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- Growing Adoption of Cloud Computing Fueling Need for Security Solutions in BFSI Sector
In recent years, many banks and financial organizations have moved their core operations and applications to the cloud network, mainly because of the surging demand for reducing the risks associated with conventional technologies, soaring need for the real-time analysis of large volumes of data, and the growing requirement for lower capital expenditure and a personalized banking experience. Moreover, the cloud network has the ability to provide greater operational control of the platforms, which is further boosting its popularity among enterprises operating in the banking, financial services, and insurance (BFSI) industry.
As the cloud network is highly vulnerable to cyberattacks, owing to the fact that the data is stored at various remote locations, its growing adoption by businesses is augmenting the incidence of cyberattacks, which is, in turn, fueling the demand for security solutions among BFSI companies. These solutions allow organizations to manage and control security operations and tasks over the cloud network. Additionally, the financial services sector is a major target area for cybercriminals, on account of the generation of large volumes of data and the involvement of several financial assets in the sector.
Furthermore, the rising incorporation of online banking and rapid digitization of operations are pushing up the occurrence rate of data breaches in the BFSI sector. These data breach incidents are causing huge losses to enterprises. As per reports, the U.S. witnessed the highest occurrence of data breaches in 2019. These incidents caused losses of $8.19 million. Owing to these factors, the requirement for security solutions is surging sharply among BFSI companies, which is positively impacting the progress of the BFSI security market.
As a result, the value of the market is predicted to rise from $31.3 billion in 2019 to $175.1 billion by 2030, while the market will demonstrate a CAGR of 16.9% from 2020 to 2030. Depending on security type, the BFSI security market is divided into information security and physical security categories. Between these, the information security category is predicted to exhibit faster growth in the market during the forecast period.
This category is further divided into data loss prevention, unified threat management, identity and access management, encryption, antivirus, and risk and compliance management. Out of these, the encryption category dominated the information security category in 2019, owing to the fact that electronic payments were extensively made across the world, which led to a massive surge in fraudulent activities, especially in the payment area. Geographically, the BFSI security market will exhibit the fastest growth in Asia-Pacific (APAC) in the forthcoming years, as per the estimates of the market research company, P&S Intelligence.
This is attributed to the development of various cloud-based technologies, soaring number of banks, rising incidence of cyberattacks, and increasing implementation of cybersecurity mandates in various regional countries. For instance, as per the China Banking Regulatory Commission Article 40, appropriate risk warning and monitoring systems must be installed in all commercial banks in the country for reducing business risks. The demand for BFSI security solutions will also rise sharply in Europe in coming years, on account of the increasing enactment of stringent data security and protection laws in the region.
Hence, the demand for BFSI security solutions will surge in the forthcoming years, primarily because of the growing incidence of cyberattacks in the BFSI sector, on account of the growing adoption of cloud-based technologies, increasing popularity of online banking, and rapid digitization of business operations, and the implementation of strict data protection laws in several countries.
Read More: https://www.psmarketresearch.com/market-analysis/bfsi-security-marketGrowing Adoption of Cloud Computing Fueling Need for Security Solutions in BFSI Sector In recent years, many banks and financial organizations have moved their core operations and applications to the cloud network, mainly because of the surging demand for reducing the risks associated with conventional technologies, soaring need for the real-time analysis of large volumes of data, and the growing requirement for lower capital expenditure and a personalized banking experience. Moreover, the cloud network has the ability to provide greater operational control of the platforms, which is further boosting its popularity among enterprises operating in the banking, financial services, and insurance (BFSI) industry. As the cloud network is highly vulnerable to cyberattacks, owing to the fact that the data is stored at various remote locations, its growing adoption by businesses is augmenting the incidence of cyberattacks, which is, in turn, fueling the demand for security solutions among BFSI companies. These solutions allow organizations to manage and control security operations and tasks over the cloud network. Additionally, the financial services sector is a major target area for cybercriminals, on account of the generation of large volumes of data and the involvement of several financial assets in the sector. Furthermore, the rising incorporation of online banking and rapid digitization of operations are pushing up the occurrence rate of data breaches in the BFSI sector. These data breach incidents are causing huge losses to enterprises. As per reports, the U.S. witnessed the highest occurrence of data breaches in 2019. These incidents caused losses of $8.19 million. Owing to these factors, the requirement for security solutions is surging sharply among BFSI companies, which is positively impacting the progress of the BFSI security market. As a result, the value of the market is predicted to rise from $31.3 billion in 2019 to $175.1 billion by 2030, while the market will demonstrate a CAGR of 16.9% from 2020 to 2030. Depending on security type, the BFSI security market is divided into information security and physical security categories. Between these, the information security category is predicted to exhibit faster growth in the market during the forecast period. This category is further divided into data loss prevention, unified threat management, identity and access management, encryption, antivirus, and risk and compliance management. Out of these, the encryption category dominated the information security category in 2019, owing to the fact that electronic payments were extensively made across the world, which led to a massive surge in fraudulent activities, especially in the payment area. Geographically, the BFSI security market will exhibit the fastest growth in Asia-Pacific (APAC) in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This is attributed to the development of various cloud-based technologies, soaring number of banks, rising incidence of cyberattacks, and increasing implementation of cybersecurity mandates in various regional countries. For instance, as per the China Banking Regulatory Commission Article 40, appropriate risk warning and monitoring systems must be installed in all commercial banks in the country for reducing business risks. The demand for BFSI security solutions will also rise sharply in Europe in coming years, on account of the increasing enactment of stringent data security and protection laws in the region. Hence, the demand for BFSI security solutions will surge in the forthcoming years, primarily because of the growing incidence of cyberattacks in the BFSI sector, on account of the growing adoption of cloud-based technologies, increasing popularity of online banking, and rapid digitization of business operations, and the implementation of strict data protection laws in several countries. Read More: https://www.psmarketresearch.com/market-analysis/bfsi-security-market0 Comments 0 Shares 621 Views 0 Reviews7
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