast period, the BFSI sector, which was a pioneer in the adoption of computer and networking systems to reduce large, space-intensive repositories and databases, is expected to have a significant share of the cloud managed services market. The rapid adoption of cloud services by businesses across the world has fueled the growth of cloud managed services. Small & medium businesses have emerged as the most promising consumers of cloud services due to increased flexibility and introduction of "pay as you go" model.

Key Benefits of the Report

This study presents analytical depiction of the global BFSI in IT market along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the BFSI in IT market share.

The current market is quantitatively analyzed to highlight the global BFSI in IT market growth scenario.

Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.

The report provides a detailed BFSI in IT market analysis depending on the present and future competitive intensity of the market.

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BFSI in IT Market Report Highlights

By Type

Information Security
Physical Security

By Information Security type

Identity and access management
Risk and Compliance Management
Encryption
Firewall
Unified Threat Management
Data Loss Protection
Antivirus/Antimalware
Others

By Region

North America (U.S., Canada)
Europe (France, Germany, UK, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭

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