The BFSI Security Market Report 2019-2023 focuses on the global BFSI Security status, future forecast, growth opportunity, key market, and key players.
The BFSI Security Market report studies the global market size of BFSI Security in key regions like North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa focuses on the consumption of BFSI Security in these regions. This research report categorizes the global BFSI Security market by players/brands, region, type, and application. This report also studies the global market status, competition landscape, market share, growth rate, future trends, market drivers, opportunities and challenges, sales channels, distributors and Porters Five Forces Analysis.
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The various contributors involved in the value chain of BFSI Security include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Players covered in this study:-
- Booz Allen Hamilton
- Cisco Systems
- Computer Sciences Corporation
- EMC Corporation
- Symantec Corporation
- IBM Corporation
- Trend Micro Incorporated
- Honeywell International
- Sophos Group
Overview of BFSI Security Market Research Report 2019-2023:-
The BFSI security market was valued at USD 32.7 billion in 2017 and is projected to reach USD 62.7 billion by the end of 2023, growing at a CAGR of 11.43% over the forecast period (2019-2023). The scope of the report is limited to the type of securities and services provided in sub-verticals of the financial sector. The regions considered in the scope of the report include – North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
BFSI provides the foundation for many of the financial exchanges of all the other sectors. It has become an integral part of other key infrastructure systems and an important component of the overall national critical infrastructure. As technological advancements are exponentially rising in the BFSI domain, new security challenges are also emerging. Now-a-days, most of the banking and financial institutions are using cloud services to perform their tasks. Increasing digitization of the BFSI, rise in cyber data breaches, and increasing adoption of cloud-based security services are the driving factors of the BFSI security market.
Rise in Cyber Data Breaches
The cyber data breaches in the banking and financial sectors are significantly impacting the consumer confidence. In the case of one major breach, for example, most of the cloud-based company saw a 46% drop in profit, the quarter after the breach. In 2017, the global average cost of a data breach was USD 3.62 million.
In 2017, Equifax, one of the three largest credit agencies in the United States, suffered a breach that may affect 143 million consumers. Sears Holdings, the parent company of Kmart, revealed that Kmartâs store payment systems were infected with malware in 2017. JPMorgan was a victim in one of the biggest bank breaches in history; hackers got access to the financial information of 3,500 customers.
With security breaches such as the Equifax breach and Wannacry in 2017, the companies are bound to increase cybersecurity, which in turn will be the growth driver of the BFSI security market.
Retail banks attain scale by capturing market share, merging with, or acquiring other banks. Increasing revenue is fundamental to this process and strategically vital because it enables banks to compete effectively over the long term. Digitalization has now hit retail banking. Despite being satisfied with online customer service channels as compared to traditional channels, customers are looking forward to digitalization. After hitting digitalization, banks saw online customer subscriptions increase rapidly. Moreover, customers prefer to use their mobile phones instead of visiting bank branches. Also, of consumers who seek advice in the branch, half of them use an online channel to purchase/subscribe.
However, with the increase in digitalization, the threat of cyber data breaches has increased, which in turn will raise the need of security in the BFSI market.
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Reasons to Purchase the Report
Key questions answered in the BFSI Security Market Report are.
- What will the market size be in 2023 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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This report includes the estimation of market size for value (million US$) and volume (K Units). Both top-down and bottom-up approaches have been used to estimate and validate the market size of BFSI Security market, to estimate the size of various other dependent submarkets in the overall market. Key players in the market have been identified through secondary research, and their market shares have been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified primary sources.
Major Points from TOC of BFSI Security Market Research Report 2019-2023:
1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
- RESEARCH METHODOLOGY
- EXECUTIVE SUMMARY
- MARKET DYNAMICS
4.1.1 Rise in Defence Expenditure of Many Countries
4.1.2 Increasing Demand of Lightweight Materials in the Industry
4.2.1 Need for High Investments in R&D
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Analysis
- MARKET SEGMENTATION
1 By Application
5.2 End-user Sector
5.3.2 North America
5.3.4 South America
5.3.5 the Middle East & Africa
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