Major players in the security services for BFSI sector market 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 Secuirty, Bosch Security Systems, Axis Communications, Microsoft Corporation, Seico Inc, and Check Point Software Technologies Ltd.
New York, Dec. 09, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Security Services For BFSI Sector Global Market Report 2022: Ukraine-Russia War Impact” – https://www.reportlinker.com/p06372102/?utm_source=GNW
The global security service for BFSI sector market is expected to grow from $ 48.69 billion in 2021 to $ 55.83 billion in 2022 at a compound annual growth rate (CAGR) of 14.7%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The security service for BFSI sector market is expected to reach $ 91.43 billion in 2026 at a CAGR of 13.1%.
The security services for the BFSI sector consists of sales of security services for BFSI by entities (organizations, sole traders, and partnerships) that are used to secure access to company networks and applications against theft and cyberattacks. The purpose of security services in BFSI is to protect systems such as hardware, software, and data from theft and damage.
The main types of security services for the BFSI sector are physical security and cyber security.Physical security refers to the safeguarding of personnel, hardware, software, networks, and data against physical actions and events that could result in serious loss or damage.
The different services include managed services, professional services, system integration, support and maintenance, consulting and involve various types of information security, such as system and service.The several enterprise sizes involved are large enterprises and small and medium enterprises (SMEs).
The different end users include banks, insurance companies, and others.
North America was the largest region in the security services for BFSI sector market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the security services for BFSI sector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
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.
In December 2021, Wipro Limited, an India-based information technology, consulting, and business process services company, acquired Edgile for an undisclosed amount.With this acquisition, Wipro and Edgile would collaborate to create Wipro CyberTransformTM.
This integrated suite would assist enterprises in improving boardroom governance of cybersecurity risk, investing in robust cyber strategies, and reaping practical security benefits in action. Edgile is a US-based cybersecurity consulting provider focusing on risk and compliance, information and cloud security, and digital identity in the BFSI sector.
The countries covered in the security services for BFSI sector market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The security services for BFSI sector market research report is one of a series of new reports that provides Security services for BFSI sector market statistics, including security services for BFSI sector industry global market size, regional shares, competitors with security services for BFSI sector market share, detailed Security services for BFSI sector market segments, market trends, and opportunities, and any further data you may need to thrive in the security services for BFSI sector industry. This security services for the BFSI sector market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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