The report provides an overview of the “BFSI Security Market” industry including definitions, division, key vendors, key Development and market challenges. The BFSI Security Market analysis is provided the international markets including development trends, competitive landscape analysis, and key regions development status
Through the statistical analysis, the report depicts the global BFSI Security Market including capacity, production, production value, cost/profit, supply/demand and import/export. The entire market is further distributed by company, by country, and by application/type for the competitive landscape analysis.
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The BFSI security market is expected to witness a CAGR of over 11% during the forecast period (2019-2024). Banks and other financial institutes are under increasing scrutiny to ensure they have the appropriate security measures in place, especially in the wake of the numerous high-profile data breaches that have taken place over the last few years.
– The increasing implementation of regulatory standards, coupled with the rise in adoption of cloud-based security solutions and increasing modes of online payments is expected to give rise to advanced security solutions.
– This is because with the adoption of cloud-based technologies have made data more vulnerable to security attacks. Hackers have begun using malware such as Odinaff, Danabot, Camubot, and Backswap, to target banks that rely on the SWIFT network to send money-moving messages. This has led to customers demanding more effective solutions.
– In countries such as Qatar, where significant investments in infrastructure are being made for the 2022 FIFA World Cup, banks are also investing in advanced security solutions.
Scope of the Report
BFSI provides the foundation for many of the financial exchanges of all the other sectors. It has become an integral part of other critical infrastructure systems and an essential component of the overall national critical infrastructure. BFSI runs in a highly regulated environment. In various cases, security incidents occur because of non-compliance to various standards. If this happens, the consequences are severe. Thus, BFSI security is needed to ensure the long term visibility of banking and financial organizations and their data.
The BFSI Security Market report also presents the vendor countryside and a corresponding detailed analysis of the major vendors operating in the market. BFSI Security Market report analyses the market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, and market demand and supply scenarios.
Key Market Trends
Rise in Cyber Data Breaches
– The BFSI sector is one of the critical infrastructure segment that suffers several data breaches and cyber attacks, owing to the large customer base that the industry serves and the financial information that is at stake. The financial service institutions have been identified to be four times more susceptible to cyber attacks, as compared to other industries, which is expected to drive the demand for such solutions.
– In 2017, Equifax, one of the three largest credit agencies in the United States, experienced a breach of over 140 million accounts, and over 209,000 credit card related data being stolen.
– Sears Holdings, the parent company of Kmart, in 2017, revealed that Kmart’s store payment systems were infected with malware. JPMorgan was a victim in one of the biggest bank breaches in history; where hackers got access to the financial information of around 3,500 customers. With such instances, the companies are bound to increase cybersecurity, which in turn will be the growth driver for the BFSI security market.
North America is Expected to Hold Major Share
– North America, particularly the United States is one of the largest markets for BFSI security owing to the region majorly depending on digital payments. The region is expected to witness healthy growth as well due to multiple government initiatives in the country demanding the need for better security solutions.
– Due to the country’s high dependence on online payments and recovering banking infrastructure from the financial crisis of 2007-2008, the banks in this region witnessed a high number of data breach attempts.
– The United States witnessed a total of 1579 data breaches in 2017, of which 8% of data breaches were accounted for by Banking institutes. Although this number is small, the amount of sensitive data available in the banking industry is very high making it a prime target for hackers, especially banks using SWIFT architecture.
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Reasons to Purchase this Report
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Study on product type and application expected to dominate the market.
- Study on regions expected to witness fastest growth during the forecast period.
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Detailed Table of Content of Global BFSI Security Market – Growth, Trends, Forecast and Challenges (2019 – 2024)
1.1 Study Deliverables
1.2 General Study Assumptions
2. Research Methodology
2.2 Analysis Methodology
2.3 Study Phases
2.4 Econometric Modelling
3. Executive Summary
4. Market Overview and Trends of BFSI Security Market
4.2 Market Trends
4.3 Porter’s Five Force Framework
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Competitive Rivalry within the Industry
5. Market Dynamics of BFSI Security Market
5.1.1 Increasing Production
5.1.2 Rising Demand
6. Global BFSI Security Market Segmentation, By Capacity
7. Global BFSI Security Market Segmentation, By Material Type
7.1 Type 1
7.2 Type 2
7.3 Type 3
8. Global BFSI Security Market Segmentation, Segmented by Region
8.1 North America
8.1.1 United States
8.1.3 Rest of North America
8.2.4 Rest of Asia-Pacific
8.3.1 United Kingdom
8.3.5 Rest of Europe
8.4 Rest of the World
8.4.2 South Africa
9. Competitive Landscape and Introduction of BFSI Security Market
9.2 Market Share Analysis
9.3 Developments of Key Players
10. Key Vendor Analysis (Overview, Products & Services, Strategies)
10.1 Company 1
10.2 Company 2
10.3 Company 3
And Many More….
No. of Pages: – 120
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