Global Security Services For BFSI Sector Market Price 2024, Forecast To 2033
26 Feb, 2024
The security services for BFSI sector market has exhibited strong growth, increasing from $60.33 billion in 2023 to $67.14 billion in 2024, with an 11.3% CAGR. Historical growth is attributed to increased cybersecurity threats in the BFSI sector, regulatory compliance, digital transformation in banking and finance, and the high-stakes nature of financial transactions. The market is projected to see strong growth, reaching $110.32 billion by 2028, driven by the adoption of advanced threat intelligence, integration of artificial intelligence and machine learning, cloud security for BFSI operations, endpoint security solutions, and an increased focus on insider threat detection. Major trends include biometric authentication, continuous monitoring and incident response, adoption of blockchain for secure financial transactions, collaborative threat intelligence sharing in the BFSI sector, and an emphasis on zero trust security models.
Global Security Services For BFSI Sector Market Key Driver
The rise in cyber data breaches is expected to drive the demand for security services in the BFSI sector market, necessitating the implementation of cybersecurity measures such as EDR, biometric technology, cloud security, code audit, and embedded system security assessment. The Cost of a Data Breach Report 2021 reveals a significant increase in data breach costs from $3.86 million in 2020 to $4.24 million in 2021, emphasizing the urgency to prevent unauthorized access and protect sensitive information.
Get A Free Sample Of The Global Security Services For BFSI Sector Market ReportGlobal Security Services For BFSI Sector Market Segments
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
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the security services for BFSI sector market in 2023. 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, Africa
Major Security Services For BFSI Sector Industry Players
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.; Accenture; 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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Security Services For BFSI Sector Market Overview
The security services for the BFSI (banking, financial services, and insurance) sector are services 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.
Security Services For BFSI Sector Global Market Report 2023 provides data on the global security services for bfsi sector market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The security services for bfsi sector market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.