The growing adoption of digitization in the BFSI industry, the rise in IoT and BYOD trends, the increased adoption of applications and platforms for mobile devices, and the rise in threats in the BFSI industry are driving global cybersecurity in the BFSI industry. market.
Portland, OR, Nov. 29, 2022 (GLOBE NEWSWIRE) — Allied Market Research has released a report entitled “Cyber security in BFSI market by component (solution, services), by deployment model (on-premise, cloud), by enterprise size (large enterprise, SME): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, global cybersecurity in the BFSI industry generated $39.9 billion in 2021 and is estimated to reach $214.5 billion by 2031, with a CAGR of 18.6% between 2022 and 2031. The report provides a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape and competitive scenario.
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Drivers and opportunities
Increase in adoption of digitization in BFSI industry, increase in IoT and BYOD trends, increase in physical and virtual threats in BFSI industry, and increase in adoption of applications and platforms for mobile devices to support the growth of drive global cybersecurity in the BFSI market. However, high costs and other issues associated with implementing technical security measures hinder the growth of the global market. On the other hand, the increasing need for security monitoring and management services for improving banking operations and rising need for effective management of greater risks in banks will provide new opportunities for the market growth in the coming years.
The outbreak of the COVID-19 pandemic positively impacted the growth of cybersecurity in the BFSI market, thanks to the increasing number of smartphone users, the increase in the use of connected devices and the fast-growing e-commerce industry.
In addition, during the pandemic, cybersecurity in the BFSI sector has adopted and invested in technologies such as artificial intelligence (AI), machine learning (ML), and blockchain technology to deal with new guidelines and regulations.
The solution segment to hold the lion’s share during the forecast period
On a components basis, the solutions segment was the largest market in 2021, contributing to two-thirds of the global cybersecurity in BFSI market share, and is expected to maintain its leading status over the forecast period. This is due to an increasing need for security and management services to improve banking operations. On the other hand, the services segment is expected to witness the fastest CAGR of 20.2% from 2022 to 2031, due to the increase in the demand for data breach detection services to detect the data breach in the cloud in the BFSI sector.
The cloud segment to maintain its dominance over the forecast period
Based on the deployment model, the on-premises segment held the largest share of more than half of the global cybersecurity in the BFSI market by 2021 due to the increased need to secure critical data in on-premises data centers from cyber-attacks and monitoring the inflow of data within the organization. However, the cloud segment is expected to remain dominant in terms of revenue and witness the fastest CAGR of 20.0% from 2022 to 2031, thanks to the increased use of mobile devices and the surge in demand for scalable and flexible solutions to monitor and provide data access for cloud users.
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The SME segment will maintain the fastest growth during the forecast period
On the basis of company size, the large enterprise segment held the largest market share of more than three-fifths of the global cybersecurity in the BFSI market in 2021 and is expected to maintain its dominance over the forecast period. This is due to the increase in the adoption of cybersecurity solutions by large enterprises to reduce the risk of cyber-attacks. However, the SMB segment is expected to witness the highest CAGR of 20.2% from 2022 to 2031, due to an increase in data theft and monitoring system architecture among SMBs to mitigate the risk of cyber-attacks.
Asia Pacific to maintain its dominance by 2031
Based on region, North America was the largest market in 2021, capturing nearly a third of global cybersecurity in the BFSI market. This is due to the increasing awareness about data security among banks, insurance companies and financial institutions and the increasing number of cyber-attacks. However, the Asia Pacific market is expected to maintain its leadership status in terms of revenue and exhibit the fastest CAGR of 20.2% during the forecast period, owing to the adoption of new technologies such as AI & blockchain and robotics processes in this region. The report also analyzes the Europe and LAMEA markets.
Leading market players
The report analyzes these major players of the global Cybersecurity in BFSI market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is useful in determining the business performance, operating segments, product portfolio and developments of each market player.
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