Increase in adoption of digitalization and rise in physical & virtual threats in the BFSI sector fuel the global BFSI security market growth. By end-user, the banks segment held the highest market share in 2019. Moreover, the market across North America region held the highest market share in 2019, with highest market share, and is expected to continue its dominant share in terms of revenue throughout the forecast period.
Portland.OR, April 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global BFSI security market garnered $42.73 billion in 2019, and is estimated to generate $114.498 billion by 2027, manifesting a CAGR of 13.2% from 2020 to 2027. The report provides an extensive analysis of changing market dynamics, key segments, value chain, top investment pockets, regional landscape, and competitive scenario.
Increase in adoption of digitalization and rise in physical & virtual threats in the BFSI sector fuel the global BFSI security market growth. However, risk of third-party services and huge cost for implementation of technological securities in the BFSI sector restrain the market growth. On the other hand, surge in adoption of internet in the BFSI sector create new opportunities in the next few years.
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BFSI Securityhas gained momentum during covid-19, as the BFSI security providers are offering software-as-a-services under security platforms.
The industry has witnessed a steep increase in the use and adoption of online and digitalized financial services globally. This, in turn, has become one of the major growth factors for the BFSI security market during this global health crisis.
The report provides detailed segmentation of the global BFSI security market based on security type, enterprise size, end user, and region.
By security type, the information security segment accounted for the largest share in 2019, contributing to nearly three-fifths of the total market share, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 13.7% from 2020 to 2027. The report also discusses physical security segment.
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By end-user, the banks segment held the highest market share in 2019, accounting for more than three-fifths of the global BFSI security market, and is estimated to maintain its leadership status during the forecast period. However, insurance companies segment is projected to portray the highest CAGR of 14.5% from 2020 to 2027.
By region, North America held the highest market share in 2019, contributing to more than one-third of the total share, and is expected to continue its dominant share in terms of revenue throughout the forecast period. On the other hand, the Asia-Pacific region would register the largest CAGR of 15.3% from 2020 to 2027. The report also analyzes regions including Europe and LAMEA.
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Leading players of the global BFSI security market analyzed in the research include IBM Corporation, McAfee, LLC, Microsoft, Booz Allen Hamilton Inc., Broadcom, Cisco Systems, Inc., Dell Inc., Honeywell International Inc., Sophos Ltd, and Trend Micro Incorporated.
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