Cyber Security in BFSI Market By Component (Solution, Services), By Deployment Model (On premise, Cloud), By Enterprise Size (Large Enterprise, SMEs): Global Opportunity Analysis and Industry Forecast, 2021-2031
Cyber threat are web-based threats that include identity thefts and data thefts, which disrupt IT system in organization and hack critical information by using spyware, malware, or by phishing. Cybersecurity in the financial sector is important due to the nature and volumes of data that the banks and financial institutions hold. Suppose attackers gain access to financial sector data, they can easily auction off stolen data to the highest bidders and use the credentials to steal millions of dollars from customer accounts. BFSI (Banking, Financial Service and Insurance) organizations have remained a primary target of cybercriminals over the last several years. Given the amount of sensitive data that the BFSI sector has to deal with, they have become an obvious goldmine for hackers and that is why they have to prioritize cybersecurity above all else.
Surge in adoption of digitalization in BFSI sector, increase in adoption of IoT & BYOD trend, and increase in physical & virtual threat in the BFSI sector are the key factors that drive of the growth of the global cyber security in BFSI market. Moreover, increase in adoption of mobile device applications and platforms boost the opportunity of cyber security in BFSI. However, expensive to adopt technical security measures are expected to hinder the growth of the market.
The cyber security in BFSI market is segmented on the basis of component, deployment model, enterprise size, and region. By component, it is bifurcated into solution and services. By solution, it is fragmented into identity & access management, infrastructure security, governance risk & compliance, unified vulnerability management service component, data security & privacy service component, and others. By deployment model, the market is categorized into on-premises and cloud. By enterprise size, the market is classified into large enterprise and SMEs. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market include Cisco Systems, IBM Corporation, Microsoft Corporation, BAE Systems, Check Point Software Technologies, DXC Technology, Trend Micro Inc., FireEye Inc., Broadcom Inc., and MacAfee Inc. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global cyber security in BFSI market forecast along with the current & future trends to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on global cyber security in BFSI market trends is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Component
Solution
Solution Type
Identity and Access Management
Infrastructure Security
Governance Risk and Compliance
Unified Vulnerability Management Service Offering
Data Security and Privacy Service Offering
Others
Services
By Deployment Model
On premise
Cloud
By Enterprise Size
Large Enterprise
SMEs
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Cisco Systems Inc.
IBM CORPORATION
Microsoft Corporation
BAE Systems plc
Check Point Software Technologies
DXC Technology
Trend Micro Inc.
FireEye, Inc.
Broadcom Inc.
MACAFEE, INC.
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