Skip to main content

BFSI Security Market Drivers, Restraints, Opportunities, and Trends in Coming Years

The surging adoption of the internet of things (IoT) technology in the banking, financial services, and insurance (BFSI) industry is expected to drive the BFSI security market at a CAGR of 16.9% during the forecast period (2020–2030). The market was valued at $31.3 billion in 2019 and it is projected to reach $175.1 billion revenue by 2030. 

IoT plays a vital role in enhancing the security of banking and financial institutions by helping such organizations in tracking the crime location, monitoring surveillance systems from remote areas, and detecting and identifying the devices used for data breaches. In recent years, security solution providers have been emphasizing on partnerships, mergers and acquisitions, and product launches to reach out to more customers. 


For instance, in August 2019, McAfee LLC, a U.S.-based security service provider, announced the acquisition of NanoSec Co. With this acquisition, the former aims to strengthen the container security capabilities of McAfee MVISION. This will, therefore, allow customers to speed up the application delivery and improve security and compliance of multi-cloud and hybrid deployments.

According to P&S Intelligence, North America has emerged as the largest consumer of BFSI security solutions in the recent past and it is expected to maintain the lead in the coming years. Of the North American nations, the U.S. dominated the region in the past and it will continue to do so in the foreseeable years. 

This can be attributed to the increasing adoption of vulnerability management and cyberattack mitigation solutions by banking and financial organizations and soaring investments being made by these firms in upgrading their information and physical security infrastructure in the country. Whereas, the Asia-Pacific (APAC) BFSI security market is expected to exhibit the fastest growth during the forecast years, due to the escalating IT investments being made in India and China, growing adoption of advanced technologies by financial institutions, and surging prevalence of fraudulent activities in the region. 

In 2019, China held the largest share in the APAC market, due to the rising focus of industry players on developing broader security systems by offering intruder alarm systems, access control systems, and various physical security information management (PSIM) systems in banks and financial organizations in the country. Thus, the rising adoption of cloud and IoT technologies will fuel the requirement for security solutions and services in the BFSI sector in the coming years.

Comments

Popular posts from this blog

Increasing Internet Penetration Fueling Demand for Product Analytics

With the increasing penetration of the internet in both developing countries such as China and India and developed countries such as Singapore and the U.S., the worldwide demand for product analytics is rising rapidly. For example, according to the Office for National Statistics, in 2018, 90% of all households in Great Britain had access to the internet. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/product-analytics-market/report-sample Additionally, the total percentage of adults who used the internet daily grew from 35% to 86% from 2006 to 2018 in the country. The rapid digital transformation in various countries is pushing up the requirement for product analytics solutions. Moreover, businesses all over the world are increasingly adopting advanced technologies such as product analytics for building a holistic understanding and delivering greater customer engagement. Apart from this, rapid advancements and innovations being made in various cog...

Conversational AI Market Worldwide Opportunities, Driving Forces, COVID-19 Impact Analysis, Future Potential 2030

There are two ways in which conversational AI solutions are deployed, namely cloud and on-premises. Of these, the conversational AI solutions deployed through cloud recorded higher demand in 2018, and this deployment method is expected to remain more popular in the coming years. This is primarily attributed to the ballooning demand for scalability and easier maintenance features and 24*7 services offered by these solutions. Furthermore, many major companies are adopting cloud-based solutions for increasing their operational flexibility and reducing their operational costs. Coherent with these facts, the biggest phenomenon currently being observed in the conversational AI market is the mushrooming implementation of chatbots, as well as IVA, in various healthcare applications. Geographically, the highest demand for conversational AI market share has been witnessed in North America in the last few years, and the next few years will witness a similar situation. For instance, a Mahara...

Battery Management System Market Size, Status, Top Players, Trends in Upcoming Years

The International Energy Association (IEA) predicts that the sale of battery electric vehicles (BEV) (trucks) and plug-in hybrid electric vehicles (PHEV) (trucks) will reach around 96,555 units and 107,571 units, respectively, by 2025. The organization also forecasts that the global stock of BEV cars and PHEV cars will reach 29,626,576 units and 16,335,941 units, respectively, by 2025. The surging electric vehicle (EV) sales will create an extensive requirement for battery management systems (BMSs) in the coming years, as batteries are the most important component of such vehicles. Besides, the surging use of rechargeable batteries in consumer electronic products is expected to drive the battery management system market at a vigorous CAGR of 15.0% during the forecast period (2021–2030).   The market revenue is expected to surge from $5,661.0 million in 2020 to $22,279.6 million by 2030. BMSs are installed in consumer electronics to control the operation of batteries and manag...