Global Cyber Security in BFSI Market Is Expected to Generate $214.5 Billion by 2031: Allied Market Research
Increase in the adoption of digitalization in the BFSI sector, rise in the IoT & BYOD trends, the 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. Based on region, North America was the largest market in 2021, capturing nearly one-third of the global cyber security in the BFSI market.
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According to the report published by Allied Market Research, the global cyber security in the BFSI market was valued at $39.9 billion in 2021 and is projected to reach $214.5 billion by 2031, growing at a CAGR of 18.6% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chains, key investment pockets, regional scenario, and competitive landscapes.
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Md Shadaab Khan, a Research Analyst, ICT and Media at Allied Market Research, stated, “The solution segment is expected to experience significant growth in the coming years, owing to the rise in the need to monitor security and management services to enhance banking operations and surge in need to manage large risk in banks drive the growth of the market”
COVID-19 scenario:
The outbreak of the COVID-19 pandemic had a positive impact on the growth of cyber security in the BFSI market, due to the rise in the number of smartphone users, the increase in adoption of connected devices, and the rapidly growing e-commerce industry.
Moreover, during the pandemic, cyber security in the BFSI sector adopted & invested in technologies such as artificial intelligence (AI), machine learning (ML), and blockchain technology to deal with new directives & regulations.
The research provides detailed segmentation of the global home water filtration unit market based on component, deployment model, enterprise size, and region.
Based on components, 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. On the other hand, the services segment is projected to witness the fastest CAGR of 20.2% from 2022 to 2031.
Based on enterprise size, the large enterprise segment held the largest market share of more than three-fifths of the global cyber security in the BFSI market in 2021 and is expected to maintain its dominance during the forecast period. However, the SME segment is projected to witness the highest CAGR of 20.2% from 2022 to 2031.
Based on region, North America was the largest market in 2021, capturing nearly one-third of the global cyber security in the BFSI market. 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.
Leading Market Players
⦁ Cisco Systems
⦁ IBM Corporation
⦁ Microsoft Corporation
⦁ BAE Systems plc
⦁ Check Point Software Technologies
⦁ DXC Technology
⦁ Trend Micro Inc.
⦁ FireEye Inc.
⦁ Broadcom Inc.
⦁ MacAfee Inc.
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