Growing adoption of digitalization in the BFSI sector, rise in the IoT & BYOD trends, increased adoption of mobile device applications and platforms, and surge in threats in the BFSI sector propel the global cyber security in BFSI market.
Portland, OR , Nov. 29, 2022 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “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.” According to the report, the global cyber security in BFSI industry generated $39.9 billion in 2021, and is estimated to reach $214.5 billion by 2031, witnessing a CAGR of 18.6% from 2022 to 2031. The report offers 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 digitalization in the BFSI sector, rise in the IoT & BYOD trends, surge in physical & virtual threats in the BFSI sector, and an increase in the adoption of mobile device applications and platforms to drive the growth of the global cyber security in BFSI market. However, high cost and other issues associated with the execution of technical security measures hamper the global market growth. On the other hand, the rise in need for monitoring security and management services for enhancing banking operations and surging need for effectively managing larger risk in banks will present new opportunities for the market growth in the coming years.
The outbreak of the COVID-19 pandemic had a positive impact on the growth of cyber security in BFSI market, due to the rise in number of smartphone users, increase in adoption of connected devices, and the rapidly growing e-commerce industry.
Moreover, during the pandemic, the cyber security in BFSI sector adopted & invested in technologies such as artificial intelligence (AI), machine learning (ML), and blockchain technology to deal with new directives & regulations.
The solution segment to maintain the lion’s share during the forecast period
Based on component, the solution segment was the largest market in 2021, contributing to two-thirds of the global cyber security in BFSI market share, and is expected to maintain its leadership status during the forecast period. This is due to a rise in need for security and management services to enhance banking operations. On the other hand, the services segment is projected to witness the fastest CAGR of 20.2% from 2022 to 2031, owing to the increase in the demand for data breach detection service to detect the cloud data breach in the BFSI sector.
The cloud segment to maintain its dominance during the forecast period
Based on deployment model, the on premise segment held the largest share of more than half of the global cyber security in BFSI market in 2021, owing to the increased need for securing critical data in on-premise data centers from cyberattacks and monitor the influx of data within the organization. However, the cloud segment is expected to maintain dominance in terms of revenue and witness the fastest CAGR of 20.0% from 2022 to 2031, owing to the increased use of mobile devices and the surge in the demand for scalable and agile solutions to monitor and give data access to cloud users.
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The SMEs segment to maintain the fastest growth during the forecast period
Based on enterprise size, the large enterprises segment held the largest market share of more than three-fifths of the global cyber security in BFSI market in 2021, and is expected to maintain its dominance during the forecast period. This is due to the surge in the adoption of cyber security solutions by large enterprise for mitigating the risk of cyberattacks. However, the SMEs segment is projected to witness the highest CAGR of 20.2% from 2022 to 2031, owing to an increase in data theft and monitoring system architecture among SMEs to overcome the risk of cyberattacks.
Asia-Pacific to maintain its dominance by 2031
Based on region, North America was the largest market in 2021, capturing nearly one-third of the global cyber security in BFSI market. This is due to the rise in awareness regarding data security among banks, insurance firms, and financial institutions, and rise in number of cyberattacks. However, the market in Asia-Pacific is projected to maintain its leadership status in terms of revenue and manifest the fastest CAGR of 20.2% during the forecast period, owing to the adoption of new technologies such as AI & blockchain and robotics process in this region. The report also analyzes the Europe and LAMEA markets.
Leading Market Players
The report analyzes these key players of the global cyber security 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 helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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