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This rise in data breaches has led to an increasing demand for security solutions in the banking, financial services, and insurance (BFSI) industry. As per a report by P&S Intelligence, in 2019, the global BFSI security market reached a value of $31.3 billion, and it is expected to generate revenue of $175.1 billion in 2030, advancing at a 16.9% CAGR during the forecast period (2020u20132030).
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Global Banking, Financial Services, and Insurance (BFSI) Security Market to Exhibit Over 16.0% CAGR Between 2020 and 2030 The global BFSI security market generated a revenue of $31.3 billion in 2019 and is predicted to attain a valuation of $175.1 billion by 2030. According to the estimates of the market research firm, P&S Intelligence, the market would progress at a CAGR of 16.9% between 2020 and 2030. One of the biggest factors fueling the advancement of the market is the increasing incidence of data breaches in the financial services industry. Get https://www.psmarketresearch.com/market-analysis/bfsi-security-market/report-sample the Sample Copy of this Report @ The other major factors propelling the progress of the market are the huge costs associated with the implementation of various physical security solutions such as metal detectors, flame detectors, monitors, and closed-circuit television (CCTV) cameras. Because of the rising prevalence of cyber attacks and increasing digitization, banks and other financial institutions are increasingly adopting security solutions for protecting their assets and preventing data breaches and the leaking of sensitive information. For example, InvestBank P.S.C. adopted a security solution developed by Cisco Systems Inc. in May 2018 for supporting its digital transformation strategy. The security solution included Cisco advanced malware protection (AMP) for endpoints for the detection and prevention of advanced security threats. Depending on security type, the BFSI security
market is divided into physical security and information security. Of these, the physical security division recorded higher growth in the market in the last few years. The physical security category is further divided into video surveillance, access control, intrusion and fire detection, physical security information management (PSIM), security scanning, imaging and metal detection, and asset protection. Out of these, the video surveillance subdivision registered the highest growth in the market in the years gone by. This was because of the large-scale usage of CCTV cameras in banks for monitoring and tracking activities of disgruntled employees or suspected individuals. Make https://www.psmarketresearch.com/send-enquiry?enquiry-url=bfsi-security-market Enquiry Before Purchase @ When end user is taken into consideration, the BFSI security market is categorized into banks, insurance companies, asset management companies, venture capital firms, fintech companies, and other financial organizations. Out of these, banks recorded the highest share in the market in the past and are predicted to exhibit the highest growth rate in the market in the upcoming years. This would be a result of the growing incidence of cyberattacks and the rising implementation of strict security regulations in banks. Across the globe, the North American and European BFSI security markets are predicted to register rapid advancement in the future years. This is credited to the enactment of strict regulations and policies that put a strong emphasis on data protection and data security, the rising focus of banks and other financial organizations on digitization, the increasing incorporation of cloud-based data storage solutions, and the rising incidence of frauds and data breaches in financial institutions in the regions. Thus, it can be said without any hesitation that the market would demonstrate huge expansion throughout the world in the upcoming years, primarily because of the growing prevalence of data thefts, breaches, and other cyber attacks in banks and financial institutions around the world.
