Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Banking, Financial Services and Insurance (BFSI) Security Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global banking, financial services, and insurance (BFSI) security market is poised for substantial growth, with a forecast to expand to a value of $103.83 billion by 2028, at an impressive compound annual growth rate (CAGR) of 11.7%. Such growth is significantly fueled by the rising demand for advanced security measures within the BFSI sector, necessary to protect sensitive data and counteract the increasing prevalence of cyber threats.
This industry growth is further catalyzed by the widespread adoption of online banking and e-commerce, which demands robust security protocols to ensure the integrity of transactions and the privacy of consumer data. Developments in areas such as cloud computing, mobile technologies, and regulatory compliance requirements have also contributed to the growing need for BFSI security solutions.
- The surge in cyber threats necessitates BFSI to fortify security infrastructure.
- Consumer trends shifting towards online financial transactions heighten demand for secure banking services.
- Technological innovations, including biometrics and advanced analytics, are revolutionizing BFSI security.
The rampant rise in cyberattacks has become a significant concern, as these attacks seek to compromise, damage, or gain unauthorized access to financial systems, potentially causing extensive financial and reputational harm. The rising volume of cyber crime reports underscores the critical need for enhanced security services in the sector. For instance, a notable increase in cyber crime reports was observed in Australia in 2022, emphasizing the urgency for cutting-edge security measures.
With the increased consumer preference for digital banking solutions, the BFSI sector is under obligation to elevate their security mechanisms. A substantial leap in digital transaction volumes reflects a transition to a digital-first approach in financial transactions, necessitating a robust and evolving BFSI security infrastructure.
Technological Innovations at the Forefront
The current landscape sees technological advancement as a pivotal trend, with sector players leveraging new technologies to ameliorate security and stay competitive. Solutions like Tata Communications Limited’s community cloud platform and Kuwait International Bank’s Biometric Visa Card illustrate how the sector is innovating to enhance security while improving customer experience.
The sector is also witnessing significant movements through strategic acquisitions, aimed at reinforcing cybersecurity capabilities against emerging threats, as demonstrated by SandboxAQ's acquisition of Cryptosense.
Geographical Insights
North America has been identified as the dominant region in the banking, financial services, and insurance security market. However, Asia-Pacific is emerging as the fastest-growing region, showcasing rapid development and adoption of BFSI security solutions.
The detailed market research report illuminates various facets of the market including key trends, growth drivers, and the competitive landscape, providing a comprehensive view of the BFSI security domain. The report includes a granular analysis, addressing both global and regional market dynamics, and unfolds the projected influences shaping the industry's future.
As financial transactions continue to migrate to digital platforms, and regulatory landscapes evolve, financial institutions are reinforcing their security postures to protect assets and build customer trust. The BFSI security market report reveals a sector that is dynamic, responsive, and anticipates continued growth and innovation, ensuring the secure expansion of financial services worldwide.
A selection of companies mentioned in this report includes
- International Business Machines Corporation
- Honeywell International Inc.
- Cisco Systems Inc.
- McAfee Inc.
- Akamai Technologies Inc.
- Barracuda Networks Inc.
- Carbon Black Inc.
- Check Point Software Technologies Ltd.
- CyberArk Software Ltd.
- Dell Inc.
- F5 Networks Inc.
- FireEye Inc.
- Forcepoint LLC
- Fortinet Inc.
- Imperva Inc.
- LogRhythm Inc.
- Mimecast Services Limited
- Palo Alto Networks Inc.
- Proofpoint Inc.
- Qualys Inc.
- Rapid7 Inc.
- RSA Security LLC
- SecureWorks Corp.
- Sophos Group Plc.
- Splunk Inc.
- Symantec Corporation
- Thales Group
- Trend Micro Inc.
- Varonis Systems Inc.
- Zscaler Inc.
For more information about this report visit https://www.researchandmarkets.com/r/tqh8b4
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