Security Services For BFSI Sector Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033

The Business Research Company offers in-depth market insights through Security Services For BFSI Sector Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The security services for bfsi sector market size has grown rapidly in recent years. It will grow from $60.33 billion in 2023 to $67.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to increased cybersecurity threats in the bfsi sector, regulatory compliance and data protection requirements, growing digital transformation in banking and finance, high-stakes nature of financial transactions, need for fraud detection and prevention in financial transactions.

The security services for bfsi sector market size is expected to see rapid growth in the next few years. It will grow to $110.32 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to adoption of advanced threat intelligence in bfsi security, integration of artificial intelligence and machine learning, emphasis on cloud security for bfsi operations, growth in endpoint security solutions, increased focus on insider threat detection. Major trends in the forecast period include biometric authentication for enhanced security, continuous monitoring and incident response, adoption of blockchain for secure financial transactions, collaborative threat intelligence sharing in the bfsi sector, emphasis on zero trust security models in bfsi security services.

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Market Segmentation:
The security services for bfsi sector market covered in this report is segmented -
1) By Type: Physical Security, Cyber Security
2) By Services: Managed Services, Professional Services, System Integration, Support And Maintenance, Consulting
3) By Information Security: System, Service
4) By Enterprise Size: Large Enterprises, Small and Medium Enterprises (SMEs)
5) By End Users: Banks, Insurance Companies, Other End Users

Major Driver - Rising Cyber Data Breaches Fuel Demand For Advanced Security Services In Bfsi Sector
The rise in cyber data breaches is expected to propel the growth of security services for the BFSI sector market going forward. Cyber data breaches are identified as gaining unauthorized access to a computer system or network to obtain private, sensitive, or confidential personal and financial information from customers or users. The BFSI sector saw an increase in cyber-attacks in which skilled hackers carried out planned breaches, thefts, invasions, data thefts, malware, and phishing attacks, resulting in significant financial loss and distress. Due to the numerous planned breaches in the BSFI sector, there is a need to enforce cyber security and prevent data breaches with endpoint detection and response (EDR), biometric technology, cloud security, code audit, and embedded system security assessment. For instance, according to the Cost of a Data Breach Report 2021, published by International Business Machines Corporation, a US-based technology corporation, the data breach costs increased significantly year over year, rising from $ 3.86 million in 2020 to $ 4.24 million in 2021. Therefore, the rise in cyber data breaches will drive the demand for security services for the BFSI sector market growth.

Competitive Landscape:
Major companies operating in the security services for bfsi sector market report are Booz Allen Hamilton, Cisco Systems, Computer Sciences Corporation, EMC Corporation, Symantec Corporation, IBM Corporation, Trend Micro Incorporated, Honeywell International, Sophos Group, Dell Inc., McAfee Security, Bosch Security Systems, Axis Communications, Microsoft Corporation, Seico Inc., Check Point Software Technologies Ltd., Wipro Limited, HCL Technologies Limited, Tata Consultancy Services Limited, Infosys Limited, Capgemini SE, Cognizant Technology Solutions Corporation, DXC Technology Company, Atos SE, NTT Data Corporation, Fujitsu Limited, Verizon Communications Inc., SecureWorks Inc., Trustwave Holdings Inc.

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Top Trend - Technological Advancements Transforming The Landscape Of Bfsi Security Services
Technological advancement is the key trend gaining popularity in the security services for the BFSI sector market. Major companies operating in the security services for the BFSI sector are focusing on developing technologically advanced security services and solutions to strengthen their position. For instance, In July 2021, Tata Communication, an Indian 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. Fulfilling the nation's data residency laws also enables foreign banks to increase their presence in India.

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

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