According to Maximize Market Research, Cyber Security in BFSI Market was valued at USD 38.72 Billion in 2021, and it is expected to reach USD 195.54 Billion by 2029, exhibiting a CAGR of 22.4 % during the forecast period.
Pune, Jan. 03, 2023 (GLOBE NEWSWIRE) — According to Maximize Market Research, Cyber Security in BFSI Market was valued at USD 38.72 Billion in 2021, and it is expected to reach USD 195.54 Billion by 2029, exhibiting a CAGR of 22.4 % during the forecast period.
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Cyber Security in BFSI Market Scope and Research Methodology
The research methodology used to estimate and forecast the Cyber Security in BFSI Market began with capturing data on key players revenues. The global market size of individual segments was determined through various secondary sources including industry associations, white papers, and journals. Key Players offerings were also takeGet a Sample PDF Brochure:n into consideration to determine the market segmentation. The bottom-up approach was employed to arrive at the overall size of the IoT agriculture market, by considering the Cyber Security in BFSI adoption rate and pricing by key players, which were then verified through primary research by conducting extensive interviews with key industry personnel, such as Vice Presidents (VPs), directors, and related executives in the market. To complete the overall market engineering process and determine the precise statistics for all segments and sub segments, data triangulation and market breakdown methods were used.
Cyber Security in BFSI Market Dynamics:
Rising IoT and BYOD trends, a rise in physical and cyber threats in the BFSI industry, and a rise in the use of mobile device platforms and apps are all factors that are propelling the development of the worldwide BFSI cyber security market. The execution of technical security measures, however, is expensive and fraught with additional problems, which restrict the growth of the global industry. The demand for monitoring security and management services to improve banking operations and the rising requirement for banks to manage greater risk effectively, on the other hand, will create new opportunities for market growth in the years to come.
Cyber Security in BFSI Market Segmentation
by Deployment Model
Cloud segment is projected to maintain dominance in terms of revenue and witness the fastest CAGR of 22.8% from 2022 to 2029. This growth is driven by the increase in need for scalable and agile solutions to track and provide data access to cloud users, as well as the rising use of mobile devices. However, the on-premise segment held the largest market share in 2021, thanks to the increased need for securing critical data in on-premise data centres from cyberattacks & monitor the influx of data within the organization.
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by Enterprise Size
Cyber Security in BFSI Market by Region
Geographically, In 2021, North America held the greatest market share for cyber security in BFSI, accounting for roughly one-third of the global industry. The increase in cyberattacks and increased knowledge of data security among banks, insurance companies, and other financial organisations are to blame for this. The BFSI industry in the USA has seen a considerable uptake of cybersecurity platforms. Leading financial institutions across the country, including Citi Bank, JP Morgan Chase, and Bank of America, have put sophisticated cybersecurity systems in place to provide round-the-clock defence against cybercriminals. However, owing to the adoption of new technologies like AI & blockchain and robotics process in this region, the market in Asia-Pacific is expected to manifest the quickest CAGR of 20.2% during the forecast period and keep its leadership status in terms of revenue.
Cyber Security in BFSI Market Key Competitors:
The market report includes strategic profiling of significant market participants in order to accurately depict the competitive environment for the Cyber Security in BFSI Market. The report includes market analysis, growth projections, trends, and detailed future game plans. The report examines critical operational and performance measures to assist you in developing effective business plans.
The market investigates new product launches, acquisitions, mergers, and joint ventures, market competitive research, key players, and brands. The market document also examines key players, significant partnerships, mergers and acquisitions, and emerging trends.
The report provides information on industry trends and developments, market dynamics, drivers, and capacity. The report allows industry experts to stay up to date on the most recent trends and sector performance, predicting a sharp decline in market share between 2022 to 2029. The report’s primary goal is to provide a thorough analysis of the market, including insightful perspectives, details, actual data, and data that has been verified by the industry.
Key questions answered in the Cyber Security in BFSI Market are:
What is a Cyber Security in BFSI?
What is the growth rate of the Cyber Security in BFSI Market for the forecast period?
Who are the key players in the Cyber Security in BFSI Market?
Who are the industry leaders in Cyber Security in BFSI in Europe?
Who are the market leaders in Cyber Security in BFSI in USA and Canada?
What are the factors affecting growth in the Cyber Security in BFSI Market?
Who held the largest market share in the Cyber Security in BFSI Market?
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