Businesses that provide a range of financial products and services are referred to as providing banking, financial services, and insurance (BFSI) in the industry jargon. This comprises businesses that work in one or more of these financial industries as well as universal banks that offer a range of financial services. The BFSI sector includes insurance companies, commercial banks, non-banking financial institutions, cooperatives, pension funds, mutual funds, and other smaller financial institutions. A highly regulated and secure business environment is used to operate the banking, financial services, and insurance companies that make up the BFSI industry. The market is also being driven forward by the rise in demand for BFSI security as a result of data breach incidents and other security problems across various operating standards. Furthermore, BFSI security services & solutions guarantee long-term financial visibility through physical & cyber security of banking & financial institutions
Countries as well as the security market have been impacted by COVID 19. The BFSI Security Market has suffered as a result of governments going into lockdown in an effort to combat the negative consequences. The epidemic presents a number of difficulties for the industry, which has been severely impacted globally. The danger of continued production, supply, distribution, a lack of labourers, and fewer development activities have all had an impact on the supply and demand. Different industries' needs are met by the application of the procedure. People aren't as active as they used to be. Significant strategic changes are occurring. Because of the rising demand from customers around the world, MNCs are investing more in the BFSI Security Market segment.
BFSI Security Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Booz Allen Hamilton Inc., Broadcom, Cisco Systems Inc., DXC Technology Company, FireEye Inc, Fortinet Inc, Hewlett Packard Enterprise Development LP, Honeywell International Inc., Huntsman International LLC. IBM, LogRhythm Inc., McAfee, RSA Security LLC, Sophos Group Plc., Trend Micro Incorporated.
Global BFSI Security Market Segmentation:
By Type: Based on the Type, Global BFSI Market is segmented as; Physical Security, Virtual Security.
By Verticals: Based on the Verticals, Global BFSI Market is segmented as; Banking, Insurance Companies.
By Enterprise Size: Based on the Enterprise Size, Large Enterprises and Small & Medium Enterprises (SMEs)
By Services: Based on the Services, Global BFSI Market is segmented as; System Integration, Maintenance, Support.
By Region: Due to the large global players that are present there as well as the rapid growth of technology, North America now dominates the BFSI Security market. The majority of North America is anticipated to control the market during the forecast period, but Asia-Pacific as a whole has emerged as the region with the fastest rate of growth and is anticipated to be the second-largest market by the end of the projected time. The major nations of Asia-Pacific are predicted to overtake Europe, which now holds the second-largest share of the worldwide market, by the end of the projected period.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.