BFSI Security Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2025
The global BFSI security market size is estimated to reach USD 74.3 billion by 2025, expanding at a CAGR of 13.1%, according to a new report by Grand View Research, Inc. Increasing risk of data loss owing to cyberattacks on banks and insurance companies is anticipated to propel the growth. Data related to the banking, financial services and insurance security (BFSI) industry is highly sensitive in nature as it contains personal or financial credentials. Thereby, cyber threats have prompted financial institutions to deploy reliable safety solutions at their premises. Frequent emergence of new malware variants is driving demand for advanced safety solutions in the banking, financial services and insurance security market. For instance, in 2016, a mobile malware, masked as an application upgrade, was discovered. The malware displayed fake sites over authentic banking homepages for filching banking credentials of consumers. A generic solution would not have been enough to track this malware and that would have led to loss of large amounts of sensitive financial data. Banking and insurance payment gateways require robust safety solutions to prevent breaches and enable secure transactions. Financial databases stored on cloud create need to verify safety systems of the cloud service provider. The market is lucrative in developing regions, such as Asia Pacific, owing to digitalized business operations in the BFSI industry.