BFSI Security Market Size, Status 2021 Research Report Studied by Focusing on Top Companies Data, Emerging Growth, Industry Revenue, Future Prospect, and Regional Outlook 2030

In a recent published report, Kenneth Research has updated the market report for BFSI Security Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for BFSI Security Market products.

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Factors such as the growing trade on services across nations worldwide, backed by increasing urbanization and development of several new micro, small and medium enterprises are anticipated to promote towards the growth of the MARKET throughout the forecast period. According to the statistics by the Organization for Economic Co-operation and Development (OECD), the United States recorded to be the largest exporters of international trade in services amongst all the OECD nations with a value worth USD 827 billion in the year 2018.

The report titled BFSI Security Market has been added by Kenneth Research, provides detailed insights of the market scenario which is further classified on the basis of market size and market volume, along with the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2021-2023.

Overview:
The BFSI sector deals with the largest bulk of financials facilitating transactions, insurance, and other financial services to the customer. This sector has been victim to huge cyber crimes, physical risks, and terrorism, thereby demanding increased security measures for the industry. The growing adoption of technology, increasing use of internet, cloud, electronic platform, online and mobile banking are all together leading to increased susceptibility to cyber and physical threats to data and information of the banking customers. This is enhancing the need to implement new and improved solution for secure transactions in the BFSI industry.

Market Analysis:
The BFSI sector is growing far beyond the traditional method and is improving the spectrum of services & customer experience. The growth in terrorism, physical, and cyber-attacks (2016 attack which led to compromise 3.2 million debit card holders in India), the incidence of ransomware attack intruding the systems in around 150 countries are some of the major reasons driving the change in the BFSI industry and necessitating the need for enhanced security measures. Also, the increased need for remote monitoring and banking solutions is further giving impetus to the growth of the market. The market has high opportunities in analytics, biometrics, and ethical hacking. Biometrics has largely been implemented in the industry, and its adoption is increasing at a fast pace owing to the extent of security and safety it leverages.

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“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Technology Analysis:
The growth in the number of web data breaches and its increasing pace have changed the perception held by the BFSI industry. There is a growing shift towards the adoption of new software to protect the integrity of banks and customer data. The various software available are identity and access management, unified threat management, IDS/IPS, disaster recovery, security and vulnerability management, and encryption. The growth in BYOD, mobile apps, and cloud has resulted in the greatest adoption of IAM in the banking industry. The increased terror activities, robberies, identity stealing, and data breaches are amongst the major reasons driving the need for physical security in the banking industry. The various technologies leveraging the BFSI sector with physical security are access control, video surveillance, physical security information management, intrusion, and fire detection. The BFSI premises have already installed video surveillance, IAM, encryption, and fire detection systems; and many countries have mandated such installations owing to the need of security.

Regional Analysis:
North America is leading the “BFSI Security market” where the government is taking steps ahead in security through new cybersecurity standards and increased investment such as US in 2015 invested 4 billion in cybersecurity for financial institutions. The banking system in the US is equipped with automatic account log out to enhance security. Europe stands second in the market and is inviting niche players to enter the market through funding. In 2016, the UK registered a loss of about 3 million due to cyberattacks, driving increased investments in security in Europe and is leading to the adoption of biometric technology using voice and fingerprint recognition in the UK. APAC region has high growth potential accompanied with high investment in the market, especially in India and China. LAMEA market is largely supported by the growing investments and mandatory laws relating to security in BFSI such as the UL certified biometric process for Brazilian banks.

Key Players:
The key vendors leveraging solutions for BFSI security included in the report are IBM, Cisco, Symantec Corp., McAfee LLC, Oracle, Herjavec Group, Stromshield, Dell Security, Gemalto NV, Accenture, and Trend Micro Inc.

Competitive Analysis:
The market for BFSI is competitive with major software vendors such as IBM, Cisco, Symantec already having a renowned position in market. Cisco is enhancing the customer’s experiences through premium and convenience banking along with global security programs. IBM is focussing on security and generates around 2 billion of revenue from security alone annually. Symantec is focussing on DDos mitigation and increased information security management. Other global players such as Stromshield, dell, Gemalto NV, Accenture, and Trend Micro are also into providing increased solutions for BFSI security market.

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Benefits:
The report provides with in-depth analysis of BFSI security market aiming at improvement in security. The report gives insights about major drivers as well as challenges coming forth on the path of the market growth. The information provided can benefit the stakeholders with knowledge on trends, investments, drivers, governmental initiatives, and various regulatory changes about to be adopted in years to come. The report covers profiles of major vendors leveraging security solutions for BFSI sector to the end-users.

Key Stakeholders:
Device manufacturers, network providers, data security solution vendors, policy makers, standard development organizations, investor community, university researchers, blog writers, and technology magazines.

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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