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.
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.
Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
CHAPTER 4: CYBER SECURITY IN BFSI MARKET, BY COMPONENT
4.1 Overview
4.1.1 Market size and forecast
4.2 Solution
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market share analysis by country
4.2.4 Solution Cyber Security in BFSI Market by Solution Type
4.2.4.1 Identity and Access Management Market size and forecast, by region
4.2.4.2 Identity and Access Management Market size and forecast, by country
4.2.4.3 Infrastructure Security Market size and forecast, by region
4.2.4.4 Infrastructure Security Market size and forecast, by country
4.2.4.5 Governance Risk and Compliance Market size and forecast, by region
4.2.4.6 Governance Risk and Compliance Market size and forecast, by country
4.2.4.7 Unified Vulnerability Management Service Offering Market size and forecast, by region
4.2.4.8 Unified Vulnerability Management Service Offering Market size and forecast, by country
4.2.4.9 Data Security and Privacy Service Offering Market size and forecast, by region
4.2.4.10 Data Security and Privacy Service Offering Market size and forecast, by country
4.2.4.11 Others Market size and forecast, by region
4.2.4.12 Others Market size and forecast, by country
4.3 Services
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market share analysis by country
CHAPTER 5: CYBER SECURITY IN BFSI MARKET, BY DEPLOYMENT MODEL
5.1 Overview
5.1.1 Market size and forecast
5.2 On premise
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market share analysis by country
5.3 Cloud
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market share analysis by country
CHAPTER 6: CYBER SECURITY IN BFSI MARKET, BY ENTERPRISE SIZE
6.1 Overview
6.1.1 Market size and forecast
6.2 Large Enterprise
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market share analysis by country
6.3 SMEs
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market share analysis by country
CHAPTER 7: CYBER SECURITY IN BFSI MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Component
7.2.2.1 North America Solution Cyber Security in BFSI Market by Solution Type
7.2.3 North America Market size and forecast, by Deployment Model
7.2.4 North America Market size and forecast, by Enterprise Size
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Key market trends, growth factors and opportunities
7.2.5.1.2 Market size and forecast, by Component
7.2.5.1.2.1 U. S. Solution Cyber Security in BFSI Market by Solution Type
7.2.5.1.3 Market size and forecast, by Deployment Model
7.2.5.1.4 Market size and forecast, by Enterprise Size
7.2.5.2 Canada
7.2.5.2.1 Key market trends, growth factors and opportunities
7.2.5.2.2 Market size and forecast, by Component
7.2.5.2.2.1 Canada Solution Cyber Security in BFSI Market by Solution Type
7.2.5.2.3 Market size and forecast, by Deployment Model
7.2.5.2.4 Market size and forecast, by Enterprise Size
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Component
7.3.2.1 Europe Solution Cyber Security in BFSI Market by Solution Type
7.3.3 Europe Market size and forecast, by Deployment Model
7.3.4 Europe Market size and forecast, by Enterprise Size
7.3.5 Europe Market size and forecast, by country
7.3.5.1 UK
7.3.5.1.1 Key market trends, growth factors and opportunities
7.3.5.1.2 Market size and forecast, by Component
7.3.5.1.2.1 UK Solution Cyber Security in BFSI Market by Solution Type
7.3.5.1.3 Market size and forecast, by Deployment Model
7.3.5.1.4 Market size and forecast, by Enterprise Size
7.3.5.2 Germany
7.3.5.2.1 Key market trends, growth factors and opportunities
7.3.5.2.2 Market size and forecast, by Component
7.3.5.2.2.1 Germany Solution Cyber Security in BFSI Market by Solution Type
7.3.5.2.3 Market size and forecast, by Deployment Model
7.3.5.2.4 Market size and forecast, by Enterprise Size
7.3.5.3 France
7.3.5.3.1 Key market trends, growth factors and opportunities
7.3.5.3.2 Market size and forecast, by Component
7.3.5.3.2.1 France Solution Cyber Security in BFSI Market by Solution Type
7.3.5.3.3 Market size and forecast, by Deployment Model
7.3.5.3.4 Market size and forecast, by Enterprise Size
7.3.5.4 Italy
7.3.5.4.1 Key market trends, growth factors and opportunities
7.3.5.4.2 Market size and forecast, by Component
7.3.5.4.2.1 Italy Solution Cyber Security in BFSI Market by Solution Type
7.3.5.4.3 Market size and forecast, by Deployment Model
7.3.5.4.4 Market size and forecast, by Enterprise Size
7.3.5.5 Spain
7.3.5.5.1 Key market trends, growth factors and opportunities
7.3.5.5.2 Market size and forecast, by Component
7.3.5.5.2.1 Spain Solution Cyber Security in BFSI Market by Solution Type
7.3.5.5.3 Market size and forecast, by Deployment Model
7.3.5.5.4 Market size and forecast, by Enterprise Size
7.3.5.6 Rest of Europe
7.3.5.6.1 Key market trends, growth factors and opportunities
7.3.5.6.2 Market size and forecast, by Component
7.3.5.6.2.1 Rest of Europe Solution Cyber Security in BFSI Market by Solution Type
7.3.5.6.3 Market size and forecast, by Deployment Model
7.3.5.6.4 Market size and forecast, by Enterprise Size
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Component
7.4.2.1 Asia-Pacific Solution Cyber Security in BFSI Market by Solution Type
7.4.3 Asia-Pacific Market size and forecast, by Deployment Model
7.4.4 Asia-Pacific Market size and forecast, by Enterprise Size
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Key market trends, growth factors and opportunities
7.4.5.1.2 Market size and forecast, by Component
7.4.5.1.2.1 China Solution Cyber Security in BFSI Market by Solution Type
7.4.5.1.3 Market size and forecast, by Deployment Model
7.4.5.1.4 Market size and forecast, by Enterprise Size
7.4.5.2 India
7.4.5.2.1 Key market trends, growth factors and opportunities
7.4.5.2.2 Market size and forecast, by Component
7.4.5.2.2.1 India Solution Cyber Security in BFSI Market by Solution Type
7.4.5.2.3 Market size and forecast, by Deployment Model
7.4.5.2.4 Market size and forecast, by Enterprise Size
7.4.5.3 Japan
7.4.5.3.1 Key market trends, growth factors and opportunities
7.4.5.3.2 Market size and forecast, by Component
7.4.5.3.2.1 Japan Solution Cyber Security in BFSI Market by Solution Type
7.4.5.3.3 Market size and forecast, by Deployment Model
7.4.5.3.4 Market size and forecast, by Enterprise Size
7.4.5.4 Australia
7.4.5.4.1 Key market trends, growth factors and opportunities
7.4.5.4.2 Market size and forecast, by Component
7.4.5.4.2.1 Australia Solution Cyber Security in BFSI Market by Solution Type
7.4.5.4.3 Market size and forecast, by Deployment Model
7.4.5.4.4 Market size and forecast, by Enterprise Size
7.4.5.5 Rest of Asia-Pacific
7.4.5.5.1 Key market trends, growth factors and opportunities
7.4.5.5.2 Market size and forecast, by Component
7.4.5.5.2.1 Rest of Asia-Pacific Solution Cyber Security in BFSI Market by Solution Type
7.4.5.5.3 Market size and forecast, by Deployment Model
7.4.5.5.4 Market size and forecast, by Enterprise Size
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Component
7.5.2.1 LAMEA Solution Cyber Security in BFSI Market by Solution Type
7.5.3 LAMEA Market size and forecast, by Deployment Model
7.5.4 LAMEA Market size and forecast, by Enterprise Size
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Latin America
7.5.5.1.1 Key market trends, growth factors and opportunities
7.5.5.1.2 Market size and forecast, by Component
7.5.5.1.2.1 Latin America Solution Cyber Security in BFSI Market by Solution Type
7.5.5.1.3 Market size and forecast, by Deployment Model
7.5.5.1.4 Market size and forecast, by Enterprise Size
7.5.5.2 Middle East
7.5.5.2.1 Key market trends, growth factors and opportunities
7.5.5.2.2 Market size and forecast, by Component
7.5.5.2.2.1 Middle East Solution Cyber Security in BFSI Market by Solution Type
7.5.5.2.3 Market size and forecast, by Deployment Model
7.5.5.2.4 Market size and forecast, by Enterprise Size
7.5.5.3 Africa
7.5.5.3.1 Key market trends, growth factors and opportunities
7.5.5.3.2 Market size and forecast, by Component
7.5.5.3.2.1 Africa Solution Cyber Security in BFSI Market by Solution Type
7.5.5.3.3 Market size and forecast, by Deployment Model
7.5.5.3.4 Market size and forecast, by Enterprise Size
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 Cisco Systems Inc.
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 IBM CORPORATION
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 Microsoft Corporation
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 BAE Systems plc
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 Check Point Software Technologies
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 DXC Technology
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Trend Micro Inc.
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 FireEye, Inc.
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 Broadcom Inc.
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 MACAFEE, INC.
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
Executive Summary
According to the report, titled, 'Cyber Security in BFSI Market by Component, Deployment Model, and Enterprise Size: Global Opportunity Analysis and Industry Forecast, 2022-2031,' the global cyber security in BFSI market size was valued at $39,879.21 million in 2021, and is projected to reach $2,14,536.81 million by 2031, growing at a CAGR of 18.6% from 2022 to 2031.Cyber security refers to technologies, procedures, and methods designed to prevent networks, devices, programs, and data from attack, damage, malware, viruses, hacking, data thefts or unauthorized access. The main objective of cyber security in banking is to safeguard the user’s assets. As individuals go cashless, further actions or transactions are done online. Individuals use their digital money such as debit cards and credit cards for transactions that require to be safeguarded under cyber security.
Furthermore, 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 trends. However, certain issues associated with expensive to adopt technical security measures are expected to hinder the growth of the market. Moreover, increase in adoption of mobile device applications and platforms is expected to offer remunerative opportunities for expansion during the cyber security in BFSI market forecast.
Depending on the enterprise size, the large enterprise segment dominated the cyber security in BFSI market share in 2021 and is expected to continue this trend during the forecast period, owing to growth in data in large enterprises and increase in need to keep a central repository in an organization. However, the SMEs segment is expected to witness the highest growth in the upcoming years, owing to the increase in investments by the market players to develop cyber security in BFSI for SMEs. In addition increase in adoption of mobile device applications and platforms are the major factors that drive the market growth.
Region-wise, the cyber security in BFSI market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to rise in awareness regarding data security among banks, insurance firms, financial institutions and rise in number of cyberattacks aiding the growth of the cyber security in BFSI market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to adopting of security solutions to implement new technologies and to overcome online frauds, which is expected to fuel the market growth in this region.
The COVID-19 outbreak has high impact on the growth of cyber security in BFSI market, as increasing number of smartphone users, growing adoption of connected devices, and surging e-commerce sector provide lucrative opportunities for the growth of the cyber security in BFSI market. COVID has caused crises in social, economic, and energy areas and medical life worldwide throughout 2021. This crisis had many direct and indirect effects on all areas of society. In the meantime, the digital and artificial intelligence industry can be used as a professional assistant to manage and control the outbreak of the virus. Moreover, owing to tremendous increase in adoption of digital banking, which involve managing customer data, cyber security in BFSI providers are component cyber security platforms, ideally suited for the digital banking industry. This, as a result has become one of the major growth factors for growth of the cyber security in BFSI industry during the pandemic situation.
KEY FINDINGS OF THE STUDY
By component, the solution segment accounted for the largest cyber security in BFSI market share in 2021.On the basis of enterprise size, the large enterprise segment generated the highest revenue in 2021.
Region-wise, North America generated the highest revenue in 2021
The key players profiled in the cyber security in BFSI market analysis are Cisco Systems, IBM Corporation, Microsoft Corporation, BAE Systems, Check Point Software Technologies, DXC Technology, Trend Micro Inc., FireEye Inc., Broadcom Inc., and MacAfee Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the cyber security in BFSI industry.
Companies Mentioned
- 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.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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