According to Maximize Market Research, Cyber Security in BFSI Market was valued at USD 38.72 Billion in 2021, and it is expected to reach USD 195.54 Billion by 2029, exhibiting a CAGR of 22.4 % during the forecast period.
Pune, Jan. 03, 2023 (GLOBE NEWSWIRE) — According to Maximize Market Research, Cyber Security in BFSI Market was valued at USD 38.72 Billion in 2021, and it is expected to reach USD 195.54 Billion by 2029, exhibiting a CAGR of 22.4 % during the forecast period.
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Cyber Security in BFSI Market Scope and Research Methodology
The research methodology used to estimate and forecast the Cyber Security in BFSI Market began with capturing data on key players revenues. The global market size of individual segments was determined through various secondary sources including industry associations, white papers, and journals. Key Players offerings were also takeGet a Sample PDF Brochure:n into consideration to determine the market segmentation. The bottom-up approach was employed to arrive at the overall size of the IoT agriculture market, by considering the Cyber Security in BFSI adoption rate and pricing by key players, which were then verified through primary research by conducting extensive interviews with key industry personnel, such as Vice Presidents (VPs), directors, and related executives in the market. To complete the overall market engineering process and determine the precise statistics for all segments and sub segments, data triangulation and market breakdown methods were used.
Cyber Security in BFSI Market Dynamics:
Rising IoT and BYOD trends, a rise in physical and cyber threats in the BFSI industry, and a rise in the use of mobile device platforms and apps are all factors that are propelling the development of the worldwide BFSI cyber security market. The execution of technical security measures, however, is expensive and fraught with additional problems, which restrict the growth of the global industry. The demand for monitoring security and management services to improve banking operations and the rising requirement for banks to manage greater risk effectively, on the other hand, will create new opportunities for market growth in the years to come.
Cyber Security in BFSI Market Segmentation
by Component
Solution
Services
by Deployment Model
On premise
Cloud
Cloud segment is projected to maintain dominance in terms of revenue and witness the fastest CAGR of 22.8% from 2022 to 2029. This growth is driven by the increase in need for scalable and agile solutions to track and provide data access to cloud users, as well as the rising use of mobile devices. However, the on-premise segment held the largest market share in 2021, thanks to the increased need for securing critical data in on-premise data centres from cyberattacks & monitor the influx of data within the organization.
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by Enterprise Size
Large Enterprise
SMEs
Cyber Security in BFSI Market by Region
North America
Europe
The Asia Pacific
The Middle East and Africa
South America
Geographically, In 2021, North America held the greatest market share for cyber security in BFSI, accounting for roughly one-third of the global industry. The increase in cyberattacks and increased knowledge of data security among banks, insurance companies, and other financial organisations are to blame for this. The BFSI industry in the USA has seen a considerable uptake of cybersecurity platforms. Leading financial institutions across the country, including Citi Bank, JP Morgan Chase, and Bank of America, have put sophisticated cybersecurity systems in place to provide round-the-clock defence against cybercriminals. However, owing to the adoption of new technologies like AI & blockchain and robotics process in this region, the market in Asia-Pacific is expected to manifest the quickest CAGR of 20.2% during the forecast period and keep its leadership status in terms of revenue.
Cyber Security in BFSI Market Key Competitors:
Cisco Systems (US)
IBM Corporation (US)
Microsoft Corporation (US)
DXC Technology (US)
FireEye Inc.(US)
Broadcom Inc. (US)
MacAfee Inc. (US)
SAS Institute Inc. (US)
ThreatMetrix (US)
Symantec (US)
Fortinet(US)
Proofpoint (US)
CyberArk (US)
Palo Alto Networks (US)
BAE Systems plc (UK)
Check Point Software Technologies (Israel)
Trend Micro Inc. (Japan)
The market report includes strategic profiling of significant market participants in order to accurately depict the competitive environment for the Cyber Security in BFSI Market. The report includes market analysis, growth projections, trends, and detailed future game plans. The report examines critical operational and performance measures to assist you in developing effective business plans.
The market investigates new product launches, acquisitions, mergers, and joint ventures, market competitive research, key players, and brands. The market document also examines key players, significant partnerships, mergers and acquisitions, and emerging trends.
The report provides information on industry trends and developments, market dynamics, drivers, and capacity. The report allows industry experts to stay up to date on the most recent trends and sector performance, predicting a sharp decline in market share between 2022 to 2029. The report’s primary goal is to provide a thorough analysis of the market, including insightful perspectives, details, actual data, and data that has been verified by the industry.
Key questions answered in the Cyber Security in BFSI Market are:
What is a Cyber Security in BFSI?
What is the growth rate of the Cyber Security in BFSI Market for the forecast period?
Who are the key players in the Cyber Security in BFSI Market?
Who are the industry leaders in Cyber Security in BFSI in Europe?
Who are the market leaders in Cyber Security in BFSI in USA and Canada?
What are the factors affecting growth in the Cyber Security in BFSI Market?
Who held the largest market share in the Cyber Security in BFSI Market?
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Maximize Market Research is leading ICT research firm, has also published the following reports:
BFSI Security Market was valued at USD 49.05 Billion in 2021, and it is expected to reach USD 106.68 Billion by 2029, exhibiting a CAGR of 10.2 % during the forecast period (2022-2029). The increasing emphasis of banks and insurance companies on improving customer service, the growing demand for early fraud detection in Banking, Financial Services, and Insurance (BFSI), the demand for customer analytics, and the rising need for faster data processing are all expected to drive demand for big data analytics in the BFSI Security industry.
Artificial Intelligence in BFSI Market is expected to reach US $ 471.07 Bn by 2029, at a CAGR of 38% during the forecast period. Artificial intelligence has helped banks and financial institutions adjust and tailor their service to customer requirements.
Cyber Security Market size was valued at US$ 217.89 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 9.7% through 2021 to 2029, reaching nearly US$ 456.98 Bn. The cybersecurity mesh is a new way of thinking about security architectures.
Public Cloud in BFSI Market size was valued at USD 51 Bn. in 2021 and the total Public Cloud in BFSI revenue is expected to grow by 15 % from 2022 to 2029, reaching nearly USD 156 Bn. The increased availability of the internet has increased demand for the online segment, which has a significant impact on market growth.
Blockchain-as-a-Service Market was valued at US$ 829.2 Mn. in 2021 and the total revenue is expected to grow at 60.1% of CAGR through 2022 to 2029, reaching nearly US$ 35792.3 Mn.
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