Global Big Data Analytics in Manufacturing Industry Market - Segmented by End User (Semiconductor, Pharmaceutical, Automotive), Application (Condition Monitoring, Quality Management, Inventory Management), and Region - Growth, Trends, and Forecast (2018 - 2023)
The BFSI security market was valued at USD 32.7 billion in 2017 and is projected to reach USD 62.7 billion by the end of 2023, growing at a CAGR of 11.43% over the forecast period (2018-2023). The scope of the report is limited to the type of securities and services provided in sub-verticals of the financial sector. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
BFSI provides the foundation for many of the financial exchanges of all the other sectors. It has become an integral part of other key infrastructure systems and an important component of the overall national critical infrastructure. As technological advancements are exponentially rising in the BFSI domain, new security challenges are also emerging. Now-a-days, most of the banking and financial institutions are using cloud services to perform their tasks. Increasing digitization of the BFSI, rise in cyber data breaches, and increasing adoption of cloud-based security services are the driving factors of the BFSI security market.
Rise in Cyber Data Breaches
The cyber data breaches in the banking and financial sectors are significantly impacting the consumer confidence. In the case of one major breach, for example, most of the cloud-based company saw a 46% drop in profit, the quarter after the breach. In 2017, the global average cost of a data breach was USD 3.62 million.
In 2017, Equifax, one of the three largest credit agencies in the United States, suffered a breach that may affect 143 million consumers. Sears Holdings, the parent company of Kmart, revealed that Kmart’s store payment systems were infected with malware in 2017. JPMorgan was a victim in one of the biggest bank breaches in history; hackers got access to the financial information of 3,500 customers.
With security breaches such as the Equifax breach and Wannacry in 2017, the companies are bound to increase cybersecurity, which in turn will be the growth driver of the BFSI security market.
Retail banks attain scale by capturing market share, merging with, or acquiring other banks. Increasing revenue is fundamental to this process and strategically vital because it enables banks to compete effectively over the long term. Digitalization has now hit retail banking. Despite being satisfied with online customer service channels as compared to traditional channels, customers are looking forward to digitalization. After hitting digitalization, banks saw online customer subscriptions increase rapidly. Moreover, customers prefer to use their mobile phones instead of visiting bank branches. Also, of consumers who seek advice in the branch, half of them use an online channel to purchase/subscribe.
However, with the increase in digitalization, the threat of cyber data breaches has increased, which in turn will raise the need of security in the BFSI market.
Key Developments in the Market
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