Market Analysis 

The FSI Security Market is expanding. As a result, the global economy is rapidly expanding, and the flow of money in the financial system is increasing. There are new technologies entering the picture to make the system simpler and easier, but hackers are finding new ways to steal confidential information and use it for illegal purposes; it is because of such activities that the concept of cybersecurity (BFSI Security Business) is being introduced to the world. Because the BFSI Security Market sector deals with a large amount of money and financial instruments, hackers are desperately trying to extract important information and use it for their own purposes.

The BFSI Security Market is the most important concern for every developing nation on the planet, and as a result, it is currently valued at US $29 billion in revenue in 2015. Some of the important factors that are expected to drive the BFSI Security Market in the coming years are rising security proliferation and various needs for a more secure system to safeguard confidential information. The global BFSI Security market is expanding at an astounding CAGR of 10.24% and is expected to reach a market size of USD 108.36 billion by the end of the forecast period.

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Key Players 

The notable players profiled in the global BFSI security market report include Hewlett Packard Enterprise (U.S.), Booz Allen Hamilton Inc. (U.S.), Bosch Security Systems (Germany), Axis Communications (Sweden), Dell EMC (U.S.), IBM Corporation (U.S.), Symantec Corporation (U.S.), McAfee, Inc. (U.S.), Honeywell International, Inc. (U.S.), and Cisco Systems, Inc. (U.S.), among others. 

The various on-premises deployment latest models are expected to account for a significant share of the various IT BFSI markets by major deployment type. The BFSI sector houses highly sensitive data, such as financial, customer, and employee information. BFSI Security Market analysis prefers to store and manage their various sensitive data on-premises rather than in the cloud in order to maintain data authenticity and secrecy. It should be noted that local governments and concerned authorities have largely implemented various stringent regulations that mandate or make it mandatory for BFSI organisations to store and manage their various sensitive data within various private clouds or on-premises.

The growing reliance on global IT infrastructure support for various industries around the world has doubled the demand for advanced mobile apps for simple solutions. Along with this, organisations have become more eager to combine virtualized environments, which has resulted in increased investments in app development expenditure. BFSI security market players have developed a compelling easy solution to meet the various organisational requirements, prompting various computer possessions to work on it. All of these unique characteristics contribute significantly to the market's growth over the forecast period.

Market Segmentation

The BFSI Security market has been classified by type and vertical. There are two types of security: physical security and virtual security. Access control, video surveillance, intrusion and fire detection, physical security information management (PSIM), system integration, and other methods are all part of physical security. Physical BFSI security is expected to have the largest share during the forecast period. Encryption, firewalls, IDS/IPS, web filtering, and data loss protection are all aspects of virtual security.

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Banking, insurance companies, and others are among the vertical segments of BFSI security. Insurance is expected to grow at the fastest rate due to tremendous changes in deregulation, globalisation, and terrorist attacks.

Regional segmentation yields three distinct groups: North America, Europe, Asia Pacific, and the Rest of the World (RoW). The BFSI security market is dominated by North America. North America has been plagued by various cyber-attacks over the last two decades, and as a response, extensive security measures have been implemented. The presence of global players in the United States provides North America with a competitive advantage. Europe is the market's second largest region, closely followed by Asia Pacific. Because of their rapid growth, countries such as Japan, China, Singapore, and the UAE have become easy targets for online hackers, resulting in increased demand for advanced security systems and potentially propelling revenue during the forecast period.

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